Office · San Francisco, California
SOMA Teleco Office
SOMA Teleco Office is financed with a $102.5M CMBS loan at 3.66% that reaches maturity on April 6, 2031, in 4 years and 5 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $102,500,000
- Original balance (same notes)
- $102,500,000
- Interest rate
- 3.66% fixed
- Originated
- March 9, 2021
- Maturity
- April 6, 2031
- Payments
- Interest only for the full term
- Prepayment lockout ended
- April 5, 2022
- Prepayment premium ends
- October 5, 2030 (yield maintenance)
- Master servicer
- Midland Loan Services
- Originator
- DBR Investments Co. Limited
Status
- Payment status
- Payment not received but still in grace period or not yet due. (code A)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 274 Brannan Street, San Francisco, CA 94107
- Metro
- San Francisco-Oakland-Fremont, CA
- Rentable area
- 111,433 sq ft
- Built
- 1923, renovated 2017
- Largest tenants
- MCI Communications Services, Inc.; MCIMetro Access Transmission Services Corp.; Inteliquent, Inc.
- Value at securitization
- $155.0M (Jan 2021)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 2.27x | 1.53x |
| Occupancy | 94% | 55% |
| Net operating income (annualized from 3 months) | $8.7M | $5.9M |
| Debt yield | 5.8% |
Debt yield here is the latest NOI divided by the balance held in the trusts below. If part of the loan sits outside them, the true figure is lower.
Watch flags
Computed from the Benchmark 2021-B25 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- NOI down 20% or more from securitization
cmbs.news's own rule-based labels on the filed fields (definitions), not a credit rating, a prediction or a view of the borrower.
What the filing shows
- Occupancy has fallen from 94% when the loan was securitized to 55%.
- Net operating income is 32% below the underwritten figure ($5.9M a year against $8.7M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 2.27x at securitization to 1.53x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $102.5M | Payment not received but still in grace period or not yet due | No | 1.53x | 55% |
| August 2026 | $102.5M | Current | No | n/a | n/a |
| July 2026 | $102.5M | Current | No | n/a | n/a |
| June 2026 | $102.5M | Current | No | n/a | n/a |
| May 2026 | $102.5M | Current | No | n/a | n/a |
| April 2026 | $102.5M | Current | No | 2.10x | 55% |
| March 2026 | $102.5M | Current | No | 2.10x | 55% |
| February 2026 | $102.5M | Current | No | 2.10x | 55% |
| January 2026 | $102.5M | Current | No | 2.10x | 55% |
| December 2025 | $102.5M | Current | No | 0.70x | 93% |
| November 2025 | $102.5M | Current | No | 0.70x | 55% |
| October 2025 | $102.5M | Current | No | 0.70x | 93% |
From each trust's ABS-EE filing for that month. Coverage and occupancy change only when the servicer reports new statements. If one trust holding a piece of the loan skipped a month, that month's balance reads low.
Where the loan sits
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Benchmark 2021-B25 Mortgage Trust | 2 | $102,500,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other San Francisco-Oakland-Fremont loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| The Veranda | Concord, CA | Retail | $100.0M | 2.99% | Oct 2031 | 3.66x | 96% | Current |
| 360 Spear Street | San Francisco, CA | Office | $87.0M | 2.768% | Jan 2031 | 4.94x | 100% | Current |
| 499 Forbes | San Francisco, CA | Industrial | $75.0M | 7.17% | Jul 2031 | n/a | n/a | Current |
| ActivSpace Portfolio | San Francisco, CA | Self storage | $50.0M | 5.738% | Jan 2031 | n/a | n/a | Current |
| Corporate Research Center | Hayward, CA | Mixed use | $44.5M | 2.54% | Oct 2031 | 4.51x | 90% | Current |
| One Trinity Center | San Francisco, CA | Office | $40.0M | 2.91% | Jul 2031 | 3.11x | 100% | Current |
| Storquest - Richmond, Ca | Richmond, CA | Self storage | $34.0M | 3.666% | Dec 2031 | 2.12x | 88% | Current |
| 1088 Sansome | San Francisco, CA | Office | $32.3M | 3.276% | Jan 2031 | 3.18x | 100% | Current |
All loans maturing in 2031 · All San Francisco-Oakland-Fremont loans
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting period ending September 11, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.