Retail · Seattle, Washington
Southcenter Mall
Public CMBS trusts hold $218.0M of the loan on Southcenter Mall at 2.88% that reaches maturity on January 1, 2030, in 3 years and 2 months. As of the Sep 2026 and Oct 2026 servicer reports its status is current.
The loan
- Balance in tracked trusts
- $218,000,000
- Original balance (same notes)
- $218,000,000
- Interest rate
- 2.88% fixed
- Originated
- December 11, 2019
- Maturity
- January 1, 2030
- Payments
- Interest only for the full term
- Prepayment lockout ended
- January 31, 2022
- Prepayment premium ends
- September 30, 2029 (yield maintenance)
- Master servicer
- Midland Loan Services
- Originator
- DBR Investments Co. Limited
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 2800 Southcenter Mall, Seattle, WA 98188
- Metro
- Seattle-Tacoma-Bellevue, WA
- Rentable area
- 801,102 sq ft
- Built
- 1968, renovated 2008
- Largest tenants
- American Multi-Cinema; Round One; Seafood City Supermarket/Marketplace
- Value at securitization
- $980.0M (Nov 2019)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 6.70x | 6.91x |
| Occupancy | 84% | 91% |
| Net operating income (annualized from 6 months) | $42.7M | $88.7M |
| Debt yield | 40.7% |
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 GS Mortgage Securities Trust 2020-GC45 filing for the reporting period ending October 9, 2026, filed with the SEC October 22, 2026.
None this month. No flag in the cmbs.news screen applies to this loan.
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 risen from 84% when the loan was securitized to 91%.
- Net operating income is 108% above the underwritten figure ($88.7M a year against $42.7M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 6.70x at securitization to 6.91x on the latest statements.
- The filing gives Jul 2028 as the lease end date for the largest tenant (American Multi-Cinema), before the loan matures. Lenders look hard at that rollover.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| October 2026 | $60.0M | Current | No | 6.91x | 91% |
| September 2026 | $218.0M | Current | No | 7.54x | 91% |
| August 2026 | $218.0M | Current | No | 7.54x | 74% |
| July 2026 | $218.0M | Current | No | 7.54x | 74% |
| June 2026 | $218.0M | Current | No | 7.54x | n/a |
| May 2026 | $218.0M | Current | No | n/a | n/a |
| April 2026 | $218.0M | Current | No | 7.45x | 86% |
| March 2026 | $218.0M | Current | No | 7.22x | 86% |
| February 2026 | $218.0M | Current | No | 7.22x | 93% |
| January 2026 | $218.0M | Current | No | 7.22x | 93% |
| December 2025 | $218.0M | Current | No | 7.19x | 93% |
| November 2025 | $218.0M | Current | No | 7.19x | 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
The loan is split into 5 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| GS Mortgage Securities Trust 2020-GC45 | 5 | $60,000,000 | Oct 2026 | SEC filing, October 22, 2026 |
| CITIGROUP COMMERCIAL MORTGAGE TRUST 2020-GC46 | 3 | $59,000,000 | Sep 2026 | SEC filing, September 30, 2026 |
| Benchmark 2020-IG1 Mortgage Trust | 8 | $50,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
| DBJPM 2020-C9 Mortgage Trust | 11 | $29,000,000 | Sep 2026 | SEC filing, October 1, 2026 |
| Benchmark 2020-B18 Mortgage Trust | 17 | $20,000,000 | Sep 2026 | SEC filing, October 1, 2026 |
Other Seattle-Tacoma-Bellevue loans due in 2030
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| F5 Tower | Seattle, WA | Office | $185.0M | 3.699% | Jan 2030 | 3.71x | 100% | Current |
| Amazon Seattle (300 Pine) | Seattle, WA | Office | $141.9M | 3.005% | Apr 2030 | 2.71x | 91% | Current |
| Redmond Town Center | Redmond, WA | Retail | $121.5M | 6.70% | Mar 2030 | 1.46x | 87% | Current |
| 9th & Thomas | Seattle, WA | Office | $96.0M | 3.60% | Oct 2030 | 2.27x | 100% | Current |
| Amazon Seattle | Seattle, WA | Office | $93.0M | 3.005% | Apr 2030 | 2.41x | 91% | Current |
| Sterling Plaza | Bellevue, WA | Office | $53.6M | 6.492% | Nov 2030 | 1.80x | 92% | Current |
| FedEx Redmond | Redmond, WA | Industrial | $45.1M | 3.87% | Jan 2030 | 2.23x | 100% | Current |
| Wallypark Seatac | SeaTac, WA | Other | $30.3M | 8.41% | May 2030 | 2.27x | 83% | Current |
All loans maturing in 2030 · All Seattle-Tacoma-Bellevue loans
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting periods ending September 11, 2026, October 9, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.