Office · Los Angeles, California
Spring & Alameda
Spring & Alameda is financed with a $13.2M CMBS loan at 4.95% that reaches maturity on February 6, 2028, in 15 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is with the special servicer and 90+ days delinquent.
The loan
- Balance in tracked trusts
- $13,200,000
- Original balance (same notes)
- $13,200,000
- Interest rate
- 4.95% fixed
- Originated
- January 26, 2018
- Maturity
- February 6, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ends
- December 5, 2027
- Master servicer
- Trimont LLC
- Originator
- Argentic Real Estate Finance LLC
Status
- Payment status
- 90+ days delinquent (code 3)
- Special servicing
- Transferred June 6, 2025
- Workout strategy
- Foreclosure
- Defeasance
- None reported
The property
- Address
- 837 North Spring Street; 1135 North Alameda Street, Los Angeles, CA 90012
- Metro
- Los Angeles-Long Beach-Anaheim, CA
- Rentable area
- 39,298 sq ft
- Built
- 1912, renovated 2015
- Largest tenants
- NAC Inc.; Blue Revolver Inc; North Almeda LLC
- Value at securitization
- $21.5M (Dec 2017)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.70x | -0.08x |
| Occupancy | 93% | 100% |
| Net operating income (annualized from 3 months) | $1.1M | $-55K |
| Debt yield | -0.4% |
Debt yield here is the latest NOI divided by the balance held in the trusts below. If part of the loan sits outside them, the true figure is lower.
Watch flags
Computed from the Wells Fargo Commercial Mortgage Trust 2018-C44 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- With the special servicer
- 30+ days delinquent or matured unpaid
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- NOI down 20% or more from securitization
On the cmbs.news watch list in all 12 monthly reports we hold (October 2025 to September 2026).
cmbs.news's own rule-based labels on the filed fields (definitions), not a credit rating, a prediction or a view of the borrower.
What the filing shows
- Occupancy has risen from 93% when the loan was securitized to 100%.
- Net operating income is 105% below the underwritten figure ($-55K a year against $1.1M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 1.70x at securitization to -0.08x on the latest statements.
- At -0.08x, the property's reported NOI does not cover its debt service.
- The most recent valuation in the filing is $15.6M (April 16, 2026), against $21.5M at securitization.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $13.2M | 90+ days delinquent | Yes | -0.08x | 100% |
| August 2026 | $13.2M | 90+ days delinquent | Yes | -0.08x | 100% |
| July 2026 | $13.2M | 90+ days delinquent | Yes | 0.73x | 100% |
| June 2026 | $13.2M | 90+ days delinquent | Yes | 0.73x | 100% |
| May 2026 | $13.2M | 60-89 days delinquent | Yes | 0.62x | 100% |
| April 2026 | $13.2M | 90+ days delinquent | Yes | 0.62x | 100% |
| March 2026 | $13.2M | 60-89 days delinquent | Yes | 0.62x | 100% |
| February 2026 | $13.2M | 30-59 days delinquent | Yes | 0.62x | 100% |
| January 2026 | $13.2M | 30-59 days delinquent | Yes | 0.71x | 100% |
| December 2025 | $13.2M | 30-59 days delinquent | Yes | 0.71x | 100% |
| November 2025 | $13.2M | Late payment but less than 30 days delinquent | Yes | 0.71x | 100% |
| October 2025 | $13.2M | Late payment but less than 30 days delinquent | Yes | 0.71x | 100% |
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.
Special-servicing history
- Transferred to the special servicer June 6, 2025, still there.
Transfer and return dates as reported in the filings of the past year; an earlier episode shows here only if a filing in that year still reports it.
Where the loan sits
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Wells Fargo Commercial Mortgage Trust 2018-C44 | 22 | $13,200,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other Los Angeles-Long Beach-Anaheim loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Aliso Viejo Commerce Center | Aliso Viejo, CA | Mixed use | $174.2M | 4.89% | Feb 2028 | n/a | n/a | Current |
| Airport Business Center, Irvine | Irvine, CA | Industrial | $150.0M | 4.375% | Feb 2028 | 3.15x | 90% | Current |
| Atlantic Times Square | Monterey Park, CA | Mixed use | $98.0M | 4.845% | Apr 2028 | 1.62x | 91% | Current |
| 12800 Culver | Los Angeles, CA | Other | $84.8M | 6.533% | Jul 2028 | 2.60x | 100% | Current |
| Red Building | West Hollywood, CA | Office | $80.0M | 4.386% | Jan 2028 | 1.60x | 73% | Current |
| Aliso Creek Apartments | Aliso Viejo, CA | Multifamily | $63.0M | 3.519% | Apr 2028 | 6.37x | 96% | Current |
| 6420 Wilshire | Los Angeles, CA | Office | $62.0M | 4.276% | Jan 2028 | 0.93x | 72% | Current |
| Soho Warehouse DTLA | Los Angeles, CA | Mixed use | $61.3M | 7.83% | May 2028 | 1.48x | 100% | Current |
All loans maturing in 2028 · All Los Angeles-Long Beach-Anaheim 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.