Multifamily · Tiburon, California
The Cove at Tiburon
Public CMBS trusts hold $50.0M of the loan on The Cove at Tiburon at 3.75% that reaches maturity on October 8, 2026, this month. As of the Sep 2026 servicer report, the latest filed for this loan, its status is with the special servicer.
The loan
- Balance in tracked trusts
- $50,000,000
- Original balance (same notes)
- $50,000,000
- Interest rate
- 3.75% fixed
- Originated
- February 12, 2020
- Maturity
- October 8, 2026
- Payments
- Interest only for the full term
- Prepayment lockout ended
- January 7, 2025
- Master servicer
- Wells Fargo Bank, NA
- Originator
- Societe Generale Financial Corporation
Status
- Payment status
- Late payment but less than 30 days delinquent (code B)
- Special servicing
- Transferred March 19, 2025
- Workout strategy
- Modification
- Modified
- Yes, most recently November 21, 2025
- Defeasance
- None reported
The property
- Address
- 50 Barbaree Way, Tiburon, CA 94920
- Metro
- San Francisco-Oakland-Fremont, CA
- Units, rooms or beds
- 283
- Built
- 1967, renovated 2018
- Value at securitization
- $274.1M (Nov 2019)
Performance
| At securitization | Latest (Dec 2024) | |
|---|---|---|
| DSCR (NOI) | 2.70x | 1.21x |
| Occupancy | 94% | 87% |
| Net operating income | $11.5M | $9.7M |
| Debt yield | 19.3% |
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 BBCMS Mortgage Trust 2020-C7 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- With the special servicer
- Coverage down 0.25x or more from securitization
- Past maturity
- Modified
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 fallen from 94% when the loan was securitized to 87%.
- Net operating income is 16% below the underwritten figure ($9.7M a year against $11.5M).
- Debt service coverage moved from 2.70x at securitization to 1.21x on the latest statements.
- The most recent valuation in the filing is $228.0M (June 27, 2025), against $274.1M at securitization.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $50.0M | Late payment but less than 30 days delinquent | Yes | 1.21x | 87% |
| August 2026 | $50.0M | Late payment but less than 30 days delinquent | Yes | 1.21x | 87% |
| July 2026 | $50.0M | Late payment but less than 30 days delinquent | Yes | 1.21x | 87% |
| June 2026 | $50.0M | Late payment but less than 30 days delinquent | Yes | 1.21x | 87% |
| May 2026 | $50.0M | Late payment but less than 30 days delinquent | Yes | 1.21x | 87% |
| April 2026 | $50.0M | 30-59 days delinquent | Yes | 1.21x | 87% |
| March 2026 | $50.0M | Late payment but less than 30 days delinquent | Yes | 1.21x | 87% |
| February 2026 | $50.0M | Current | Yes | 1.21x | 87% |
| January 2026 | $50.0M | Non performing matured balloon | Yes | 1.21x | 87% |
| December 2025 | $50.0M | Performing matured balloon | Yes | 1.21x | 87% |
| November 2025 | $50.0M | Non performing matured balloon | Yes | 1.21x | 87% |
| October 2025 | $50.0M | Performing matured balloon | Yes | 1.21x | 87% |
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 March 19, 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
The loan is split into 2 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BBCMS Mortgage Trust 2020-C7 | 3 | $35,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BBCMS Mortgage Trust 2020-C7 | 3A | $15,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other San Francisco-Oakland-Fremont loans due in 2026
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Shoreline Office Center | Mill Valley, CA | Office | $20.2M | 4.50% | Dec 2026 | 2.35x | 91% | Current |
| La Quinta Inn Berkeley | Berkeley, CA | Hotel | $9.5M | 5.20% | Feb 2026 | -0.44x | n/a | Past maturity and not performing |
| Bay Area Self Storage Phase 1 | San Carlos, CA | Self storage | $8.8M | 4.024% | Dec 2026 | 4.30x | 100% | Current |
| Alameda Apartments | Alameda, CA | Multifamily | $5.9M | 4.877% | Dec 2026 | 1.75x | 86% | Current |
| 1350 Carlback Avenue | Walnut Creek, CA | Office | $5.8M | 4.15% | Nov 2026 | 2.09x | 100% | Current |
| Storquest - Oakland, Ca | Oakland, CA | Self storage | $5.1M | 4.298% | Dec 2026 | 2.34x | 81% | Current |
| Bay Area Self Storage Phase 2 | San Carlos, CA | Self storage | $5.0M | 4.024% | Dec 2026 | 4.38x | 100% | Current |
All loans maturing in 2026 · 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.