Office · Renton, Washington
The Landmark
The Landmark is financed with a $42.0M CMBS loan at 9.03% that reaches maturity on October 6, 2028, in 23 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $42,050,000
- Original balance (same notes)
- $42,050,000
- Interest rate
- 9.03% fixed
- Originated
- September 29, 2023
- Maturity
- October 6, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ends
- April 5, 2028
- Master servicer
- Midland Loan Services
- Originator
- Citi Real Estate Funding Inc.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 1600 Lind Avenue Southwest 1601 East Valley Road, Renton, WA 98057
- Metro
- Seattle-Tacoma-Bellevue, WA
- Rentable area
- 274,931 sq ft
- Built
- 1986
- Largest tenants
- Blue Origin, LLC; Tyler Technologies; Allied Residential
- Value at securitization
- $89.5M (May 2024)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.40x | 1.62x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 3 months) | $5.4M | $6.3M |
| Debt yield | 15.0% |
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 2023-B40 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 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
- Net operating income is 18% above the underwritten figure ($6.3M a year against $5.4M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 1.40x at securitization to 1.62x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $42.0M | Current | No | 1.62x | 100% |
| August 2026 | $42.0M | Current | No | 1.62x | 100% |
| July 2026 | $42.0M | Current | No | 1.62x | 100% |
| June 2026 | $42.0M | Current | No | n/a | n/a |
| May 2026 | $42.0M | Current | No | n/a | n/a |
| April 2026 | $42.0M | Current | No | 1.61x | 100% |
| March 2026 | $42.0M | Current | No | 1.55x | 100% |
| February 2026 | $42.0M | Current | No | 1.55x | 100% |
| January 2026 | $42.0M | Current | No | 1.55x | 100% |
| December 2025 | $42.0M | Current | No | 1.55x | 100% |
| November 2025 | $42.0M | Current | No | 1.55x | 100% |
| October 2025 | $42.0M | Current | No | 1.55x | 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.
Where the loan sits
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Benchmark 2023-B40 Mortgage Trust | 3 | $42,050,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other Seattle-Tacoma-Bellevue loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 1201 Third Avenue | Seattle, WA | Office | $170.0M | 5.585% | Mar 2028 | 1.28x | 48% | Current |
| Willow Creek Corporate Center | Redmond, WA | Office | $88.7M | 4.659% | Aug 2028 | 2.80x | 100% | Current |
| Georgetown Squared & Seattle Design Center | Seattle, WA | Mixed use | $84.0M | 5.06% | Sep 2028 | 1.24x | 78% | Current |
| Hyatt at Olive 8 | Seattle, WA | Hotel | $78.0M | 4.84% | Apr 2028 | n/a | n/a | Current |
| Google Kirkland Campus Phase I | Kirkland, WA | Office | $65.0M | 4.85% | Dec 2028 | n/a | n/a | Current |
| Time Square Office Renton | Renton, WA | Office | $53.5M | 5.002% | Oct 2028 | 0.39x | 46% | With the special servicer and 90+ days delinquent |
| 2020 Fifth Avenue | Seattle, WA | Other | $48.0M | 4.262% | Sep 2028 | 3.34x | 100% | Current |
| 3rd & Pine Seattle Retail & Parking | Seattle, WA | Mixed use | $35.2M | 4.54% | Mar 2028 | 0.62x | 100% | With the special servicer and 90+ days delinquent |
All loans maturing in 2028 · All Seattle-Tacoma-Bellevue 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.