Mixed use · San Francisco, California
The Lion Building
Public CMBS trusts hold $100.0M of the loan on The Lion Building at 5.197% that reaches maturity on July 6, 2032, in 5 years and 8 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $100,000,000
- Original balance (same notes)
- $100,000,000
- Interest rate
- 5.197% fixed
- Originated
- June 8, 2022
- Maturity
- July 6, 2032
- Payments
- Interest only for the full term
- Prepayment lockout ends
- March 5, 2032
- Master servicer
- Midland
- Originator
- DBR Investments Co. Limited
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 2525 16th Street, San Francisco, CA 94103
- Metro
- San Francisco-Oakland-Fremont, CA
- Rentable area
- 172,328 sq ft
- Built
- 1924
- Largest tenants
- IDEO; Embark Trucks
- Value at securitization
- $170.0M (Mar 2022)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.83x | 2.21x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 6 months) | $9.7M | $23.5M |
| Debt yield | 23.5% |
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 2022-B36 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 143% above the underwritten figure ($23.5M a year against $9.7M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.83x at securitization to 2.21x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $100.0M | Current | No | 2.21x | 100% |
| August 2026 | $100.0M | Current | No | 2.21x | 100% |
| July 2026 | $100.0M | Current | No | 2.21x | 100% |
| June 2026 | $100.0M | Current | No | 2.21x | 100% |
| May 2026 | $100.0M | Current | No | n/a | n/a |
| April 2026 | $100.0M | Current | No | 2.17x | 100% |
| March 2026 | $100.0M | Current | No | 2.17x | 100% |
| February 2026 | $100.0M | Current | No | 2.15x | 100% |
| January 2026 | $100.0M | Current | No | 2.15x | 100% |
| December 2025 | $100.0M | Current | No | 2.15x | 100% |
| November 2025 | $100.0M | Current | No | 2.15x | 100% |
| October 2025 | $100.0M | Current | No | 2.15x | 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
The loan is split into 2 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BMO 2022-C2 Mortgage Trust | 2 | $65,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
| Benchmark 2022-B36 Mortgage Trust | 8 | $35,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other San Francisco-Oakland-Fremont loans due in 2032
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 800 Cesar Chavez | San Francisco, CA | Industrial | $38.0M | 4.11% | Mar 2032 | 2.00x | 100% | Current |
| Artthaus Studios | Oakland, CA | Office | $23.8M | 3.859% | Feb 2032 | 1.95x | 92% | Current |
| 530 Bush Street | San Francisco, CA | Office | $19.5M | 3.809% | Feb 2032 | -0.37x | 41% | Current |
| 640 2nd Street | San Francisco, CA | Office | $14.2M | 3.887% | Apr 2032 | 4.07x | 100% | Current |
| Sunol Center-Ca | Pleasanton, CA | Office | $14.2M | 3.78% | Aug 2032 | 2.85x | 100% | Current |
| Industrial Center Building - Art Studios | Sausalito, CA | Industrial | $12.8M | 4.939% | Jun 2032 | 3.20x | 100% | Current |
| Amoeba Music | San Francisco, CA | Retail | $11.3M | 4.82% | Apr 2032 | 1.97x | 100% | Current |
| Hayward Storage | Hayward, CA | Self storage | $7.7M | 4.57% | Apr 2032 | 2.42x | 100% | Current |
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.