Office · San Diego, California
The Promontory
The Promontory is financed with a $20.0M CMBS loan at 3.652% that reaches maturity on April 1, 2031, in 4 years and 5 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $19,975,000
- Original balance (same notes)
- $19,975,000
- Interest rate
- 3.652% fixed
- Originated
- March 31, 2021
- Maturity
- April 1, 2031
- Payments
- Interest only for the full term
- Prepayment lockout ended
- April 30, 2023
- Prepayment premium ends
- December 31, 2030 (yield maintenance)
- Master servicer
- Midland Loan Services
- Originator
- JPMorgan Chase Bank, National Association
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 11440 West Bernard Court, San Diego, CA 92127
- Metro
- San Diego-Chula Vista-Carlsbad, CA
- Rentable area
- 98,247 sq ft
- Built
- 1989
- Largest tenants
- PREMIER OFFICE CENTERS; INNOVATIVE INDUSTRIAL PROP.; NATIONAL WEATHER SERVICE
- Value at securitization
- $33.3M (Feb 2021)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 3.08x | 3.25x |
| Occupancy | 97% | 85% |
| Net operating income (annualized from 6 months) | $2.3M | $4.8M |
| Debt yield | 24.2% |
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 2021-B25 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
- Occupancy down 10 points or more from securitization
- Largest tenant's lease ends within 12 months
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 97% when the loan was securitized to 85%.
- Net operating income is 112% above the underwritten figure ($4.8M a year against $2.3M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 3.08x at securitization to 3.25x on the latest statements.
- The filing gives Jul 2027 as the lease end date for the largest tenant (PREMIER OFFICE CENTERS), before the loan matures. Lenders look hard at that rollover.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $20.0M | Current | No | 3.25x | 85% |
| August 2026 | $20.0M | Current | No | 3.25x | 85% |
| July 2026 | $20.0M | Current | No | n/a | n/a |
| June 2026 | $20.0M | Current | No | n/a | n/a |
| May 2026 | $20.0M | Current | No | n/a | n/a |
| April 2026 | $20.0M | Current | No | 2.96x | 90% |
| March 2026 | $20.0M | Current | No | 2.96x | 90% |
| February 2026 | $20.0M | Current | No | 2.96x | 90% |
| January 2026 | $20.0M | Current | No | 2.96x | 90% |
| December 2025 | $20.0M | Current | No | 2.96x | 90% |
| November 2025 | $20.0M | Current | No | 2.96x | 90% |
| October 2025 | $20.0M | Current | No | 3.12x | 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.
Where the loan sits
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Benchmark 2021-B25 Mortgage Trust | 22 | $19,975,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other San Diego-Chula Vista-Carlsbad loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Torrey Heights, San Diego (2031 maturity), loan 8 in BANK5 2026-5YR20 | San Diego, CA | Mixed use | $92.0M | 4.968% | Jan 2031 | n/a | n/a | Current |
| Sunset View | Oceanside, CA | Multifamily | $37.2M | 6.065% | Mar 2031 | n/a | n/a | Current |
| Lightwave Corporate Center | San Diego, CA | Mixed use | $37.1M | 2.55% | Oct 2031 | 5.49x | 100% | Current |
| Torrey Heights, San Diego (2031 maturity), loan 11 in BANK5 2026-5YR21 | San Diego, CA | Mixed use | $33.0M | 4.968% | Jan 2031 | n/a | n/a | Current |
| Allied Plaza | La Mesa, CA | Office | $20.5M | 2.98% | Apr 2031 | 4.29x | 92% | Current |
| Sorrento Pines | CA | Industrial | $19.5M | 6.42% | Jul 2031 | n/a | n/a | Current |
| Holiday inn Express - San Diego | San Diego, CA | Hotel | $19.0M | 3.735% | Jun 2031 | 3.67x | 82% | Current |
| Westward Ho | El Cajon, CA | Manufactured housing | $18.5M | 3.84% | Dec 2031 | 2.12x | 100% | Current |
All loans maturing in 2031 · All San Diego-Chula Vista-Carlsbad 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.