Multifamily · Burien, Washington
The Raleigh
The Raleigh is financed with a $5.1M CMBS loan at 6.56% that reaches maturity on September 6, 2030, in 3 years and 10 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $5,100,000
- Original balance (same notes)
- $5,100,000
- Interest rate
- 6.56% fixed
- Originated
- August 28, 2025
- Maturity
- September 6, 2030
- Payments
- Interest only for the full term
- Prepayment lockout ends
- November 5, 2027
- Prepayment premium ends
- March 5, 2030 (yield maintenance)
- Master servicer
- Trimont LLC
- Originator
- Citi Real Estate Funding Inc.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 12415 Ambaum Boulevard Southwest, Burien, WA 98146
- Metro
- Seattle-Tacoma-Bellevue, WA
- Units, rooms or beds
- 52
- Built
- 1967
- Value at securitization
- $9.1M (Aug 2025)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.46x | 1.30x |
| Occupancy | 92% | 92% |
| Net operating income (annualized from 6 months) | $495K | $442K |
| Debt yield | 8.7% |
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 2025-V18 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 11% below the underwritten figure ($442K a year against $495K; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.46x at securitization to 1.30x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $5.1M | Current | No | 1.30x | 92% |
| August 2026 | $5.1M | Current | No | n/a | n/a |
| July 2026 | $5.1M | Current | No | n/a | n/a |
| June 2026 | $5.1M | Current | No | n/a | n/a |
| May 2026 | $5.1M | Current | No | n/a | n/a |
| April 2026 | $5.1M | Late payment but less than 30 days delinquent | No | n/a | n/a |
| March 2026 | $5.1M | Current | No | n/a | n/a |
| February 2026 | $5.1M | Late payment but less than 30 days delinquent | No | n/a | n/a |
| January 2026 | $5.1M | Current | No | n/a | n/a |
| December 2025 | $5.1M | Current | No | n/a | n/a |
| November 2025 | $5.1M | Current | No | n/a | n/a |
| October 2025 | $5.1M | Current | No | n/a | n/a |
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 2025-V18 Mortgage Trust | 46 | $5,100,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other Seattle-Tacoma-Bellevue loans due in 2030
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Southcenter Mall | Seattle, WA | Retail | $218.0M | 2.88% | Jan 2030 | 6.91x | 91% | Current |
| F5 Tower | Seattle, WA | Office | $185.0M | 3.699% | Jan 2030 | 3.71x | 100% | Current |
| Amazon Seattle (300 Pine) | Seattle, WA | Office | $141.9M | 3.005% | Apr 2030 | 2.71x | 91% | Current |
| Redmond Town Center | Redmond, WA | Retail | $121.5M | 6.70% | Mar 2030 | 1.46x | 87% | Current |
| 9th & Thomas | Seattle, WA | Office | $96.0M | 3.60% | Oct 2030 | 2.27x | 100% | Current |
| Amazon Seattle | Seattle, WA | Office | $93.0M | 3.005% | Apr 2030 | 2.41x | 91% | Current |
| Sterling Plaza | Bellevue, WA | Office | $53.6M | 6.492% | Nov 2030 | 1.80x | 92% | Current |
| FedEx Redmond | Redmond, WA | Industrial | $45.1M | 3.87% | Jan 2030 | 2.23x | 100% | Current |
All loans maturing in 2030 · 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.