Office · San Diego, California
The Ratner
The Ratner is financed with a $24.5M CMBS loan at 4.045% that reaches maturity on April 6, 2028, in 17 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $24,500,000
- Original balance (same notes)
- $24,500,000
- Interest rate
- 4.045% fixed
- Originated
- March 30, 2021
- Maturity
- April 6, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ends
- January 5, 2028
- Master servicer
- Trimont LLC
- Originator
- Argentic Real Estate Finance LLC
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 1249 F Street, San Diego, CA 92101
- Metro
- San Diego-Chula Vista-Carlsbad, CA
- Rentable area
- 146,805 sq ft
- Built
- 1924
- Largest tenants
- NewSchool of Architecture & Design LLC; Kate Gookin; Inspired Studios LLC
- Value at securitization
- $45.3M (Feb 2021)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.53x | 0.75x |
| Occupancy | 79% | 41% |
| Net operating income (annualized from 6 months) | $2.5M | $760K |
| Debt yield | 3.1% |
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 WELLS FARGO COMMERCIAL MORTGAGE TRUST 2021-C59 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- NOI down 20% or more from securitization
On the cmbs.news watch list in every report since May 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 79% when the loan was securitized to 41%.
- Net operating income is 70% below the underwritten figure ($760K a year against $2.5M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 2.53x at securitization to 0.75x on the latest statements.
- At 0.75x, the property's reported NOI does not cover its debt service.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $24.5M | Current | No | 0.75x | 41% |
| August 2026 | $24.5M | Current | No | 0.70x | 38% |
| July 2026 | $24.5M | Current | No | 0.70x | 38% |
| June 2026 | $24.5M | Current | No | 0.70x | 38% |
| May 2026 | $24.5M | Current | No | 0.70x | 38% |
| April 2026 | $24.5M | Current | No | 1.11x | 34% |
| March 2026 | $24.5M | Current | No | 2.33x | 73% |
| February 2026 | $24.5M | Late payment but less than 30 days delinquent | No | 2.33x | 73% |
| January 2026 | $24.5M | Current | No | 2.33x | 73% |
| December 2025 | $24.5M | Current | No | 2.33x | 73% |
| November 2025 | $24.5M | Late payment but less than 30 days delinquent | No | 2.31x | 73% |
| October 2025 | $24.5M | Current | No | 2.31x | 73% |
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 |
|---|---|---|---|---|
| WELLS FARGO COMMERCIAL MORTGAGE TRUST 2021-C59 | 11 | $24,500,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other San Diego-Chula Vista-Carlsbad loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Liberty Station Retail | San Diego, CA | Retail | $117.0M | 5.23% | Dec 2028 | n/a | n/a | Current |
| Broadway Plaza | Chula Vista, CA | Retail | $41.0M | 4.672% | Jul 2028 | 1.93x | 100% | Current |
| Best Western Plus Hacienda Hotel | San Diego, CA | Hotel | $31.5M | 5.10% | Apr 2028 | 2.35x | 78% | Current |
| Mission Center | San Diego, CA | Office | $28.6M | 4.265% | Jun 2028 | 2.22x | 84% | Current |
| Residence Inn Chula Vista | Chula Vista, CA | Hotel | $25.4M | 5.35% | Dec 2028 | 2.33x | 88% | Current |
| Seville Plaza | San Diego, CA | Office | $18.8M | 4.67% | Aug 2028 | 1.93x | 100% | Current |
| Mercado Plaza and Brandywine | CA | Retail | $15.8M | 7.411% | Aug 2028 | 1.39x | 100% | Current |
| Merge Carmel Valley | San Diego, CA | Mixed use | $14.3M | 4.907% | Jun 2028 | n/a | n/a | Current |
All loans maturing in 2028 · 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.