Mixed use · Los Angeles, California
The Reef
Public CMBS trusts hold $150.0M of the loan on The Reef at 5.425% that reaches maturity on May 6, 2032, in 5 years and 6 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $150,000,000
- Original balance (same notes)
- $210,400,000
- Interest rate
- 5.425% fixed
- Originated
- April 13, 2022
- Maturity
- May 6, 2032
- Payments
- Interest only for the full term
- Prepayment lockout ends
- January 5, 2032
- Master servicer
- KeyBank National Association
- Originator
- DBR Investments Co. Limited
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 1933 S. Broadway 2005 S. Main Street, Los Angeles, CA 90007
- Metro
- Los Angeles-Long Beach-Anaheim, CA
- Rentable area
- 807,255 sq ft
- Built
- 1958, renovated 2019
- Largest tenants
- County of Los Angeles; MAKER CITY LA, LLC; SHIPFRONT LLC
- Value at securitization
- $349.0M (Nov 2021)
Performance
| At securitization | Latest | |
|---|---|---|
| DSCR (NOI) | 2.45x | n/a |
| Occupancy | 78% | n/a |
| Net operating income | $20.3M | n/a |
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
- The filing gives Apr 2030 as the lease end date for the largest tenant (County of Los Angeles), 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 | $150.0M | Current | No | 3.06x | 77% |
| August 2026 | $150.0M | Current | No | 2.82x | 77% |
| July 2026 | $150.0M | Current | No | 2.82x | 77% |
| June 2026 | $150.0M | Current | No | 2.82x | 77% |
| May 2026 | $150.0M | Current | No | 2.73x | 77% |
| April 2026 | $150.0M | Late payment but less than 30 days delinquent | No | 2.73x | 77% |
| March 2026 | $150.0M | Current | No | 2.73x | 77% |
| February 2026 | $150.0M | Current | No | 2.66x | 78% |
| January 2026 | $150.0M | Current | No | 2.66x | 78% |
| December 2025 | $150.0M | Current | No | 2.66x | 78% |
| November 2025 | $150.0M | Current | No | 2.84x | 78% |
| October 2025 | $150.0M | Current | No | 2.84x | 76% |
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 5 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BENCHMARK 2022-B35 MORTGAGE TRUST | 2A | $50,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
| BENCHMARK 2022-B35 MORTGAGE TRUST | 2B | $40,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
| BMO 2022-C2 Mortgage Trust | 5 | $40,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
| BENCHMARK 2022-B35 MORTGAGE TRUST | 2C | $10,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
| Benchmark 2022-B36 Mortgage Trust | 20 | $10,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other Los Angeles-Long Beach-Anaheim loans due in 2032
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| One Wilshire, Los Angeles (2032 maturity) | Los Angeles, CA | Office | $196.0M | 2.776% | Jan 2032 | 3.29x | 61% | Current |
| Uci Research Park Phases 12 & 13 | Irvine, CA | Office | $150.0M | 3.126% | Mar 2032 | 3.54x | 97% | Current |
| 417 & 433 West 164th Street | Gardena, CA | Industrial | $93.5M | 5.00% | Aug 2032 | n/a | n/a | Current |
| Romaine & Orange Square | Los Angeles, CA | Office | $68.0M | 4.44% | Apr 2032 | 1.69x | 91% | Current |
| 935-953 Sycamore | Los Angeles, CA | Mixed use | $60.0M | 5.44% | Aug 2032 | 1.83x | 96% | Current |
| The Garland Hotel | North Hollywood, CA | Hotel | $45.0M | 5.64% | Jul 2032 | 2.62x | 83% | Current |
| Whizin Market Square | Agoura Hills, CA | Retail | $40.3M | 4.76% | Apr 2032 | 1.74x | 98% | Current |
| Cerritos Center Court | Cerritos, CA | Office | $34.0M | 5.314% | Jul 2032 | 2.02x | 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.