Office · Bethesda, Maryland
Two Democracy
Public CMBS trusts hold $21.6M of the loan on Two Democracy at 5.391% that reaches its anticipated repayment date on March 6, 2028, in 16 months. As of the Oct 2026 servicer report its status is current.
The loan
- Balance in tracked trusts
- $21,559,806
- Original balance (same notes)
- $25,000,000
- Interest rate
- 5.391% fixed
- Originated
- February 15, 2018
- Maturity
- March 6, 2033
- Anticipated repayment date
- March 6, 2028 (the rate steps up if the loan is not repaid by then)
- Payments
- Amortizing over 30 years
- Prepayment lockout ends
- December 5, 2027
- Master servicer
- Trimont LLC
- Originator
- Goldman Sachs Mortgage Company
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 6707 Democracy Boulevard, Bethesda, MD 20817
- Metro
- Washington-Arlington-Alexandria, DC-VA-MD-WV
- Rentable area
- 275,134 sq ft
- Built
- 1989
- Largest tenants
- USA GS-11P-LMD00640 [NIH] (lusgs195); CENTERS FOR ADVANCED ORTHOPAEDICS LLC; CORSTONE CORPORATION
- Value at securitization
- $65.9M (Dec 2017)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.18x | 2.30x |
| Occupancy | 86% | 90% |
| Net operating income (annualized from 6 months) | $3.7M | $3.9M |
| Debt yield | 18.1% |
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 GS Mortgage Securities Trust 2018-GS10 filing for the reporting period ending October 6, 2026, filed with the SEC October 22, 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
- Occupancy has risen from 86% when the loan was securitized to 90%.
- Net operating income is 6% above the underwritten figure ($3.9M a year against $3.7M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 2.18x at securitization to 2.30x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| October 2026 | $21.6M | Current | No | 2.30x | 90% |
| September 2026 | $21.6M | Current | No | 2.30x | 90% |
| August 2026 | $21.6M | Current | No | 1.38x | 90% |
| July 2026 | $21.7M | Current | No | 1.38x | 90% |
| June 2026 | $21.7M | Current | No | 1.74x | 90% |
| May 2026 | $21.8M | Current | No | 1.74x | 90% |
| April 2026 | $21.8M | Current | No | 1.74x | 90% |
| March 2026 | $21.8M | Current | No | 1.68x | 90% |
| February 2026 | $21.9M | Current | No | 1.68x | 90% |
| January 2026 | $21.9M | Current | No | 1.68x | 90% |
| December 2025 | $22.0M | Current | No | 1.68x | 90% |
| November 2025 | $22.0M | Current | No | 1.68x | 90% |
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 |
|---|---|---|---|---|
| GS Mortgage Securities Trust 2018-GS9 | 19 | $12,935,883 | Oct 2026 | SEC filing, October 22, 2026 |
| GS Mortgage Securities Trust 2018-GS10 | 24 | $8,623,923 | Oct 2026 | SEC filing, October 22, 2026 |
Other Washington-Arlington-Alexandria loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Tysons Corner Center | McLean, VA | Retail | $269.8M | 6.601% | Dec 2028 | 1.93x | 86% | Current |
| One Dulles Tower | Herndon, VA | Office | $152.0M | 3.986% | Mar 2028 | 2.32x | 100% | Current |
| Village at Leesburg | Leesburg, VA | Retail | $124.3M | 4.758% | Apr 2028 | 1.19x | 96% | Current |
| Extra Space Washington | Washington, DC | Self storage | $105.0M | 4.532% | Mar 2028 | n/a | n/a | Current |
| Sentinel Square II | Washington, DC | Office | $104.0M | 6.05% | Dec 2028 | 1.18x | 94% | Current |
| Braddock Metro Center | Alexandria, VA | Office | $71.6M | 4.57% | Feb 2028 | 1.01x | 81% | With the special servicer and 90+ days delinquent |
| Ellsworth Place | Silver Spring, MD | Retail | $64.5M | 5.01% | Aug 2028 | 1.31x | 91% | With the special servicer and 90+ days delinquent |
| South Lake at Dulles | Herndon, VA | Office | $60.5M | 6.058% | Mar 2028 | 2.36x | 100% | Current |
All loans maturing in 2028 · All Washington-Arlington-Alexandria loans
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting period ending October 6, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.