Mixed use · Santa Clarita, California
Valencia Town Center
Valencia Town Center is financed with a $29.2M CMBS loan at 4.186% that reaches maturity on December 6, 2027, in 13 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is with the special servicer and 90+ days delinquent.
The loan
- Balance in tracked trusts
- $29,165,386
- Original balance (same notes)
- $58,000,000
- Interest rate
- 4.186% fixed
- Originated
- November 9, 2017
- Maturity
- December 6, 2027
- Payments
- Interest only for 24 months, then amortizing
- Prepayment lockout ends
- August 5, 2027
- Master servicer
- Trimont LLC
- Originator
- Deutsche Bank AG, acting through its New York Branch
Status
- Payment status
- 90+ days delinquent (code 3)
- Special servicing
- Transferred November 19, 2025
- Workout strategy
- TBD
- Advancing
- The servicer has stopped advancing on this loan (non-recoverable)
- Defeasance
- None reported
The property
- Address
- 24300, 24303 and 24305 Town Center Drive, 24200 and 24204 Magic Mountain Parkway, 26950 Theater Drive and 26735 Circle Drive, Santa Clarita, CA 91355
- Metro
- Los Angeles-Long Beach-Anaheim, CA
- Rentable area
- 395,219 sq ft
- Built
- 1995
- Largest tenants
- PRINCESS CRUISE LINES LTD; PRINCESS CRUISE LINES LTD; PRINCESS CRUISE LINES LTD
- Value at securitization
- $82.1M (Aug 2017)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 2.45x | 1.55x |
| Occupancy | 97% | 85% |
| Net operating income (annualized from 3 months) | $8.3M | $21.4M |
| Debt yield | 73.4% |
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 2018-B1 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC October 1, 2026.
- With the special servicer
- 30+ days delinquent or matured unpaid
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- Servicer stopped advancing
On the cmbs.news watch list in every report since December 2025.
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 158% above the underwritten figure ($21.4M a year against $8.3M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 2.45x at securitization to 1.55x on the latest statements.
- The most recent valuation in the filing is $1.4M (May 22, 2026), against $82.1M at securitization.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $29.2M | 90+ days delinquent | Yes | 1.55x | 85% |
| August 2026 | $29.2M | 60-89 days delinquent | Yes | 1.55x | 85% |
| July 2026 | $29.2M | 30-59 days delinquent | Yes | 1.55x | 85% |
| June 2026 | $29.2M | Late payment but less than 30 days delinquent | Yes | 2.46x | 47% |
| May 2026 | $29.2M | Current | Yes | 2.46x | 47% |
| April 2026 | $51.3M | Late payment but less than 30 days delinquent | Yes | 2.46x | 47% |
| March 2026 | $51.3M | Current | Yes | 2.46x | 47% |
| February 2026 | $51.4M | Current | Yes | 2.46x | 47% |
| January 2026 | $51.5M | Current | Yes | 2.46x | 47% |
| December 2025 | $51.6M | Current | Yes | 2.46x | 85% |
| November 2025 | $51.7M | Current | No | 2.47x | 85% |
| October 2025 | $51.8M | Current | No | 2.47x | 85% |
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.
Special-servicing history
- Transferred to the special servicer November 19, 2025, still there.
Transfer and return dates as reported in the filings of the past year; an earlier episode shows here only if a filing in that year still reports it.
Where the loan sits
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Benchmark 2018-B1 Mortgage Trust | 2 | $29,165,386 | Sep 2026 | SEC filing, October 1, 2026 |
Other Los Angeles-Long Beach-Anaheim loans due in 2027
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Del Amo Fashion Center | Torrance, CA | Retail | $400.0M | 3.658% | Jun 2027 | 4.52x | 75% | Current |
| 1999 Avenue of the Stars | Los Angeles, CA | Office | $232.8M | 4.137% | May 2027 | 4.62x | 92% | Current |
| Colorado Center | Santa Monica, CA | Office | $160.0M | 3.562% | Aug 2027 | 3.00x | 90% | Current |
| 2355 and 2383 Utah Ave | El Segundo, CA | Office | $85.0M | 5.64% | May 2027 | 1.93x | 100% | Current |
| Medical Centre Of Santa Monica - West | Santa Monica, CA | Office | $71.0M | 4.06% | Jan 2027 | n/a | n/a | Current |
| Shoreline Square | Long Beach, CA | Office | $55.6M | 3.75% | Feb 2027 | 2.52x | 80% | Current |
| Courtyard Los Angeles Sherman Oaks | Sherman Oaks, CA | Hotel | $52.6M | 4.474% | Dec 2027 | 1.49x | 71% | Current |
| Los Angeles Corporate Center | Monterey Park, CA | Office | $52.3M | 4.70% | Apr 2027 | 1.93x | 74% | Current |
All loans maturing in 2027 · All Los Angeles-Long Beach-Anaheim 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.