Office · San Francisco, California
Visa Global Hq, San Francisco (2034 maturity), loan 4 in BANK 2024-BNK48
Public CMBS trusts hold $168.0M of the loan on Visa Global Hq at 5.506% that reaches its anticipated repayment date on September 6, 2034, in 7 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
- $168,000,000
- Original balance (same notes)
- $168,000,000
- Interest rate
- 5.506% fixed
- Originated
- August 29, 2024
- Maturity
- March 6, 2038
- Anticipated repayment date
- September 6, 2034 (the rate steps up if the loan is not repaid by then)
- Payments
- Interest only for the full term
- Prepayment lockout ends
- March 5, 2034
- Master servicer
- Midland Loan Services
- Originator
- BANA
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 300 Toni Stone Xing, San Francisco, CA 94158
- Metro
- San Francisco-Oakland-Fremont, CA
- Rentable area
- 320,658 sq ft
- Built
- 2023
- Largest tenants
- VISA U.S.A. INC.; CTMR LLC; ProperFood LLC
- Value at securitization
- $446.0M (Jul 2024)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 2.19x | 1.97x |
| Occupancy | 98% | 98% |
| Net operating income (annualized from 3 months) | $27.3M | $24.8M |
| Debt yield | 14.8% |
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 BANK 2025-BNK50 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 9% below the underwritten figure ($24.8M a year against $27.3M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 2.19x at securitization to 1.97x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $168.0M | Current | No | 1.97x | 98% |
| August 2026 | $168.0M | Current | No | 1.97x | 98% |
| July 2026 | $168.0M | Current | No | 1.97x | 98% |
| June 2026 | $168.0M | Current | No | 2.16x | 97% |
| May 2026 | $168.0M | Current | No | 2.16x | 97% |
| April 2026 | $168.0M | Current | No | 2.16x | 97% |
| March 2026 | $168.0M | Current | No | 2.29x | 97% |
| February 2026 | $168.0M | Current | No | 2.29x | 97% |
| January 2026 | $168.0M | Current | No | 1.76x | 95% |
| December 2025 | $168.0M | Current | No | 1.76x | 95% |
| November 2025 | $168.0M | Current | No | 1.76x | 95% |
| October 2025 | $168.0M | Current | No | 1.76x | 95% |
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 3 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BANK 2024-BNK48 | 4 | $85,000,000 | Sep 2026 | SEC filing, October 1, 2026 |
| BBCMS Mortgage Trust 2024-C30 | 6 | $50,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BANK 2025-BNK50 | 8 | $33,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other San Francisco-Oakland-Fremont loans due in 2034
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Park Tower at Transbay | San Francisco, CA | Office | $435.0M | 3.45% | Aug 2034 | 3.43x | 99% | Current |
| 47071 Bayside Parkway | Fremont, CA | Office | $57.0M | 6.864% | Jun 2034 | n/a | n/a | Current |
| VISA Global HQ, San Francisco (2034 maturity), loan 6 in BANK 2025-BNK49 | San Francisco, CA | Office | $55.0M | 5.506% | Sep 2034 | 1.97x | 98% | Current |
| Tan Central Park Retail | San Mateo, CA | Retail | $14.0M | 6.55% | Jun 2034 | 2.77x | 100% | Current |
| Uovo Livermore | Livermore, CA | Self storage | $9.5M | 6.48% | Mar 2034 | 1.91x | 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.