Mixed use · San Diego, California
William Penn Building
William Penn Building is financed with a $10.2M CMBS loan at 4.855% 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 current.
The loan
- Balance in tracked trusts
- $10,207,633
- Original balance (same notes)
- $11,500,000
- Interest rate
- 4.855% fixed
- Originated
- November 30, 2017
- Maturity
- December 6, 2027
- Payments
- Interest only for 24 months, then amortizing
- Prepayment lockout ends
- September 5, 2027
- Master servicer
- Trimont LLC
- Originator
- Deutsche Bank AG, acting through its New York Branch
Status
- Payment status
- Current (code 0)
- Special servicing
- Transferred October 14, 2020, returned June 21, 2022
- Workout strategy
- Resolved
- Modified
- Yes, most recently December 6, 2021
- Defeasance
- None reported
The property
- Address
- 501-515 F Street & 777-779 5th Avenue, San Diego, CA 92101
- Metro
- San Diego-Chula Vista-Carlsbad, CA
- Rentable area
- 27,200 sq ft
- Built
- 1913, renovated 2016
- Largest tenants
- QUEENSBOROUGH; TACOS EL GORDO
- Value at securitization
- $20.1M (Nov 2017)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.48x | 1.02x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 6 months) | $1.1M | $749K |
| Debt yield | 7.3% |
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.
- Coverage down 0.25x or more from securitization
- NOI down 20% or more from securitization
- Largest tenant's lease ends within 12 months
- Modified
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 31% below the underwritten figure ($749K a year against $1.1M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.48x at securitization to 1.02x on the latest statements.
- The most recent valuation in the filing is $14.6M (October 13, 2021), against $20.1M at securitization.
- The filing gives Jul 2027 as the lease end date for the largest tenant (QUEENSBOROUGH), 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 | $10.2M | Current | No | 1.02x | 100% |
| August 2026 | $10.2M | Current | No | 1.17x | 100% |
| July 2026 | $10.2M | Current | No | 1.17x | 100% |
| June 2026 | $10.3M | Current | No | 1.17x | 100% |
| May 2026 | $10.3M | Current | No | 1.17x | 100% |
| April 2026 | $10.3M | Current | No | 1.17x | 100% |
| March 2026 | $10.3M | Current | No | 1.17x | 100% |
| February 2026 | $10.3M | Current | No | 1.17x | 100% |
| January 2026 | $10.4M | Current | No | 1.38x | 100% |
| December 2025 | $10.4M | Current | No | 1.38x | 100% |
| November 2025 | $10.4M | Current | No | 1.38x | 100% |
| October 2025 | $10.4M | Current | No | 1.45x | 100% |
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 October 14, 2020, returned to the master servicer June 21, 2022.
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 | 32 | $10,207,633 | Sep 2026 | SEC filing, October 1, 2026 |
Other San Diego-Chula Vista-Carlsbad loans due in 2027
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Petco Corporate Headquarters | San Diego, CA | Office | $71.5M | 4.168% | Aug 2027 | 2.88x | 100% | Current |
| U.s. Grant Hotel | San Diego, CA | Hotel | $41.7M | 5.523% | Mar 2027 | 0.57x | 73% | Current |
| Pinnacle Medical Plaza | San Diego, CA | Office | $29.0M | 4.30% | Sep 2027 | 2.58x | 96% | Current |
| Manchester Financial Building | La Jolla, CA | Mixed use | $22.9M | 4.50% | Oct 2027 | 1.18x | 76% | Current |
| Torrey Executive Centre | La Jolla, CA | Office | $22.6M | 4.55% | Oct 2027 | 1.78x | 100% | Current |
| Trade Center | San Diego, CA | Industrial | $13.5M | 4.45% | Jun 2027 | 3.24x | 98% | Current |
| Mission Gorge Square | Santee, CA | Retail | $12.5M | 3.83% | May 2027 | 4.35x | 96% | Current |
| Camino Vida Roble | Carlsbad, CA | Mixed use | $12.0M | 4.84% | Apr 2027 | 3.21x | 100% | Current |
All loans maturing in 2027 · 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.