644-660 Broadway Loan Is $21.2M, Appraised at $13M

A $21.2 million CMBS loan on 644-660 Broadway in San Francisco is carried against an appraisal of $13 million, according to the October servicer report for COMM 2018-COR3 Mortgage Trust. The loan has been in special servicing since July 7, 2020 for payment default, and a receiver has run the property since March 21, 2024.

Why it matters

The collateral is two buildings totaling 49,901 square feet on a 0.33-acre lot, with retail, office and nine rent-controlled apartments, built in 1963 and 1985, with no on-site parking. A gap between debt and value on a small mixed-use asset tells buyers and brokers how far lenders expect to mark down Chinatown-edge retail and rent-controlled stock before a sale.

The numbers

The Form 10-D filed October 26 shows a balance of $21.2 million, an appraisal of $13 million dated May 13, 2026, net operating income of $803,981 and a debt service coverage ratio of 0.75 as of June 30, 2026. The loan matures April 6, 2028. The appraisal is about 61 percent of the balance.

What’s next

The servicer’s comment says the largest tenant, a restaurant, stopped paying rent during the pandemic and has paid only sporadically since. It says litigation concluded with a July 2025 ruling awarding the receiver damages for breach of lease, that a lease extension with another tenant is being finalized, and that negotiations continue with the restaurant over a long-term lease. These are the servicer’s statements, not findings we verified. The receiver has authority to sell, and a recorded sale would show the loss. See also the San Francisco market hub.