The Assembly
An industrial property in San Jose, California. Securitized in 1 CMBS deal in 2026.
$269.0MAppraised value (latest deal)
100.0%Occupancy
$19.2MUnderwritten NOI
7.1%Implied cap rate
- Address
- 3930, 3940, 3950, 3960, 4000 North First Street and 90 Headquarters Dr, San Jose, CA 95134
- Property type
- Industrial · R&D
- Year built
- 1980-1999
- Size
- 491,458 SF
- Sponsor
- Brett Michael Lipman and Farshid Steve Shokouhi
- Loan purpose
- Acquisition
- Largest tenant
- Figure AI
Appearances in CMBS deals
| Deal | Cut-off / filing | Appraised | Occ. | UW NOI | Cap | Loan / alloc. bal. | LTV | DSCR | Source |
|---|---|---|---|---|---|---|---|---|---|
| BBCMS 2026-5C43 | 2026-10-14 | $269.0M | 100.0% | $19.2M | 7.1% | $97.5M | 64.0% | 1.46x | 424B |
Historical NOI reported in BBCMS 2026-5C43
| Period ending | NOI |
|---|---|
| 5/31/2026 | $12.0M |
| 12/31/2025 | $6.7M |
| 12/31/2024 | $656K |
More CMBS properties in California →
Figures are read from Annex A-1 of the trust's SEC prospectus as of the deal's cut-off date. Parsing can misread a cell; the prospectus link is the authoritative source. Implied cap rate = underwritten NOI ÷ appraised value, shown only between 2% and 20%.