Commercial Real Estate Credit —
Vallejo, CA
The state of disclosed CRE credit in this market · CA
The read
$264M of CMBS across 18 loans. The heaviest maturity load lands in 2032 ($121M, 46% of the book). Distress is flat in the filed record — 0.0% as of 2026-07. 14 on-the-ground distress events in the past year (986 jobs).
Overview
CMBS
Submarkets
Local Banks
Jobs & Demand
On The Ground
Loading map…
The CMBS properties our stress model flags here, plus recent store closures and layoffs. Stressed is a wider net than distressed — the distressed figure above counts only loans already in special servicing or 60+ days delinquent, while these dots also include performing loans facing maturity or coverage pressure. Property dots sit at the center of their ZIP code, not the building — they show where stress concentrates, not which asset. Closures and layoffs are pinned to address where we have it. Open any dot to the building and the loan behind it →
CMBS Distressed UPB
under $1M / 0.0%
in special servicing or 60+ days delinquent
CMBS Maturing ≤ 24mo
$19M
Local Banks (stressed)
0 / 1
Bank Early-Warning
0 flagged
Store Closures (1y)
4
Layoff Notices (1y)
10 / 986 jobs
0.83% of metro employment
CMBS Loans / UPB
18 / $264M
Unemployment · Jul 2026
5.3%
-0.3pp yr
Office-Using Jobs · 2024
14,655
+1.2% yr
How much CRE distress is there in Vallejo, CA right now?
Vallejo shows a mixed distress picture, with one elevated signal among four feeds. Layoff notices (WARN) are elevated at 18 notices, ranking 39th of 386 metros by count and 30th by rate at 0.49%. Store closures sit at 2 closures (1.68 per 100,000 jobs), ranking 179th of 392 by count and 202nd by rate—not elevated. Bank CRE at lenders over the noncurrent line reads $140.8mm (14.69% of allocated metro CRE), ranking 139th of 393 by count and 31st by rate, but this is not flagged as elevated. Securitized loans in special servicing total 0 rows (0.0%), ranking 220th of 335. Of six paired readings, three agree as quiet, three disagree, and none show both elevated. The disagreements center on WARN, suggesting a large-employer layoff event rather than a retail or lender-driven story—employment stress is showing before banks or the securitized book move. Overall, distress is concentrated in the employment channel, with the property-level and lender-side readings quiet.
The figures behind this answer
| Signal | Level | Rate | Rank by count | Rank by rate | Reading |
|---|---|---|---|---|---|
| store closures store closures per 100,000 jobs |
2 closures | 1.68 per 100k jobs | 179 of 392 | 202 of 392 | quiet trailing 365 days to today
|
| layoff notices (WARN) workers on layoff notices as a share of the metro's employment |
18 notices | 0.49% | 39 of 386 | 30 of 386 | elevated trailing 365 days to today
|
| bank CRE at lenders over the noncurrent line share of the CRE lent into this metro that sits at a lender over the blended-noncurrent line |
$140.8mm | 14.69% | 139 of 393 | 31 of 393 | quiet
allocated 2026-03-31
|
| securitized loans in special servicing share of the securitized balance read here that is in special servicing |
0 loan records | 0% | 220 of 335 | 220 of 335 | quiet 2026-07-29
|
6 pairs compared
0 both elevated
3 both quiet
3 disagreeing
0 unreadable — a side is blind
1 of four legs elevated
one metro, four independent feeds, each on its own denominator
{'coverage': "114 of 441 metros have at least one blind leg and 48 are blind on all four. Those 48 are the same metros the board's map cannot place and the metro resolver cannot name: one ZIP-to-CBSA crosswalk boundary, showing up three ways.", 'a_count_ranks_by_size': 'Elevation is computed on the COUNT, over a flat threshold, which is a size filter. New York is 2nd of 392 by store closures and 264th of the same 392 by closures per job — both true, and which one you lead with decides what the reader believes. Every leg carries both ranks over ONE population; quote the rate beside the count.', 'disagreement_is_not_severity': 'Where two legs disagree, that is usually a fact about WHICH mechanism is running, not an error in either feed and not a worse metro. The six pairs read different populations, and each note is a STRUCTURAL prior about those populations — nothing here measures a lead or a lag between two legs, so never report one as timing.', 'a_blind_leg_is_not_a_quiet_one': "A leg with no denominator, or whose numerator cannot be measured, reads LOW and means nothing. Each leg publishes a measurement state (allocated, floor, measured, no denominator, no rate, not measurable) for that reason. Never report a blind leg as 'no distress'."}
{'leg': 'closures', 'unit': 'jobs', 'as_of': 'trailing 365 days to today', 'value': 119241, 'measures': 'store closures', 'available': True, 'as_of_kind': 'window', 'what_it_is': "all metro jobs, QCEW annual average — a SIZE normaliser, not a matched population: the feed spans retail, food service and pharmacy and no single QCEW sector covers it. The MATCHED read sits beside it as this leg's second reading"}
{'leg': 'warn', 'unit': 'employed', 'as_of': 'trailing 365 days to today', 'value': 204695, 'measures': 'layoff notices (WARN)', 'available': True, 'as_of_kind': 'window', 'what_it_is': 'employed persons, BLS LAUS, not seasonally adjusted'}
{'leg': 'bank', 'unit': '$mm', 'as_of': '2026-03-31', 'value': 958.8, 'measures': 'bank CRE at lenders over the noncurrent line', 'available': True, 'as_of_kind': 'stamp', 'what_it_is': 'bank CRE allocated to this metro by branch deposits'}
{'leg': 'cmbs', 'unit': '$mm', 'as_of': '2026-07-29', 'value': 271.0, 'measures': 'securitized loans in special servicing', 'available': True, 'as_of_kind': 'stamp', 'what_it_is': "current balance on the non-pari-passu rows of this tape — the trust's slice, not the whole loan, on both sides of the ratio"}
Written from the figures above · CBSA 46700 · stress_metro · last changed 28 Aug 2026
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Which distress signals are elevated in Vallejo, CA, and which cannot be read?
In Vallejo, CA, the elevated distress signal is the warn indicator, with 18 WARN notices and 2 store closures in the last year — a real-economy deterioration that is still "ahead of the record" and in an "early" phase. However, CRE-credit distress is essentially absent: bank CRE exposure stands at $958.8mm with only 14.7% at risk at the 90th percentile, and distressed lender CRE is $140.8mm. CMBS special servicing shows $0.0mm UPB, a 0.0% share of metro UPB, and bank allocation is 0.0%. The convergence score is 1, and there are 0 distressed banks with 0 distressed bank assets. Materiality is "immaterial," as little to no distressed CRE dollars underlie these signals. A reading on other distress signals is unavailable from the provided data.
The figures behind this answer
- CMBS in special servicing
- $0.0mm
- … as a share of this metro's CMBS balance
- 0.0%
- Bank CRE lent into this metro
- $958.8mm
- … at risk at the 90th percentile
- 14.7%
- CRE at lenders over the noncurrent line
- $140.8mm
- Assets at those lenders
- $0.00bn
- … share needing no branch-deposit allocation
- 0.0%
- Signals reading elevated
- WARN layoff notices
- Legs agreeing
- 1
- Phase
- early
- CMBS loans in special servicing
- 0
- Distressed banks
- 0
- Store closures (past year)
- 2
- WARN notices (past year)
- 18
the ground is deteriorating but CRE credit has not yet been hit — the leading edge
little to no distressed CRE dollars behind the signals
the ground is wobbling (closures / layoffs) but little CRE-credit distress sits behind it yet — a real-economy signal, not (yet) a CRE-credit event
Written from the figures above · CBSA 46700 · geo_metro_signals · last changed 27 Aug 2026
· Ask your own question →
Jobs & Demand — the labor market under the collateralWatch it change →
Every other zone on this page reads the credit — what the loan is doing.
This one reads the demand underneath it. Office jobs pay office rent;
office rent services the office loan. When the jobs go, the DSCR follows — but not for another year or two.
That lag is the whole point of looking here.
Unemployment · Jul 2026
5.3%
-0.3pp yr
Last 24 months
4.5%5.7%
Monthly metro unemployment (BLS LAUS) — the freshest labor signal there is,
about six weeks behind. Read the direction, not the level: a 4% metro that is rising and a 6% metro that is
falling are not telling you the same thing.
Jobs by CRE-relevant sector · 2024
Annual employment by sector (BLS QCEW, 2024; 119,241 jobs in the metro).
QCEW lags — it is the structural read, not the current one, and we pair it with the monthly unemployment above on purpose.
Office-using sums five supersectors; where BLS withholds any one of them for
disclosure, we show nothing rather than a number we know is too low — so a missing sector here means
“suppressed at the source,” not “zero.”
Sector Heat — CMBS distress rate by property type (metro vs national)See the loans behind the bar →
Too few CMBS loans here (18) to say whether this metro's rate is explained by its property mix — that comparison needs 25.
No CMBS sector data for this metro.
Maturity Wall — CMBS coming due by year, distress within eachSee what’s maturing →
$19M — 7% of the metro's balance — matures within two years; the red slice of each bar is already distressed.
Distress Trend — is this market turning?Track it quarter by quarter →
Realized distress is FLAT — 0.0% now (2026-07), +0.0pp over the year.
Same definition as the cards above — distressed means in special servicing or 60+ days delinquent, dollar-weighted — on a different clock. The cards are today’s tape; this is the disclosed history panel, quarter by quarter, so you can read direction rather than level. Trusts file monthly, so a quarter is usually well covered within weeks of opening and the newest one shown is normally the current one; it is withheld only when its filed book falls below 60% of recent quarters.
Share of the metro’s CMBS in special servicing or 60+ days delinquent, by quarter — a firmer, backward-looking read. A loan under 1.0x DSCR that is still paying is not counted here.
Submarket Heat — where in the metro the distress sitsOpen the submarket →
The top three submarkets hold $264M of the metro's $264M; each bar's colored share is its distress rate.
Bank Door — what the local bank sector could absorbSee it on every loan’s exit read →
$19M of CMBS matures here within two years.
The 3 regional and local banks that gather deposits here could write roughly
$102M more CRE before the 300% supervisory line, so the maturing balance is
0.19× that room.
The median metro sits at 0.12×.
Regional Bank Room
$102M
After Committed Draws
$83M / −18%
Maturing ÷ Room
0.19×
Banks In Footprint
3 / 0 at the line
The room above is already part-sold. Construction lending is a promise drawn
down over two or three years, and the undrawn part is an obligation the bank cannot decline while the borrower performs
— every one of those dollars lands in the same CRE book the 300% line governs. These banks
have $18M of construction committed and not yet
advanced, of which $18M
comes out of the room above, leaving $83M.
Counted — 3 regional & local CRE lenders
| Bank | Deposit share | CRE / Capital* | Room contributed | Noncurrent CRE |
|---|---|---|---|---|
| First Northern Bank Of Dixon CA | 27.0% | 221% total 279%
|
🔒 | 0.13% |
| Farmers & Merchants Bank Of Central California CA | 3.4% | 164% total 224%
|
🔒 | 0.04% |
| First Bank MO | 1.9% | 184% total 273%
|
🔒 | 0.09% |
Not counted — 8 banks with deposits here
These hold deposits in this metro but are left out of the capacity above, because for them deposit location stops indicating where they lend — or they do not lend CRE at all. Real money that could refinance here is deliberately not counted.
no CRE book — CRE under 100% of capital — not a CRE lender
Jpmorgan Chase Bank, National Association OH · Wells Fargo Bank, National Association SD · Bank Of America, National Association NC · U.s. Bank National Association OH · Bmo Bank National Association IL · Bank Of Stockton CA · Westamerica Bank CA
national — operates in more than 5 states, so deposits stop indicating where it lends
Columbia Bank OR
* Two ratios, two perimeters.
The large figure is supervisory CRE over total risk-based capital —
construction, multifamily and non-owner-occupied nonfarm nonresidential. That is the book SR 06-26 draws its
300% line against, and it is what the red coloring and the room contributed are both measured on.
Total beneath it adds owner-occupied CRE — lending to a business on
its own premises — which the guidance deliberately leaves out. A bank can sit well above 300% on total CRE and
still be inside the line, with real room to lend; both are shown so the gap is visible rather than surprising.
How to read this. It is not whether any particular loan can refinance — a borrower also reaches
national banks, life companies, agencies and debt funds. It is how much of this metro’s maturing volume the local
bank sector could absorb if it were the only door.
Banks are placed by deposit share (FDIC Summary of Deposits, June 2025) — a proxy for
where they lend, not a measurement; call reports carry no collateral geography. Room = 3× total risk-based capital less CRE held
(SR 06-26, the capital base the rule names — not book equity), from Q2 2026 call reports, apportioned by that share.
Committed construction comes from FFIEC Schedule RC-L as filed at 2026-06-30 —
the undrawn half of loans already written, which the balance sheet above does not show.
Banks in more than 5 states, single-branch bookers and banks that do not lend CRE are excluded —
313 banks holding $268.2B of national capacity not counted here.
Local Lenders — banks headquartered here, worst CRE noncurrent firstUnlock each bank’s early-warning flag →
| Bank | Total CRE | CRE / Capital* | Noncurrent CRE | Early Warning |
|---|---|---|---|---|
| First Northern Bank Of Dixon | $692M | 221% total 279%
|
0.13% | 🔒 |
* Two ratios, two perimeters.
The large figure is supervisory CRE over total risk-based capital —
construction, multifamily and non-owner-occupied nonfarm nonresidential. That is the book SR 06-26 draws its
300% line against, and it is what the red coloring and the room contributed are both measured on.
Total beneath it adds owner-occupied CRE — lending to a business on
its own premises — which the guidance deliberately leaves out. A bank can sit well above 300% on total CRE and
still be inside the line, with real room to lend; both are shown so the gap is visible rather than surprising.
Banks are matched to their HQ metro (a proxy for footprint). Noncurrent CRE = CRE-balance-weighted blend of multifamily / nonresidential / construction noncurrent (distress already arrived). Early Warning is a validated leading signal — the bank’s 30-89 early-delinquency rank among all CRE lenders this quarter, which has predicted ~2.3× forward CRE distress. Per-bank flags are on a plan.
Do the banks lending in Vallejo, CA have the capacity to refinance its maturing CRE?
In Vallejo, CA, the banks that qualify here look comfortably able to absorb the maturing wall: 3 banks qualifying against 1 banks excluded here, with room after committed of $83.4mm against a maturing balance of $19.3mm across 3 maturing loans, giving a wall-to-room of 0.23 and a wall-to-room before committed draws of 0.19. The distressed share of 0.0% offers no sign of credit stress, and the reading sits in the slack band even though 0.23 is ABOVE the median of 0.20, so this metro is MORE strained than the typical ranked metro, ranking 129 of 270, counting from the MOST strained. Two caveats temper the conclusion: room is a proxy, since deposit footprint stands in for lending footprint rather than measuring it, and the wall is CMBS-only, covering the maturing debt this platform can see rather than the metro's whole maturity load.
The figures behind this answer
- CMBS maturing in the window
- $19.3mm
- … across this many loans
- 3
- Local bank room, before committed draws
- $101.8mm
- Committed construction draws
- $18.4mm
- Local bank room, after those draws
- $83.4mm
- Wall-to-room ratio
- 0.23
- Rank, most strained
- 129
- … out of this many metros ranked
- 270
- … before committed draws
- 0.19
- Population ranked against
- CMBS maturing within 24 months against regional/community bank room in this metro
- Qualifying local banks
- 3
- … excluded from the calculation
- 1
- Distressed share of this metro's CMBS
- 0.0%
- Total CMBS balance here
- $264.1mm
- Capacity band
- slack
Compared against a median wall-to-room ratio of
0.20 across the ranked metros.
0.23 is ABOVE the median of 0.20, so this metro is MORE strained than the typical ranked metro
129 of 270, counting from the MOST strained — a LOWER rank number means MORE strain
{'room_is_a_proxy': 'Room is what regional and community banks could still write before the SR 06-26 concentration line, after deducting construction draws already committed. Deposit footprint is a proxy for lending footprint, not a measurement of it.', 'ratio_is_not_size': 'The most extreme ratios belong to the smallest metros. Read maturing_bal_mm beside the ratio — the map sizes bubbles by the wall, not the strain, for exactly this reason.', 'wall_is_cmbs_only': "The wall is the CMBS balance maturing within 24 months — the maturing debt this platform can see, not the metro's whole maturity load. Every ratio is an upper bound on how much of it local banks would have to absorb.", 'exclusion_artifact': 'A high ratio is as often an exclusion artifact as a credit event. Banks whose deposits do not indicate where they lend (nationals, card and charter banks) are excluded from the room, so a metro served mainly by those reads strained while its credit is simply invisible here. Check banks_qualifying against banks_excluded_here, and explained_by_exclusion.'}
Written from the figures above · CBSA 46700 · capacity_metro · last changed 13 Sep 2026
· Ask your own question →
On The Ground — recent closures, layoffs & CRE bankruptciesTie these events to loans →
14 local distress events in the past year (986 jobs) — store closures, layoffs, and commercial real estate bankruptcies near this metro's collateral.
2026-08-31
CLOSURE
Vacaville
2026-08-14
BANKRUPTCY
CRE-linked bankruptcy
2026-07-20
LAYOFF
25 jobs · Vacaville
2026-06-01
BANKRUPTCY
CRE-linked bankruptcy
2026-04-30
CLOSURE
Vacaville
2026-03-30
BANKRUPTCY
CRE-linked bankruptcy
2026-03-12
CLOSURE
Vallejo
2026-02-21
LAYOFF
17 jobs · Fairfield
2026-02-21
LAYOFF
33 jobs · Fairfield
2026-02-21
LAYOFF
16 jobs · Fairfield
2026-02-12
LAYOFF
290 jobs · Vallejo
2026-01-13
LAYOFF
237 jobs · Benicia
2025-12-31
CLOSURE
Vacaville
2025-12-30
LAYOFF
84 jobs · Vallejo
2025-12-11
LAYOFF
238 jobs · Fairfield
What has actually happened on the ground in Vallejo, CA recently?
Over the trailing 365 days, the on-the-ground record for Vallejo, CA shows 4 store closures and 10 WARN notices, with 986 jobs affected — a figure that is a floor since notices stating no headcount are counted but contribute 0 jobs. Separately, 3 CRE-likely bankruptcies appear in the figures, but this is a STATE PROXY — bankruptcy filings carry the filer's state, not the property's location, so this counts CRE-likely filings in the states this metro's collateral sits in. It is not a metro-native count.
The figures behind this answer
- Store closures
- 4
- WARN layoff notices
- 10
- Jobs on those notices
- 986
- CRE-related bankruptcies
- 3
- Window, in days
- 365
STATE PROXY — bankruptcy filings carry the filer's state, not the property's location, so this counts CRE-likely filings in the states this metro's collateral sits in. It is not a metro-native count.
affected_employees is nullable — notices that state no headcount are counted but contribute 0 jobs, so this is a floor.
Closures are matched ZIP -> CBSA and only APPROVED rows count (a pending, machine-extracted row is not yet a closure). This mirrors the Metro Pulse page, not the convergence board — the board applies neither filter and counts higher. Layoffs take the same ZIP -> CBSA and review treatment, and a WARN notice counts if it affects >= 10 people or does not state a headcount (a NULL is not 'fewer than 10').
Written from the figures above · CBSA 46700 · geo_events · last changed 13 Sep 2026
· Ask your own question →
What this page can’t do
Everything above is a snapshot — one market, as it stands today, and
it’s yours to read. What a snapshot can’t tell you is when it moves: which loan slipped a DSCR band
this month, which bank’s early-warning rank crossed into the top quartile, which submarket started turning
while the headline number still looked fine. Distress doesn’t announce itself on the day you happen to check.
This page
One metro · one moment · you come looking.
Verstavo
Every metro · every month · it comes looking for you.
CMBS covers the securitized slice of CRE; bank, closure and layoff signals widen the view.
“No data” in a zone means we don’t observe it here, not that there is no stress.
Employment is BLS (QCEW annual, LAUS monthly) — public data, and the demand leg under all of it.
See the whole picture, not just the pulse.
Metro Pulse is the free, public read. The Verstavo platform goes loan‑by‑loan — stress
scores, maturity walls, special‑servicing transfers, bank CRE, and your own portfolio benchmarked
against the market.