Minimum Rent Compliance
No active covenant breaches.
M20 is the Legacy 20 loan partnership across 20 SF properties (546 units in the covenant schedule, as of 2026-01-09). Every executed lease at or below the floor is a breach; every active marketed unit asking below the floor is a pending breach. The minimum rent schedule is static for the loan term — it changes only if the loan is amended.
Compliance Today
across all 20 M20 properties
Lower bars = less headroom above covenant on 2026 matched leases
26 total — how many tie to an M20 min-rent row
Executed Leases Below Covenant Floor
loan-critical · escalate to Ji Won immediately
✓ No active breaches across 11 matched M20 executed leases.
Marketed Below Covenant Floor
pending breach · re-price before any application is approved
✓ No marketed M20 unit is currently asking below its covenant floor.
How much room above minimum on recent leases
(achieved rent − minimum rent), per M20 property
| Property | Leases Matched | Avg Cushion | Min Cushion (thinnest) | Max Cushion |
|---|---|---|---|---|
| 1040 Sutter | 1 | $0 | $0 | $0 |
| 1499 California | 8 | $38 | $0 | $150 |
| 545 OFarrell | 2 | $100 | $0 | $200 |
Every matched M20 lease · asking vs achieved vs minimum
sorted thinnest cushion first · achieved minus minimum is the loan-relevant number
| Property | Unit | Type | Tenant | Signed | Asking | Achieved | Min | Asking − Min | Achieved − Min | Source / Agent |
|---|---|---|---|---|---|---|---|---|---|---|
| 1040 Sutter | 24 | S | Misty Ashwander | 2026-04-19 | $2,245 | $2,245 | $2,245 | $0 | $0 | Property Website / Philip Dehoyos |
| 1499 California | 108 | SRO | Jack Santos | 2026-05-10 | $1,645 | $1,645 | $1,645 | $0 | $0 | Property Website / Saad Alaoui |
| 1499 California | 115 | SRO | Steve Provost | 2026-04-15 | $1,645 | $1,645 | $1,645 | $0 | $0 | Property Website / Saad Alaoui |
| 1499 California | 116 | SRO | Aidan Monroe | 2026-04-20 | $1,645 | $1,645 | $1,645 | $0 | $0 | Zillow / Saad Alaoui |
| 1499 California | 314 | SRO | Fredrick Thomas | 2026-04-29 | $1,645 | $1,645 | $1,645 | $0 | $0 | Property Website / Jonathan Jimenez |
| 1499 California | 417 | SRO | Michael Coe | 2026-04-30 | $1,645 | $1,645 | $1,645 | $0 | $0 | Zillow / Saad Alaoui |
| 545 OFarrell | 109 | S | Carnela Gomez | 2026-05-01 | $1,845 | $1,845 | $1,845 | $0 | $0 | Other / Allen Atienza |
| 1499 California | 323 | SRO | Kylani Alvarez | 2026-05-11 | $1,695 | $1,695 | $1,645 | $50 | $50 | Property Website / Saad Alaoui |
| 1499 California | 303 | SRO | Hakeem Abrahams | 2026-05-09 | $1,745 | $1,745 | $1,645 | $100 | $100 | Zillow / Saad Alaoui |
| 1499 California | 419 | SRO | Jelle Demeulenaere | 2026-04-29 | $1,795 | $1,795 | $1,645 | $150 | $150 | Zillow / Adria Avilla |
| 545 OFarrell | 510 | S | Eric Marrujo | 2026-05-03 | $2,095 | $2,045 | $1,845 | $250 | $200 | Property Website / Philip Dehoyos |
Currently marketed · asking vs minimum rent
forward inventory cushion · thinnest first · all M20 status buckets
| Property | Unit | Type | Status | DOM | Prior Rent | Asking | Min | Cushion | Cushion % | Agent |
|---|---|---|---|---|---|---|---|---|---|---|
| 1040 Sutter | 21 | Lg. 1BD | NRTS | — | $1,150 | $2,945 | $2,945 | $0 | 0.0% | — |
| 1040 Sutter | 37 | Lg. 1BD | NTV | — | $2,676 | $2,945 | $2,945 | $0 | 0.0% | — |
| 1045 Broadway | 1051A | 2BD | NRTS | — | $723 | $4,395 | $4,395 | $0 | 0.0% | — |
| 1045 Broadway | 1057 | 2BD | NRTS | — | $3,695 | $4,395 | $4,395 | $0 | 0.0% | — |
| 146 McAllister | 317 | S | NRTS | — | $1,695 | $1,845 | $1,845 | $0 | 0.0% | — |
| 146 McAllister | 407 | S | NRTS | — | $1,648 | $1,845 | $1,845 | $0 | 0.0% | — |
| 146 McAllister | 417 | S | NRTS | — | $1,617 | $1,845 | $1,845 | $0 | 0.0% | — |
| 1499 California | 111 | SRO | NRTS | — | $1,542 | $1,645 | $1,645 | $0 | 0.0% | — |
| 1499 California | 118 | SRO | NRTS | — | $1,329 | $1,645 | $1,645 | $0 | 0.0% | — |
| 1499 California | 120 | SRO | NTV | — | $1,576 | $1,645 | $1,645 | $0 | 0.0% | — |
| 1499 California | 212 | SRO | HOLD | — | $1,542 | $1,645 | $1,645 | $0 | 0.0% | — |
| 1499 California | 220 | SRO | NTV | — | $1,645 | $1,645 | $1,645 | $0 | 0.0% | — |
| 1499 California | 306 | SRO | NTV | — | $938 | $1,645 | $1,645 | $0 | 0.0% | — |
| 1499 California | 307 | SRO | HOLD | — | $1,325 | $1,645 | $1,645 | $0 | 0.0% | — |
| 1499 California | 309 | SRO | HOLD | — | $1,425 | $1,645 | $1,645 | $0 | 0.0% | — |
| 1499 California | 310 | SRO | NRTS | — | $1,395 | $1,645 | $1,645 | $0 | 0.0% | — |
| 1499 California | 321 | SRO | HOLD | — | $1,415 | $1,645 | $1,645 | $0 | 0.0% | — |
| 1499 California | 404 | SRO | NRTS | — | $1,425 | $1,645 | $1,645 | $0 | 0.0% | — |
| 1499 California | 421 | SRO | NRTS | — | $1,519 | $1,645 | $1,645 | $0 | 0.0% | — |
| 1499 California | D | SRO | NRTS | — | $1,295 | $1,645 | $1,645 | $0 | 0.0% | — |
| 1964 Filbert | 1964 | 1BD | NRTS | — | $3,037 | $3,795 | $3,795 | $0 | 0.0% | — |
| 400 Pierce | 400-09 | Lg. 1BD | NTV | — | $2,733 | $3,495 | $3,495 | $0 | 0.0% | — |
| 415 Pierce | 10 | Lg. 2BD | NTV | — | $3,747 | $4,395 | $4,395 | $0 | 0.0% | — |
| 545 OFarrell | 106 | 1BD | HOLD | 754 | $2,114 | $2,345 | $2,345 | $0 | 0.0% | — |
| 545 OFarrell | 108 | S | HOLD | 1041 | $703 | $1,845 | $1,845 | $0 | 0.0% | — |
| 545 OFarrell | 208 | S | NRTS | — | $1,791 | $1,845 | $1,845 | $0 | 0.0% | — |
| 545 OFarrell | 403 | S | NRTS | — | $1,787 | $1,845 | $1,845 | $0 | 0.0% | — |
| 545 OFarrell | 407 | S | NRTS | — | $1,703 | $1,845 | $1,845 | $0 | 0.0% | — |
| 880 Oak | 10 | Lg. 1BD | NTV | — | $3,095 | $3,495 | $3,495 | $0 | 0.0% | — |
| 1499 California | 323 | SRO | RTS/APP | 134 | $1,395 | $1,695 | $1,645 | $50 | 3.0% | — |
| 545 OFarrell | 402 | S | RTS | 89 | $1,895 | $1,995 | $1,845 | $150 | 8.1% | — |
| 765 Geary | 203 | S | RTS/APP | 5 | $1,945 | $2,345 | $2,145 | $200 | 9.3% | Jonathan Jimenez |
Data join health
confirms what the compliance views are seeing
1040 Sutter — every M20-matched executed lease
1 lease, sorted thinnest cushion first
| Unit | Type | Tenant | Signed | Asking | Achieved | Min | Cushion | Source / Agent |
|---|---|---|---|---|---|---|---|---|
| 24 | S | Misty Ashwander | 2026-04-19 | $2,245 | $2,245 | $2,245 | $0 | Property Website / Philip Dehoyos |