Industrial · Passaic, New Jersey
1-11 South Market Street
1-11 South Market Street is financed with a $13.8M CMBS loan at 4.14% that reached maturity on May 6, 2026, 5 months ago. As of the Sep 2026 servicer report, the latest filed for this loan, its status is with the special servicer.
The loan
- Balance in tracked trusts
- $13,780,389
- Original balance (same notes)
- $14,350,000
- Interest rate
- 4.14% fixed
- Originated
- April 30, 2021
- Maturity
- May 6, 2026
- Payments
- Interest only for 36 months, then amortizing
- Prepayment lockout ended
- November 5, 2021
- Prepayment premium ends
- March 5, 2026 (yield maintenance)
- Master servicer
- Midland Loan Services
- Originator
- Citi Real Estate Funding Inc.
Status
- Payment status
- Performing matured balloon (code 4)
- Special servicing
- Transferred July 14, 2026
- Workout strategy
- Full Payoff
- Defeasance
- Partly defeased
The property
- Address
- 1-11 South Market Street, Passaic, NJ 7055
- Metro
- New York-Newark-Jersey City, NY-NJ
- Rentable area
- 250,000 sq ft
- Built
- 1925
- Largest tenants
- Statco Inc; Hemingway International LLC
- Value at securitization
- $22.0M (Jan 2021)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.53x | 1.44x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 3 months) | $1.3M | $1.2M |
| Debt yield | 8.9% |
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 2021-B27 MORTGAGE TRUST filing for the reporting period ending September 11, 2026, filed with the SEC September 30, 2026.
- With the special servicer
- Past maturity
On the cmbs.news watch list in every report since August 2026.
cmbs.news's own rule-based labels on the filed fields (definitions), not a credit rating, a prediction or a view of the borrower.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $13.8M | Performing matured balloon | Yes | 1.44x | 100% |
| August 2026 | $13.8M | Non performing matured balloon | Yes | 1.44x | 100% |
| July 2026 | $13.8M | Performing matured balloon | No | 1.44x | 100% |
| June 2026 | $13.8M | Performing matured balloon | No | n/a | n/a |
| May 2026 | $13.9M | Performing matured balloon | No | n/a | n/a |
| April 2026 | $13.9M | Current | No | 1.57x | 100% |
| March 2026 | $13.9M | Current | No | 1.57x | 100% |
| February 2026 | $13.9M | Current | No | 1.57x | 100% |
| January 2026 | $14.0M | Current | No | 1.57x | 100% |
| December 2025 | $14.0M | Current | No | 1.57x | 100% |
| November 2025 | $14.0M | Current | No | 1.57x | 100% |
| October 2025 | $14.0M | Current | No | n/a | n/a |
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 July 14, 2026, still there.
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 2021-B27 MORTGAGE TRUST | 25 | $13,780,389 | Sep 2026 | SEC filing, September 30, 2026 |
Other New York-Newark-Jersey City loans due in 2026
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Novo Nordisk HQ | Plainsboro, NJ | Office | $210.7M | 2.838% | Nov 2026 | 4.18x | 78% | Current |
| 681 Fifth Avenue | New York, NY | Mixed use | $135.0M | 4.127% | Nov 2026 | 0.16x | 66% | With the special servicer and 90+ days delinquent |
| The Essex | New York, NY | Mixed use | $117.0M | 2.759% | Nov 2026 | n/a | n/a | Current |
| 8 Times Square & 1460 Broadway | New York, NY | Mixed use | $100.0M | 4.05% | Nov 2026 | 2.01x | 100% | With the special servicer |
| 85 Tenth Avenue | New York, NY | Mixed use | $100.0M | 3.821% | Dec 2026 | 1.91x | 89% | With the special servicer |
| 55 Prospect Street, Brooklyn (2026 maturity) | Brooklyn, NY | Office | $72.9M | 4.05% | Sep 2026 | n/a | n/a | With the special servicer |
| 101 Ludlow | New York, NY | Mixed use | $71.0M | 4.412% | Nov 2026 | 1.81x | 100% | Current |
| 20 Times Square, New York (2026 maturity), loan 1 in CSAIL 2018-CX12 Commercial Mortgage Trust | New York, NY | Other | $64.7M | 3.108% | May 2026 | 4.15x | n/a | With the special servicer |
All loans maturing in 2026 · All New York-Newark-Jersey City 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.