Office · Brooklyn, New York
1 Willoughby Square
Public CMBS trusts hold $125.0M of the loan on 1 Willoughby Square at 6.786% that reaches maturity on January 6, 2031, in 4 years and 2 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $125,000,000
- Original balance (same notes)
- $125,000,000
- Interest rate
- 6.786% fixed
- Originated
- December 15, 2025
- Maturity
- January 6, 2031
- Payments
- Interest only for the full term
- Prepayment lockout ends
- October 5, 2030
- Master servicer
- Midland Loan Services
- Originator
- German American Capital Corporation
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 235 Duffield Street a.k.a. Unit 1, 420 Albee Square W (Condominium), Brooklyn, NY 11201
- Metro
- New York-Newark-Jersey City, NY-NJ
- Rentable area
- 280,348 sq ft
- Built
- 2021
- Largest tenants
- NEW YORK CITY DEPARTMENTOF EDUCATION; FXCollaborative Architects LLP; THE CITY OF NEWYORK
- Value at securitization
- $190.8M (Sep 2025)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.53x | 0.97x |
| Occupancy | 95% | 91% |
| Net operating income (annualized from 6 months) | $13.2M | $16.7M |
| Debt yield | 13.4% |
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 2026-V22 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 30, 2026.
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
On the cmbs.news watch list in every report since September 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.
What the filing shows
- Occupancy has fallen from 95% when the loan was securitized to 91%.
- Net operating income is 27% above the underwritten figure ($16.7M a year against $13.2M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.53x at securitization to 0.97x on the latest statements.
- At 0.97x, the property's reported NOI does not cover its debt service.
The last 8 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $125.0M | Current | No | 0.97x | 91% |
| August 2026 | $125.0M | Current | No | n/a | n/a |
| July 2026 | $125.0M | Current | No | n/a | n/a |
| June 2026 | $125.0M | Current | No | n/a | n/a |
| May 2026 | $125.0M | Current | No | n/a | n/a |
| April 2026 | $100.0M | Current | No | n/a | n/a |
| March 2026 | $100.0M | Current | No | n/a | n/a |
| February 2026 | $75.0M | 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.
Where the loan sits
The loan is split into 3 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Benchmark 2026-V20 Mortgage Trust | 4 | $75,000,000 | Sep 2026 | SEC filing, October 1, 2026 |
| BMO 2026-5C14 Mortgage Trust | 8 | $25,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
| Benchmark 2026-V22 Mortgage Trust | 10 | $25,000,000 | Sep 2026 | SEC filing, September 30, 2026 |
Other New York-Newark-Jersey City loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 375 Pearl Street | New York, NY | Office | $220.0M | 3.368% | Jun 2031 | 2.15x | 100% | Current |
| Park Avenue Plaza | New York, NY | Office | $180.0M | 2.837% | Nov 2031 | 3.70x | 100% | Current |
| 535-545 Fifth Avenue | New York, NY | Mixed use | $179.6M | 7.06% | Jan 2031 | n/a | n/a | Current |
| 15 West 47th Street | New York, NY | Office | $141.0M | 3.51% | Jan 2031 | n/a | n/a | Current |
| 2 Washington Street | New York, NY | Multifamily | $131.5M | 3.45% | Aug 2031 | n/a | n/a | With the special servicer and 90+ days delinquent |
| 535 & 545 5th Avenue | New York, NY | Mixed use | $129.7M | 7.06% | Jan 2031 | n/a | n/a | Current |
| The Arches | Bronx, NY | Other | $120.0M | 5.436% | Feb 2031 | n/a | n/a | Current |
| 860 Washington Street | New York, NY | Mixed use | $116.0M | 2.40% | Jan 2031 | 2.56x | 98% | Current |
All loans maturing in 2031 · 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.