Industrial · Melrose Park, Illinois
1400 North 25th Ave
1400 North 25th Ave is financed with a $13.1M CMBS loan at 3.70% 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
- $13,058,825
- Original balance (same notes)
- $14,700,000
- Interest rate
- 3.70% fixed
- Originated
- December 22, 2020
- Maturity
- January 6, 2031
- Payments
- Amortizing over 30 years
- Prepayment lockout ends
- October 5, 2030
- Master servicer
- Midland Loan Services
- Originator
- Citi Real Estate Funding Inc.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 1400 North 25th Ave, Melrose Park, IL 60160
- Metro
- Chicago-Naperville-Elgin, IL-IN
- Rentable area
- 456,837 sq ft
- Built
- 1957, renovated 2019
- Largest tenants
- 5 Star Sports, Inc.; SGS North America, Inc.; 3MD Relocation Services
- Value at securitization
- $21.3M (Sep 2020)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 2.30x | -0.14x |
| Occupancy | 93% | 54% |
| Net operating income (annualized from 3 months) | $1.9M | $-117K |
| Debt yield | -0.9% |
Debt yield here is the latest NOI divided by the balance held in the trusts below. If part of the loan sits outside them, the true figure is lower.
Watch flags
Computed from the BENCHMARK 2021-B23 MORTGAGE TRUST filing for the reporting period ending September 11, 2026, filed with the SEC September 30, 2026.
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- NOI down 20% or more from securitization
On the cmbs.news watch list in every report since June 2026.
cmbs.news's own rule-based labels on the filed fields (definitions), not a credit rating, a prediction or a view of the borrower.
What the filing shows
- Occupancy has fallen from 93% when the loan was securitized to 54%.
- Net operating income is 106% below the underwritten figure ($-117K a year against $1.9M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 2.30x at securitization to -0.14x on the latest statements.
- At -0.14x, the property's reported NOI does not cover its debt service.
- The filing gives Jul 2026 as the lease end date for the largest tenant (5 Star Sports, Inc.), before the loan matures. Lenders look hard at that rollover.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $13.1M | Current | No | -0.14x | 54% |
| August 2026 | $13.1M | Current | No | -0.14x | 58% |
| July 2026 | $13.1M | Current | No | -0.14x | 58% |
| June 2026 | $13.1M | Current | No | -0.14x | 58% |
| May 2026 | $13.2M | Current | No | n/a | n/a |
| April 2026 | $13.2M | Current | No | -0.06x | 71% |
| March 2026 | $13.2M | Current | No | -0.06x | 71% |
| February 2026 | $13.2M | Current | No | 1.27x | 70% |
| January 2026 | $13.3M | Current | No | 1.27x | 70% |
| December 2025 | $13.3M | Current | No | 1.27x | 70% |
| November 2025 | $13.3M | Current | No | 1.27x | 70% |
| October 2025 | $13.3M | Current | No | 1.27x | 70% |
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
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BENCHMARK 2021-B23 MORTGAGE TRUST | 29 | $13,058,825 | Sep 2026 | SEC filing, September 30, 2026 |
Other Chicago-Naperville-Elgin loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| One North Wacker | Chicago, IL | Office | $353.0M | 2.719% | Oct 2031 | 4.16x | 91% | Current |
| Harvard | Havard, IL | Industrial | $81.0M | 3.716% | Mar 2031 | n/a | n/a | Current |
| The Leo | Chicago, IL | Multifamily | $65.0M | 5.85% | Jun 2031 | n/a | n/a | Current |
| Meadowcreek | Melrose Park, IL | Manufactured housing | $60.0M | 5.98% | Apr 2031 | n/a | n/a | Current |
| Willow Glen | Willow Springs, IL | Multifamily | $58.0M | 6.263% | Jan 2031 | 1.06x | 94% | Current |
| Food4Less - Chicago Heights | Chicago Heights, IL | Retail | $47.0M | 3.165% | Jul 2031 | n/a | n/a | Current |
| Somerset I | Alsip, IL | Multifamily | $42.5M | 3.78% | Dec 2031 | n/a | n/a | With the special servicer |
| Mason Multifamily Portfolio | DeKalb, IL | Multifamily | $36.9M | 3.991% | Jul 2031 | 3.05x | 98% | Current |
All loans maturing in 2031 · All Chicago-Naperville-Elgin 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.