Industrial portfolio, 4 properties · Traverse City, Michigan
2314-2418 Sybrandt Road
Public CMBS trusts hold $63.1M of the loan on this portfolio at 3.855% that reaches maturity on December 6, 2031, in 5 years and 1 month. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $63,150,000
- Original balance (same notes)
- $63,150,000
- Interest rate
- 3.855% fixed
- Originated
- November 17, 2021
- Maturity
- December 6, 2031
- Payments
- Interest only for the full term
- Prepayment lockout ended
- December 5, 2023
- Prepayment premium ends
- July 5, 2031 (yield maintenance)
- Master servicer
- Midland Loan Services
- Originator
- DBR Investments Co. Limited
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 2314-2418 Sybrandt Road, Traverse City, MI 49684
- Value at securitization
- $104.2M
Performance
| At securitization | Latest | |
|---|---|---|
| DSCR (NOI) | n/a | n/a |
| Occupancy | n/a | n/a |
| Net operating income | n/a | n/a |
Watch flags
Computed from the Benchmark 2022-B32 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
None this month. No flag in the cmbs.news screen applies to this loan.
cmbs.news's own rule-based labels on the filed fields (definitions), not a credit rating, a prediction or a view of the borrower.
Properties securing the loan
| Property | Location | Type | Occupancy | DSCR |
|---|---|---|---|---|
| 2314-2418 Sybrandt Road | Traverse City, MI | Industrial | n/a | n/a |
| 110 Sara Lee Road | Tarboro, NC | Industrial | n/a | n/a |
| 1528 South Hayford Road | Airway Heights, WA | Warehouse | n/a | n/a |
| 105 Ashland Avenue | Southbridge, MA | Industrial | n/a | n/a |
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $63.1M | Current | No | n/a | n/a |
| August 2026 | $63.1M | Current | No | n/a | n/a |
| July 2026 | $63.1M | Current | No | n/a | n/a |
| June 2026 | $63.1M | Current | No | n/a | n/a |
| May 2026 | $63.1M | Current | No | n/a | n/a |
| April 2026 | $63.1M | Current | No | 2.31x | n/a |
| March 2026 | $63.1M | Current | No | 2.29x | 100% |
| February 2026 | $63.1M | Current | No | 2.29x | 100% |
| January 2026 | $63.1M | Current | No | 2.29x | 100% |
| December 2025 | $63.1M | Current | No | 2.29x | n/a |
| November 2025 | $63.1M | Current | No | 2.29x | n/a |
| October 2025 | $63.1M | Current | No | 2.29x | 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 2 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BENCHMARK 2021-B31 MORTGAGE TRUST | 15 | $40,000,000 | Sep 2026 | SEC filing, September 30, 2026 |
| Benchmark 2022-B32 Mortgage Trust | 27 | $23,150,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other Michigan loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Oak Shore Commerce Park | Williamsburg, MI | Mixed use | $6.7M | 7.36% | Feb 2031 | n/a | n/a | Current |
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.