Mixed use · Cambridge, Massachusetts
350 and 450 Water Street
Public CMBS trusts hold $421.0M of the loan on 350 and 450 Water Street at 2.792% that reaches its anticipated repayment date on November 6, 2031, in 5 years. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $421,040,816
- Original balance (same notes)
- $421,040,816
- Interest rate
- 2.792% fixed
- Originated
- October 14, 2021
- Maturity
- November 6, 2036
- Anticipated repayment date
- November 6, 2031 (the rate steps up if the loan is not repaid by then)
- Payments
- Interest only for the full term
- Prepayment lockout ended
- December 5, 2023
- Prepayment premium ends
- May 5, 2031 (yield maintenance)
- Master servicer
- KeyBank (CAMB 2021-CX2)
- Originator
- DBR Investments Co. Limited, JPMorgan Chase Bank, National Association
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 350 & 450 Water Street, Cambridge, MA 2141
- Metro
- Boston-Cambridge-Newton, MA-NH
- Rentable area
- 915,233 sq ft
- Built
- 2021
- Largest tenants
- Aventis Inc.
- Value at securitization
- $2.0B (Apr 2023)
Performance
| At securitization | Latest | |
|---|---|---|
| DSCR (NOI) | 3.50x | n/a |
| Occupancy | 100% | n/a |
| Net operating income | $80.7M | n/a |
Watch flags
Computed from the 3650R 2021-PF1 Commercial Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 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.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $421.0M | Current | No | n/a | n/a |
| August 2026 | $421.0M | Current | No | n/a | n/a |
| July 2026 | $421.0M | Current | No | n/a | n/a |
| June 2026 | $421.0M | Current | No | n/a | n/a |
| May 2026 | $421.0M | Late payment but less than 30 days delinquent | No | n/a | n/a |
| April 2026 | $421.0M | Late payment but less than 30 days delinquent | No | 3.48x | 100% |
| March 2026 | $421.0M | Current | No | 3.51x | 100% |
| February 2026 | $421.0M | Current | No | 3.51x | 100% |
| January 2026 | $421.0M | Current | No | 3.51x | 100% |
| December 2025 | $421.0M | Current | No | 3.49x | 100% |
| November 2025 | $421.0M | Current | No | 3.49x | 100% |
| October 2025 | $421.0M | Current | No | 3.49x | 100% |
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 4 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BENCHMARK 2021-B31 MORTGAGE TRUST | 1 | $148,140,816 | Sep 2026 | SEC filing, September 30, 2026 |
| Benchmark 2022-B32 Mortgage Trust | 4 | $101,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
| Benchmark 2021-B30 Mortgage Trust | 2 | $94,000,000 | Sep 2026 | SEC filing, October 1, 2026 |
| 3650R 2021-PF1 Commercial Mortgage Trust | 1 | $77,900,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other Boston-Cambridge-Newton loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Northshore Mall | Peabody, MA | Retail | $175.0M | 6.355% | Jan 2031 | 2.36x | 93% | Current |
| One Memorial Drive | Cambridge, MA | Office | $158.2M | 2.692% | Oct 2031 | 0.92x | 42% | Current |
| Cx - 350 & 450 Water Street, Cambridge (2031 maturity), loan 3 in BANK 2021-BNK38 | Cambridge, MA | Mixed use | $55.0M | 2.792% | Nov 2031 | 3.48x | 100% | Current |
| Cx - 350 & 450 Water Street, Cambridge (2031 maturity), loan 7 in BANK 2022-BNK39 | Cambridge, MA | Mixed use | $53.0M | 2.792% | Nov 2031 | 3.48x | 100% | Current |
| One Washington | Boston, MA | Office | $38.0M | 7.389% | Jun 2031 | n/a | n/a | Current |
| PGA Tour Superstore | Braintree, MA | Retail | $16.2M | 3.94% | Nov 2031 | n/a | n/a | Current |
| Extra Space Storage MA | Malden, MA | Self storage | $15.7M | 6.46% | Jul 2031 | n/a | n/a | Current |
| 298-300 Meridian Street | Boston, MA | Multifamily | $14.4M | 4.762% | Apr 2031 | n/a | n/a | Current |
All loans maturing in 2031 · All Boston-Cambridge-Newton 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.