Office · New York, New York
375 Pearl Street
Public CMBS trusts hold $220.0M of the loan on 375 Pearl Street at 3.368% that reaches maturity on June 11, 2031, in 4 years and 7 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $220,000,000
- Original balance (same notes)
- $220,000,000
- Interest rate
- 3.368% fixed
- Originated
- June 1, 2021
- Maturity
- June 11, 2031
- Payments
- Interest only for the full term
- Prepayment lockout ends
- December 10, 2030
- Master servicer
- Trimont LLC
- Originator
- WFB
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 375 Pearl Street, New York, NY 10038
- Metro
- New York-Newark-Jersey City, NY-NJ
- Rentable area
- 573,083 sq ft
- Built
- 1975, renovated 2018
- Largest tenants
- Department of Citywide Administrative Services / H; Department of Citywide Administrative Services / D; Department of Citywide Administrative Services / N
- Value at securitization
- $365.0M (May 2021)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.69x | 2.15x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 6 months) | $20.2M | $16.3M |
| Debt yield | 7.4% |
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 BANK 2021-BNK34 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- Coverage down 0.25x or more from securitization
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
- Net operating income is 19% below the underwritten figure ($16.3M a year against $20.2M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 2.69x at securitization to 2.15x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $220.0M | Current | No | 2.15x | 100% |
| August 2026 | $220.0M | Current | No | 2.19x | 100% |
| July 2026 | $220.0M | Late payment but less than 30 days delinquent | No | 2.19x | 100% |
| June 2026 | $220.0M | Current | No | 2.19x | 100% |
| May 2026 | $220.0M | Current | No | 2.37x | 100% |
| April 2026 | $220.0M | Current | No | 2.37x | 100% |
| March 2026 | $220.0M | Payment not received but still in grace period or not yet due | No | 2.37x | 100% |
| February 2026 | $220.0M | Current | No | 2.37x | 100% |
| January 2026 | $220.0M | Current | No | 2.42x | 100% |
| December 2025 | $220.0M | Current | No | 2.42x | 100% |
| November 2025 | $220.0M | Late payment but less than 30 days delinquent | No | 2.42x | 100% |
| October 2025 | $220.0M | Late payment but less than 30 days delinquent | No | 2.34x | 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 |
|---|---|---|---|---|
| BANK 2021-BNK34 | 1 | $80,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BENCHMARK 2021-B27 MORTGAGE TRUST | 3 | $66,000,000 | Sep 2026 | SEC filing, September 30, 2026 |
| BANK 2021-BNK35 | 5 | $54,000,000 | Sep 2026 | SEC filing, October 1, 2026 |
| BANK 2021-BNK34 | 1A | $20,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other New York-Newark-Jersey City loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 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 |
| 1 Willoughby Square | Brooklyn, NY | Office | $125.0M | 6.786% | Jan 2031 | 0.97x | 91% | 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.