Multifamily · Chicago, Illinois
4520 S Drexel Boulevard
4520 S Drexel Boulevard is financed with a $15.4M CMBS loan at 6.15% that reaches maturity on June 1, 2032, in 5 years and 7 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is with the special servicer and 90+ days delinquent.
The loan
- Balance in tracked trusts
- $15,400,000
- Original balance (same notes)
- $15,400,000
- Interest rate
- 6.15% fixed
- Originated
- May 25, 2022
- Maturity
- June 1, 2032
- Payments
- Interest only for the full term
- Prepayment lockout ends
- January 31, 2032
- Master servicer
- Trimont LLC
- Originator
- Morgan Stanley Mortgage Capital Holdings LLC
Status
- Payment status
- 90+ days delinquent (code 3)
- Special servicing
- Transferred December 11, 2025
- Workout strategy
- Foreclosure
- Defeasance
- None reported
The property
- Address
- 4520 South Drexel Boulevard, Chicago, IL 60653
- Metro
- Chicago-Naperville-Elgin, IL-IN
- Units, rooms or beds
- 68
- Built
- 1922, renovated 2021
- Value at securitization
- $23.6M (May 2022)
Performance
| At securitization | Latest (Sep 2024) | |
|---|---|---|
| DSCR (NOI) | 1.30x | 1.00x |
| Occupancy | 100% | 85% |
| Net operating income (annualized from 9 months) | $1.2M | $961K |
| Debt yield | 6.2% |
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 2022-BNK43 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- With the special servicer
- 30+ days delinquent or matured unpaid
- 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 all 12 monthly reports we hold (October 2025 to 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 100% when the loan was securitized to 85%.
- Net operating income is 23% below the underwritten figure ($961K a year against $1.2M; the latest statement covers 9 months, annualized).
- Debt service coverage moved from 1.30x at securitization to 1.00x on the latest statements.
- At 1.00x, the property's reported NOI does not cover its debt service.
- The most recent valuation in the filing is $15.6M (March 13, 2026), against $23.6M at securitization.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $15.4M | 90+ days delinquent | Yes | 1.00x | 85% |
| August 2026 | $15.4M | 90+ days delinquent | Yes | 1.00x | 85% |
| July 2026 | $15.4M | 90+ days delinquent | Yes | 1.00x | 85% |
| June 2026 | $15.4M | 90+ days delinquent | Yes | 1.00x | 85% |
| May 2026 | $15.4M | 90+ days delinquent | Yes | 1.00x | 85% |
| April 2026 | $15.4M | 90+ days delinquent | Yes | 1.00x | 85% |
| March 2026 | $15.4M | 90+ days delinquent | Yes | 1.00x | 85% |
| February 2026 | $15.4M | 90+ days delinquent | Yes | 1.00x | 85% |
| January 2026 | $15.4M | 60-89 days delinquent | Yes | 1.00x | 85% |
| December 2025 | $15.4M | 30-59 days delinquent | Yes | 1.00x | 85% |
| November 2025 | $15.4M | 30-59 days delinquent | No | 1.00x | 85% |
| October 2025 | $15.4M | 30-59 days delinquent | No | 1.00x | 85% |
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.
Special-servicing history
- Transferred to the special servicer February 10, 2025, returned to the master servicer February 21, 2025.
- Transferred to the special servicer December 11, 2025, still there.
Transfer and return dates as reported in the filings of the past year; an earlier episode shows here only if a filing in that year still reports it.
Where the loan sits
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BANK 2022-BNK43 | 18 | $15,400,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other Chicago-Naperville-Elgin loans due in 2032
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 200 West Jackson | Chicago, IL | Office | $86.0M | 3.72% | Feb 2032 | 1.69x | 73% | Current |
| Chase St. | Gary, IN | Industrial | $42.0M | 5.92% | Jun 2032 | n/a | n/a | Current |
| Chicago Business Center | Chicago, IL | Industrial | $33.6M | 4.025% | Jan 2032 | n/a | n/a | With the special servicer and 90+ days delinquent |
| Lincoln Place | Fairview Heights, IL | Retail | $28.0M | 5.16% | Jun 2032 | 2.04x | 99% | Current |
| South Michigan Avenue | Chicago, IL | Mixed use | $22.5M | 5.92% | Aug 2032 | 1.49x | 100% | Current |
| Chicago Marketplace | Chicago, IL | Industrial | $17.7M | 4.025% | Jan 2032 | n/a | n/a | With the special servicer and 90+ days delinquent |
| Village Plaza | Morton Grove, IL | Retail | $14.5M | 3.265% | Jan 2032 | 4.57x | 95% | Current |
| South Matteson Property | Matteson, IL | Retail | $11.6M | 3.773% | Jan 2032 | 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.