Multifamily · Chicago, Illinois
4601 S Indiana Ave
4601 S Indiana Ave is financed with a $2.7M CMBS loan at 4.75% that reaches maturity on July 1, 2031, in 4 years and 8 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $2,708,324
- Original balance (same notes)
- $2,800,000
- Interest rate
- 4.75% fixed
- Originated
- June 3, 2021
- Maturity
- July 1, 2031
- Payments
- Interest only for 36 months, then amortizing
- Prepayment lockout ends
- March 31, 2031
- Master servicer
- Trimont LLC
- Originator
- Morgan Stanley Bank, N.A.
Status
- Payment status
- Current (code 0)
- Special servicing
- Transferred February 12, 2025, returned August 11, 2026
- Workout strategy
- TBD
- Modified
- Yes, most recently January 9, 2026
- Defeasance
- None reported
The property
- Address
- 4601 South Indiana Avenue, Chicago, IL 60653
- Metro
- Chicago-Naperville-Elgin, IL-IN
- Units, rooms or beds
- 18
- Built
- 1901, renovated 2019
- Value at securitization
- $4.0M (Apr 2021)
Performance
| At securitization | Latest (Dec 2025) | |
|---|---|---|
| DSCR (NOI) | 1.42x | 0.64x |
| Occupancy | 100% | 94% |
| Net operating income | $249K | $112K |
| Debt yield | 4.2% |
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 2021-BNK36 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- NOI down 20% or more from securitization
- Modified
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 94%.
- Net operating income is 55% below the underwritten figure ($112K a year against $249K).
- Debt service coverage moved from 1.42x at securitization to 0.64x on the latest statements.
- At 0.64x, the property's reported NOI does not cover its debt service.
- The most recent valuation in the filing is $3.0M (July 29, 2025), against $4.0M at securitization.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $2.7M | Current | No | 0.64x | 94% |
| August 2026 | $2.7M | Current | Yes | 0.64x | 94% |
| July 2026 | $2.7M | Current | Yes | 0.64x | 94% |
| June 2026 | $2.7M | Current | Yes | 0.64x | 94% |
| May 2026 | $2.7M | Current | Yes | 0.37x | 94% |
| April 2026 | $2.7M | Current | Yes | 0.37x | 94% |
| March 2026 | $2.7M | Current | Yes | 0.37x | 94% |
| February 2026 | $2.7M | Late payment but less than 30 days delinquent | Yes | 0.37x | 94% |
| January 2026 | $2.8M | 90+ days delinquent | Yes | -0.31x | 89% |
| December 2025 | $2.8M | 90+ days delinquent | Yes | -0.31x | 89% |
| November 2025 | $2.8M | 90+ days delinquent | Yes | -0.31x | 89% |
| October 2025 | $2.8M | 90+ days delinquent | Yes | 0.66x | 83% |
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 12, 2025, returned to the master servicer August 11, 2026.
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 2021-BNK36 | 71 | $2,708,324 | Sep 2026 | SEC filing, September 29, 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.