Multifamily · Brooklyn, New York
475 Grand Street
475 Grand Street is financed with a $6.7M CMBS loan at 4.09% that reaches maturity on April 6, 2031, in 4 years and 5 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is delinquent: 30-59 days delinquent.
The loan
- Balance in tracked trusts
- $6,700,000
- Original balance (same notes)
- $6,700,000
- Interest rate
- 4.09% fixed
- Originated
- March 17, 2021
- Maturity
- April 6, 2031
- Payments
- Interest only for the full term
- Prepayment lockout ends
- February 5, 2031
- Master servicer
- Midland Loan Services
- Originator
- Citi Real Estate Funding Inc.
Status
- Payment status
- 30-59 days delinquent (code 1)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 475 Grand Street, Brooklyn, NY 11211
- Metro
- New York-Newark-Jersey City, NY-NJ
- Units, rooms or beds
- 8
- Built
- 2020
- Value at securitization
- $10.7M (Jan 2020)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.76x | 2.00x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 6 months) | $489K | $1.1M |
| Debt yield | 16.8% |
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 Benchmark 2021-B25 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
- 30+ days delinquent or matured unpaid
On the cmbs.news watch list in every report since 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
- Net operating income is 130% above the underwritten figure ($1.1M a year against $489K; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.76x at securitization to 2.00x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $6.7M | 30-59 days delinquent | No | 2.00x | 100% |
| August 2026 | $6.7M | Late payment but less than 30 days delinquent | No | n/a | n/a |
| July 2026 | $6.7M | 30-59 days delinquent | No | n/a | n/a |
| June 2026 | $6.7M | Late payment but less than 30 days delinquent | No | n/a | n/a |
| May 2026 | $6.7M | Late payment but less than 30 days delinquent | No | n/a | n/a |
| April 2026 | $6.7M | Late payment but less than 30 days delinquent | No | 1.93x | 88% |
| March 2026 | $6.7M | Late payment but less than 30 days delinquent | No | 1.93x | 88% |
| February 2026 | $6.7M | Current | No | 2.01x | 100% |
| January 2026 | $6.7M | Late payment but less than 30 days delinquent | No | 2.01x | 100% |
| December 2025 | $6.7M | Late payment but less than 30 days delinquent | No | 2.01x | 100% |
| November 2025 | $6.7M | Late payment but less than 30 days delinquent | No | 2.01x | 100% |
| October 2025 | $6.7M | Late payment but less than 30 days delinquent | No | 2.01x | 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
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Benchmark 2021-B25 Mortgage Trust | 41 | $6,700,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other New York-Newark-Jersey City loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 375 Pearl Street | New York, NY | Office | $220.0M | 3.368% | Jun 2031 | 2.15x | 100% | Current |
| 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 |
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.