Office · Chicago, Illinois
625 North Michigan Avenue
625 North Michigan Avenue is financed with a $50.6M CMBS loan at 4.63% that reached maturity on March 6, 2026, 7 months ago. As of the Sep 2026 servicer report, the latest filed for this loan, its status is past maturity and not performing.
The loan
- Balance in tracked trusts
- $50,595,115
- Original balance (same notes)
- $50,595,115
- Interest rate
- 4.63% fixed
- Originated
- March 6, 2019
- Maturity
- March 6, 2026
- Payments
- Interest only for the full term
- Master servicer
- KeyBank Real Estate Capital
- Originator
- Cantor Commercial Real Estate Lending, L.P.
Status
- Payment status
- Non performing matured balloon. (code 5)
- Special servicing
- Transferred November 5, 2025
- Workout strategy
- Foreclosure
- Defeasance
- None reported
The property
- Address
- 625 North Michigan Avenue, Chicago, IL 60611
- Metro
- Chicago-Naperville-Elgin, IL-IN
- Rentable area
- 289,594 sq ft
- Built
- 1970, renovated 2016
- Largest tenants
- Northwestern University; Northwestern University; Northwestern University
- Value at securitization
- $79.7M (Nov 2019)
Performance
| At securitization | Latest (Jun 2025) | |
|---|---|---|
| DSCR (NOI) | n/a | 1.33x |
| Occupancy | 92% | 64% |
| Net operating income (annualized from 6 months) | n/a | $3.2M |
| Debt yield | 6.3% |
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 CF 2019-CF1 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 30, 2026.
- With the special servicer
- 30+ days delinquent or matured unpaid
- Occupancy down 10 points or more from securitization
- Past maturity
On the cmbs.news watch list in every report since November 2025.
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 92% when the loan was securitized to 64%.
- The most recent valuation in the filing is $73.6M (December 17, 2018), against $79.7M at securitization.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $50.6M | Non performing matured balloon | Yes | 1.33x | 64% |
| August 2026 | $50.6M | Non performing matured balloon | Yes | 1.33x | 64% |
| July 2026 | $50.6M | Non performing matured balloon | Yes | 1.33x | 64% |
| June 2026 | $50.6M | Non performing matured balloon | Yes | 1.33x | 64% |
| May 2026 | $50.6M | Non performing matured balloon | Yes | 1.33x | 64% |
| April 2026 | $50.6M | Non performing matured balloon | Yes | 1.33x | 64% |
| March 2026 | $50.6M | Non performing matured balloon | Yes | 1.33x | 64% |
| February 2026 | $50.6M | Not reported | Yes | 1.33x | 64% |
| January 2026 | $50.6M | Not reported | Yes | 1.33x | 64% |
| December 2025 | $50.6M | Not reported | Yes | 1.33x | 64% |
| November 2025 | $50.6M | Not reported | Yes | 1.33x | 64% |
| October 2025 | $50.6M | Not reported | No | 1.33x | 64% |
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 November 5, 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 |
|---|---|---|---|---|
| CF 2019-CF1 Mortgage Trust | 1 | $50,595,115 | Sep 2026 | SEC filing, September 30, 2026 |
Other Chicago-Naperville-Elgin loans due in 2026
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Aon Center | Chicago, IL | Office | $136.0M | 4.627% | Jul 2026 | 4.11x | 66% | Past maturity and not performing |
| Riverway | Rosemont, IL | Office | $114.6M | 4.96% | Dec 2026 | n/a | n/a | With the special servicer and 90+ days delinquent |
| Gurnee Mills | Gurnee, IL | Retail | $89.0M | 3.99% | Oct 2026 | 2.27x | 91% | Current |
| 181 West Madison Street | Chicago, IL | Office | $84.4M | 3.90% | Dec 2026 | n/a | n/a | With the special servicer |
| Mariano's - Bronzeville | Chicago, IL | Retail | $19.0M | 4.155% | Nov 2026 | n/a | n/a | Current |
| Cicero Industrial | Cicero, IL | Industrial | $16.7M | 4.25% | Nov 2026 | 3.22x | 93% | Current |
| 2233 South Throop Street | Chicago, IL | Industrial | $15.0M | 3.34% | Oct 2026 | 3.09x | 100% | Current |
| Ontario City Centre | Chicago, IL | Mixed use | $14.5M | 4.72% | Dec 2026 | 2.36x | 100% | Current |
All loans maturing in 2026 · 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.