Mixed use · Chicago, Illinois
645 North Michigan Ave
Public CMBS trusts hold $53.7M of the loan on 645 North Michigan Ave at 7.62% that reaches maturity on December 6, 2033, in 7 years and 1 month. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $53,734,027
- Original balance (same notes)
- $55,000,000
- Interest rate
- 7.62% fixed
- Originated
- November 7, 2023
- Maturity
- December 6, 2033
- Payments
- Amortizing over 30 years
- Prepayment lockout ends
- June 5, 2033
- Master servicer
- Midland Loan Services
- Originator
- Citi Real Estate Funding Inc.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 645 North Michigan Ave, Chicago, IL 60611
- Metro
- Chicago-Naperville-Elgin, IL-IN
- Rentable area
- 193,031 sq ft
- Built
- 1962, renovated 2022
- Largest tenants
- NORTHWESTERN UNIVERSITY, COMMERCIAL; NORTHWESTERN UNIVERSITY,; S-FER INTERNATIONAL INC, BILL
- Value at securitization
- $95.0M (Aug 2023)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.68x | 1.34x |
| Occupancy | 87% | 90% |
| Net operating income (annualized from 3 months) | $7.8M | $6.3M |
| Debt yield | 11.8% |
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 BMO 2023-C7 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC October 2, 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 ($6.3M a year against $7.8M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 1.68x at securitization to 1.34x on the latest statements.
- The filing gives Apr 2028 as the lease end date for the largest tenant (NORTHWESTERN UNIVERSITY, COMMERCIAL), before the loan matures. Lenders look hard at that rollover.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $53.7M | Current | No | 1.34x | 90% |
| August 2026 | $53.8M | Current | No | 1.34x | 90% |
| July 2026 | $53.8M | Current | No | 1.34x | 90% |
| June 2026 | $53.9M | Current | No | n/a | n/a |
| May 2026 | $53.9M | Current | No | n/a | n/a |
| April 2026 | $53.9M | Current | No | 1.32x | 90% |
| March 2026 | $54.0M | Current | No | 1.32x | 90% |
| February 2026 | $54.0M | Current | No | 1.32x | 90% |
| January 2026 | $54.1M | Current | No | 0.85x | 84% |
| December 2025 | $54.1M | Current | No | 0.85x | 84% |
| November 2025 | $54.2M | Current | No | 0.85x | 84% |
| October 2025 | $54.2M | Current | No | 0.85x | 84% |
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 2 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Benchmark 2023-B40 Mortgage Trust | 5 | $37,125,328 | Sep 2026 | SEC filing, September 28, 2026 |
| BMO 2023-C7 Mortgage Trust | 20 | $16,608,699 | Sep 2026 | SEC filing, October 2, 2026 |
Other Chicago-Naperville-Elgin loans due in 2033
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Woodfield Mall | Schaumburg, IL | Retail | $254.0M | 6.335% | Dec 2033 | 2.47x | 94% | Current |
| Axis Apartments, Chicago | Chicago, IL | Multifamily | $136.0M | 6.88% | Dec 2033 | 1.04x | 92% | Current |
| 100 & 150 South Wacker Drive | Chicago, IL | Office | $100.0M | 6.089% | Feb 2033 | 2.30x | 60% | Current |
| Village Square, Lake Zurich | Lake Zurich, IL | Retail | $52.5M | 7.07% | May 2033 | n/a | n/a | Current |
| Hyatt Regency Schaumburg | Schaumburg, IL | Hotel | $24.0M | 8.55% | Nov 2033 | n/a | n/a | Current |
| River Forest Medical Offices | River Forest, IL | Office | $22.0M | 8.65% | Oct 2033 | n/a | n/a | With the special servicer and 90+ days delinquent |
| Goldcoast Logistics | Elgin, IL | Industrial | $12.0M | 6.99% | Oct 2033 | n/a | n/a | With the special servicer and 30-59 days delinquent |
| 8052 South Laflin Street | Chicago, IL | Multifamily | $6.6M | 6.556% | Mar 2033 | n/a | n/a | With the special servicer and 90+ days delinquent |
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.