Industrial · Murfreesboro, Tennessee
880 Butler Drive
880 Butler Drive is financed with a $14.7M CMBS loan at 3.319% that reaches maturity on January 6, 2031, in 4 years and 2 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $14,728,486
- Original balance (same notes)
- $15,225,000
- Interest rate
- 3.319% fixed
- Originated
- December 15, 2020
- Maturity
- January 6, 2031
- Payments
- Interest only for 48 months, then amortizing
- Prepayment lockout ended
- September 5, 2021
- Prepayment premium ends
- September 5, 2030 (yield maintenance)
- Master servicer
- Midland Loan Services
- Originator
- Goldman Sachs Bank USA
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 880 Butler Drive, Murfreesboro, TN 37127
- Metro
- Nashville-Davidson--Murfreesboro--Franklin, TN
- Rentable area
- 301,605 sq ft
- Built
- 1988, renovated 2008
- Largest tenants
- BIG G WAREHOUSING, LLC; Daiei America; General Mills
- Value at securitization
- $22.0M (Oct 2020)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 3.16x | 2.53x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 6 months) | $1.6M | $4.1M |
| Debt yield | 27.8% |
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-B23 MORTGAGE TRUST filing for the reporting period ending September 11, 2026, filed with the SEC September 30, 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 153% above the underwritten figure ($4.1M a year against $1.6M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 3.16x at securitization to 2.53x on the latest statements.
- The filing gives Nov 2030 as the lease end date for the largest tenant (BIG G WAREHOUSING, LLC), 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 | $14.7M | Current | No | 2.53x | 100% |
| August 2026 | $14.8M | Current | No | n/a | n/a |
| July 2026 | $14.8M | Current | No | n/a | n/a |
| June 2026 | $14.8M | Current | No | n/a | n/a |
| May 2026 | $14.8M | Current | No | n/a | n/a |
| April 2026 | $14.9M | Current | No | 3.60x | 100% |
| March 2026 | $14.9M | Current | No | 3.68x | 100% |
| February 2026 | $14.9M | Current | No | 3.68x | 100% |
| January 2026 | $14.9M | Current | No | 3.68x | 100% |
| December 2025 | $15.0M | Current | No | 3.68x | 100% |
| November 2025 | $15.0M | Current | No | 2.33x | 100% |
| October 2025 | $15.0M | Current | No | 2.33x | 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-B23 MORTGAGE TRUST | 28 | $14,728,486 | Sep 2026 | SEC filing, September 30, 2026 |
Other Nashville-Davidson--Murfreesboro--Franklin loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| The Dutton | Murfreesboro, TN | Multifamily | $47.5M | 5.92% | Apr 2031 | n/a | n/a | Current |
| 501 Great Circle | Nashville, TN | Office | $21.3M | 3.86% | Nov 2031 | 1.64x | 57% | Current |
| Towneplace Suites Franklin | Franklin, TN | Hotel | $13.2M | 6.814% | Jan 2031 | n/a | n/a | Current |
| Bowie Commons | Fairview, TN | Retail | $7.9M | 3.53% | Jun 2031 | n/a | n/a | Current |
| 1810 Belcourt Ave | Nashville, TN | Multifamily | $6.8M | 6.67% | Oct 2031 | n/a | n/a | Current |
| Perma-Pipe | Lebanon, TN | Industrial | $5.7M | 3.57% | May 2031 | 4.11x | 100% | Current |
| Wag - Nashville | Mount Juliet, TN | Retail | $4.5M | 4.04% | Jun 2031 | 2.06x | 100% | Current |
| Northcreek Medical Office | Goodlettsville, TN | Office | $3.1M | 4.15% | Nov 2031 | 2.74x | 100% | Current |
All loans maturing in 2031 · All Nashville-Davidson--Murfreesboro--Franklin 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.