Industrial · Chicago Heights, Illinois
Chicago Heights
Chicago Heights is financed with a $4.5M CMBS loan at 7.28% that reaches maturity on April 6, 2028, in 17 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is with the special servicer and 90+ days delinquent.
The loan
- Balance in tracked trusts
- $4,500,000
- Original balance (same notes)
- $4,500,000
- Interest rate
- 7.28% fixed
- Originated
- March 27, 2023
- Maturity
- April 6, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ends
- October 5, 2027
- Master servicer
- Midland Loan Services
- Originator
- Citi Real Estate Funding Inc.
Status
- Payment status
- 90+ days delinquent (code 3)
- Special servicing
- Transferred February 13, 2025
- Workout strategy
- Modification
- Modified
- Yes, most recently May 6, 2025
- Defeasance
- None reported
The property
- Address
- 480 East Lincoln Highway, Chicago Heights, IL 60411
- Metro
- Chicago-Naperville-Elgin, IL-IN
- Rentable area
- 281,847 sq ft
- Built
- 1958, renovated 1993
- Largest tenants
- Gerresheimer Glass Inc.; Morgan Li, LLC
- Value at securitization
- $8.1M (Feb 2023)
Performance
| At securitization | Latest | |
|---|---|---|
| DSCR (NOI) | 1.81x | n/a |
| Occupancy | 100% | n/a |
| Net operating income | $602K | n/a |
Watch flags
Computed from the Benchmark 2023-V2 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
- With the special servicer
- 30+ days delinquent or matured unpaid
- Largest tenant's lease ends within 12 months
- 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
- The most recent valuation in the filing is $8.6M (April 13, 2026), against $8.1M at securitization.
- The filing gives Nov 2026 as the lease end date for the largest tenant (Gerresheimer Glass Inc.), 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 | $4.5M | 90+ days delinquent | Yes | n/a | n/a |
| August 2026 | $4.5M | 90+ days delinquent | Yes | n/a | n/a |
| July 2026 | $4.5M | 60-89 days delinquent | Yes | n/a | n/a |
| June 2026 | $4.5M | 30-59 days delinquent | Yes | n/a | n/a |
| May 2026 | $4.5M | 60-89 days delinquent | Yes | n/a | n/a |
| April 2026 | $4.5M | 30-59 days delinquent | Yes | n/a | n/a |
| March 2026 | $4.5M | Late payment but less than 30 days delinquent | Yes | n/a | n/a |
| February 2026 | $4.5M | Current | Yes | n/a | n/a |
| January 2026 | $4.5M | Current | Yes | n/a | n/a |
| December 2025 | $4.5M | Current | Yes | n/a | n/a |
| November 2025 | $4.5M | Current | Yes | n/a | n/a |
| October 2025 | $4.5M | Late payment but less than 30 days delinquent | Yes | n/a | n/a |
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 13, 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 |
|---|---|---|---|---|
| Benchmark 2023-V2 Mortgage Trust | 27 | $4,500,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other Chicago-Naperville-Elgin loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 333 S Wabash | Chicago, IL | Office | $99.7M | 3.53% | Sep 2028 | 1.70x | 81% | Current |
| Westbrook Corporate Center | Westchester, IL | Office | $86.4M | 4.86% | Jun 2028 | 1.30x | 68% | With the special servicer and 90+ days delinquent |
| Continental Towers | Rolling Meadows, IL | Office | $84.5M | 4.75% | Sep 2028 | 0.31x | 53% | With the special servicer and 90+ days delinquent |
| Executive Towers West | Downers Grove, IL | Office | $54.2M | 4.85% | Aug 2028 | 1.23x | 63% | Current |
| The Buckingham | Chicago, IL | Multifamily | $42.3M | 5.522% | Aug 2028 | 1.18x | n/a | With the special servicer and 90+ days delinquent |
| Oak Creek Center | Lombard, IL | Office | $34.6M | 4.80% | Mar 2028 | n/a | n/a | Current |
| One Parkway North Fee | Deerfield, IL | Other | $24.5M | 4.282% | Jan 2028 | 1.91x | 81% | With the special servicer and 90+ days delinquent |
| Willows Hotel Chicago | Chicago, IL | Hotel | $20.7M | 5.155% | Jan 2028 | n/a | n/a | Current |
All loans maturing in 2028 · 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.