Office · Doral, Florida
Doral Concourse
Doral Concourse is financed with a $56.0M CMBS loan at 3.31% that reaches maturity on August 6, 2031, in 4 years and 9 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $56,000,000
- Original balance (same notes)
- $56,000,000
- Interest rate
- 3.31% fixed
- Originated
- July 12, 2021
- Maturity
- August 6, 2031
- Payments
- Interest only for the full term
- Prepayment lockout ends
- May 5, 2031
- 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
- 8400 N.W. 36th Street, Doral, FL 33166
- Metro
- Miami-Fort Lauderdale-West Palm Beach, FL
- Rentable area
- 240,669 sq ft
- Built
- 2001, renovated 2018
- Largest tenants
- Starboard Holdings Ltd, Inc.; Kemper Insurance Company; United Slates of America (TSA)
- Value at securitization
- $96.2M (Jun 2021)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 3.13x | 2.24x |
| Occupancy | 95% | 84% |
| Net operating income (annualized from 3 months) | $5.9M | $4.3M |
| Debt yield | 7.6% |
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-B28 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- NOI down 20% 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
- Occupancy has fallen from 95% when the loan was securitized to 84%.
- Net operating income is 27% below the underwritten figure ($4.3M a year against $5.9M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 3.13x at securitization to 2.24x on the latest statements.
- The filing gives Apr 2030 as the lease end date for the largest tenant (Starboard Holdings Ltd, 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 | $56.0M | Current | No | 2.24x | 84% |
| August 2026 | $56.0M | Current | No | 2.24x | 84% |
| July 2026 | $56.0M | Current | No | 2.24x | 84% |
| June 2026 | $56.0M | Current | No | n/a | n/a |
| May 2026 | $56.0M | Current | No | n/a | n/a |
| April 2026 | $56.0M | Current | No | 3.10x | 85% |
| March 2026 | $56.0M | Current | No | 2.89x | 91% |
| February 2026 | $56.0M | Current | No | 2.89x | 91% |
| January 2026 | $56.0M | Current | No | 2.89x | 91% |
| December 2025 | $56.0M | Current | No | 3.24x | 91% |
| November 2025 | $56.0M | Current | No | 3.24x | 91% |
| October 2025 | $56.0M | Current | No | 3.24x | 91% |
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-B28 Mortgage Trust | 3 | $56,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other Miami-Fort Lauderdale-West Palm Beach loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Phillips Point | West Palm Beach, FL | Office | $198.5M | 3.34% | Feb 2031 | 2.04x | 74% | Current |
| Cottage Cove Apartments | Miami, FL | Multifamily | $87.5M | 6.45% | Feb 2031 | n/a | n/a | Current |
| Extra Space Brickell | Miami, FL | Self storage | $65.0M | 3.99% | May 2031 | n/a | n/a | Current |
| Holiday Inn Miami Hialeah | Hialeah Gardens, FL | Hotel | $60.0M | 7.372% | Mar 2031 | n/a | n/a | Current |
| 17 West Miami | Miami Beach, FL | Mixed use | $55.0M | 3.81% | Dec 2031 | 1.67x | 100% | Current |
| Doral Center | Doral, FL | Office | $53.5M | 7.35% | Aug 2031 | n/a | n/a | Current |
| Innovo at Sunrise | Sunrise, FL | Multifamily | $34.0M | 5.96% | Apr 2031 | n/a | n/a | Current |
| Crossroads I II & IV | Plantation, FL | Office | $33.5M | 6.571% | Feb 2031 | n/a | n/a | Current |
All loans maturing in 2031 · All Miami-Fort Lauderdale-West Palm Beach 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.