Multifamily · Chicago, Illinois
Drexel Terraces
Drexel Terraces is financed with a $31.0M CMBS loan at 6.20% that reaches maturity on March 1, 2029, in 2 years and 4 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
- $31,000,000
- Original balance (same notes)
- $31,000,000
- Interest rate
- 6.20% fixed
- Originated
- February 29, 2024
- Maturity
- March 1, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ends
- October 31, 2028
- Master servicer
- Midland Loan Services
- Originator
- Morgan Stanley Bank, N.A.
Status
- Payment status
- 90+ days delinquent (code 3)
- Special servicing
- Transferred February 20, 2026
- Workout strategy
- TBD
- Defeasance
- None reported
The property
- Address
- 4830 South Drexel Boulevard, Chicago, IL 60615
- Metro
- Chicago-Naperville-Elgin, IL-IN
- Units, rooms or beds
- 116
- Built
- 1902, renovated 2023
- Value at securitization
- $50.2M (Jan 2024)
Performance
| At securitization | Latest (Dec 2025) | |
|---|---|---|
| DSCR (NOI) | 1.30x | 1.20x |
| Occupancy | 100% | 91% |
| Net operating income | $2.5M | $2.3M |
| Debt yield | 7.4% |
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 BANK5 Trust 2024-5YR6 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
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
- Occupancy has fallen from 100% when the loan was securitized to 91%.
- Net operating income is 9% below the underwritten figure ($2.3M a year against $2.5M).
- The most recent valuation in the filing is $31.0M (April 6, 2026), against $50.2M at securitization.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $31.0M | 90+ days delinquent | Yes | 1.20x | 91% |
| August 2026 | $31.0M | 90+ days delinquent | Yes | 1.20x | 91% |
| July 2026 | $31.0M | 90+ days delinquent | Yes | 1.20x | 91% |
| June 2026 | $31.0M | 90+ days delinquent | Yes | 1.20x | 91% |
| May 2026 | $31.0M | 90+ days delinquent | Yes | 1.20x | 91% |
| April 2026 | $31.0M | 90+ days delinquent | Yes | 1.22x | 95% |
| March 2026 | $31.0M | 90+ days delinquent | Yes | 1.22x | 95% |
| February 2026 | $31.0M | 60-89 days delinquent | No | 1.22x | 95% |
| January 2026 | $31.0M | 30-59 days delinquent | No | 0.59x | 99% |
| December 2025 | $31.0M | 30-59 days delinquent | No | 0.59x | 99% |
| November 2025 | $31.0M | 30-59 days delinquent | No | 0.59x | 99% |
| October 2025 | $31.0M | 30-59 days delinquent | No | 0.59x | 99% |
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 20, 2026, 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 |
|---|---|---|---|---|
| BANK5 Trust 2024-5YR6 | 14 | $31,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other Chicago-Naperville-Elgin loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Millennium Park Plaza | Chicago, IL | Mixed use | $210.0M | 3.66% | Aug 2029 | 1.66x | 73% | Current |
| 101 45th Street | Munster, IN | Industrial | $138.8M | 3.231% | Dec 2029 | n/a | n/a | Current |
| City Hyde Park | Chicago, IL | Multifamily | $108.7M | 4.70% | Oct 2029 | 1.03x | 83% | Current |
| 5452-5466 S. Ellis Avenue | Chicago, IL | Multifamily | $106.8M | 4.554% | Feb 2029 | n/a | n/a | Current |
| 3500 Lacey Road | Downers Grove, IL | Office | $85.8M | 4.35% | Dec 2029 | 2.39x | 95% | Current |
| Lakeside Apartments | Lisle, IL | Multifamily | $70.0M | 4.935% | Mar 2029 | 1.98x | 95% | Current |
| Hilton Garden Inn & Canopy - Chicago Central Loop | Chicago, IL | Healthcare | $65.0M | 7.60% | Jun 2029 | 1.93x | 74% | Current |
| The Elston Retail Collection | Chicago, IL | Retail | $57.1M | 3.65% | Nov 2029 | 1.40x | 100% | With the special servicer |
All loans maturing in 2029 · 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.