Retail · Evanston, Illinois
Evanston Plaza
Evanston Plaza is financed with a $24.7M CMBS loan at 3.935% that reaches maturity on May 6, 2031, in 4 years and 6 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $24,674,261
- Original balance (same notes)
- $26,250,000
- Interest rate
- 3.935% fixed
- Originated
- April 30, 2021
- Maturity
- May 6, 2031
- Payments
- Interest only for 24 months, then amortizing
- Prepayment lockout ends
- January 5, 2031
- Master servicer
- Midland
- Originator
- AREF
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 1908-1910 Dempster Street 1112-1122 Dodge Avenue, Evanston, IL 60202
- Metro
- Chicago-Naperville-Elgin, IL-IN
- Rentable area
- 212,759 sq ft
- Built
- 1987, renovated 2015
- Largest tenants
- Valli Produce; Goodwill; Blink Fitness
- Value at securitization
- $37.1M (Apr 2021)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.86x | 1.56x |
| Occupancy | 98% | 100% |
| Net operating income (annualized from 3 months) | $2.8M | $2.4M |
| Debt yield | 9.6% |
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 Morgan Stanley Capital I Trust 2021-L6 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 15% below the underwritten figure ($2.4M a year against $2.8M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 1.86x at securitization to 1.56x on the latest statements.
- The filing gives Aug 2028 as the lease end date for the largest tenant (Valli Produce), 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 | $24.7M | Current | No | 1.56x | 100% |
| August 2026 | $24.7M | Current | No | 1.56x | 100% |
| July 2026 | $24.8M | Current | No | 1.56x | 100% |
| June 2026 | $24.8M | Current | No | n/a | n/a |
| May 2026 | $24.8M | Current | No | n/a | n/a |
| April 2026 | $24.9M | Current | No | 2.00x | 100% |
| March 2026 | $24.9M | Current | No | 2.00x | 100% |
| February 2026 | $25.0M | Current | No | 2.00x | 100% |
| January 2026 | $25.0M | Current | No | 2.00x | 100% |
| December 2025 | $25.0M | Current | No | 2.00x | 100% |
| November 2025 | $25.1M | Current | No | 2.00x | 100% |
| October 2025 | $25.1M | Current | No | 2.00x | 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 |
|---|---|---|---|---|
| Morgan Stanley Capital I Trust 2021-L6 | 9 | $24,674,261 | Sep 2026 | SEC filing, October 2, 2026 |
Other Chicago-Naperville-Elgin loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| One North Wacker | Chicago, IL | Office | $353.0M | 2.719% | Oct 2031 | 4.16x | 91% | Current |
| Harvard | Havard, IL | Industrial | $81.0M | 3.716% | Mar 2031 | n/a | n/a | Current |
| The Leo | Chicago, IL | Multifamily | $65.0M | 5.85% | Jun 2031 | n/a | n/a | Current |
| Meadowcreek | Melrose Park, IL | Manufactured housing | $60.0M | 5.98% | Apr 2031 | n/a | n/a | Current |
| Willow Glen | Willow Springs, IL | Multifamily | $58.0M | 6.263% | Jan 2031 | 1.06x | 94% | Current |
| Food4Less - Chicago Heights | Chicago Heights, IL | Retail | $47.0M | 3.165% | Jul 2031 | n/a | n/a | Current |
| Somerset I | Alsip, IL | Multifamily | $42.5M | 3.78% | Dec 2031 | n/a | n/a | With the special servicer |
| Mason Multifamily Portfolio | DeKalb, IL | Multifamily | $36.9M | 3.991% | Jul 2031 | 3.05x | 98% | Current |
All loans maturing in 2031 · 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.