Other · Mount Vernon, New York
Gramatan Owners Inc.
32 East Broad St, Mount Vernon, NY · Google Maps
Gramatan Owners Inc. is financed with a $1.2M CMBS loan at 3.15% that reaches maturity on November 1, 2031, in 5 years. As of the Oct 2026 servicer report its status is current.
The loan
- Balance in tracked trusts
- $1,231,547
- Original balance (same notes)
- $1,375,000
- Interest rate
- 3.15% fixed
- Originated
- October 21, 2021
- Maturity
- November 1, 2031
- Payments
- Amortizing over 30 years
- Prepayment premium ends
- November 1, 2031
- Master servicer
- NCB
- Originator
- NATIONAL COOPERATIVE BANK N.A.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 32 East Broad St, Mount Vernon, NY 10552
- Metro
- New York-Newark-Jersey City, NY-NJ
- Units, rooms or beds
- 52
- Built
- 1950, renovated 1985
- Value at securitization
- $8.2M (Aug 2021)
Performance
| Measure | At securitization | Latest (Dec 2019) |
|---|---|---|
| DSCR (NOI) | 8.29x | 1.35x |
| Occupancy | 95% | 95% |
| Net operating income (annualized from 9 months) | $588K | $89K |
| Debt yield | 7.3% |
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.
Comparable loans: other properties in New York-Newark-Jersey City, NY-NJ, with NOI, occupancy and value.
Watch flags
Computed from the BANK 2021-BNK37 filing for the reporting period ending October 13, 2026, filed with the SEC October 27, 2026.
- Coverage down 0.25x 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
- Net operating income is 85% below the underwritten figure ($89K a year against $588K; the latest statement covers 9 months, annualized).
- Debt service coverage moved from 8.29x at securitization to 1.35x on the latest statements.
Who is behind this loan
- Parties and contacts named by the trust
- Shown with Pro
Source: SEC Form 10-D, Exhibit 99.1 distribution statement, filed Oct 2026.
Refinance test on today's income
The latest annual NOI in the filing is $89K, a debt yield of 7.3% on $1.2M. Lenders often size a new loan so NOI is at least 9% to 10% of the loan amount.
| Debt yield a lender requires | Largest loan | Against today's balance |
|---|---|---|
| 9% | $994K | $237K short |
| 10% | $895K | $337K short |
Arithmetic on the filed NOI only: no rates, reserves, cap rates or lender terms. NOI can be a year old; see the statement dates above.
Operating statement
| Annual | At securitization | Latest, Dec 2019 | Per unit |
|---|---|---|---|
| Revenue | $1.1M | $553K | $10,638/unit |
| Operating expenses | $485K | $464K | $8,917/unit |
| Net operating income | $588K | $89K | $1,721/unit |
| Net cash flow | $577K | $89K | $1,721/unit |
| Expense ratio | 45.2% | 83.8% |
From the servicer's Schedule AL report; the latest statement covers 9 months and is annualized; 52 units; renovated 1985.
Refinance and early payoff, at today's rates
This estimate uses today's Treasury curve and needs JavaScript.
Rough estimates, not quotes. New loan: the filed NOI divided by the coverage you set, at the Treasury yield for the term plus your spread. Early payoff: the present value of the remaining scheduled payments to the open date at today's Treasury yields, less the balance, which is roughly what defeasance or yield maintenance costs. Loan documents, fees and the securities bought change the real number. Treasury yields: U.S. Treasury daily par curve.
The last 6 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| October 2026 | $1.2M | Current | No | 1.35x | 95% |
| March 2026 | $1.2M | Current | No | 1.35x | 95% |
| February 2026 | $1.3M | Current | No | 1.35x | 95% |
| January 2026 | $1.3M | Current | No | 1.35x | 95% |
| December 2025 | $1.3M | Current | No | 1.35x | 95% |
| November 2025 | $1.3M | Current | No | 1.35x | 95% |
From each trust's ABS-EE filing for that month. Coverage and occupancy change only when the servicer reports new statements.
Full history back to November 2021. See it with Pro.
Where the loan sits
One trust holds this loan in the data.
| Trust | Asset no. in that trust | Balance | Report period | Source |
|---|---|---|---|---|
| BANK 2021-BNK37 | 76 | $1,231,547 | Oct 2026 | SEC filing, October 27, 2026 |
Other New York-Newark-Jersey City loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 535-545 Fifth Avenue | New York, NY | Mixed use | $309.3M | 7.06% | Jan 2031 | 1.23x | 89% | Current |
| 375 Pearl Street | New York, NY | Office | $220.0M | 3.368% | Jun 2031 | 2.15x | 100% | Current |
| Park Avenue Plaza | New York, NY | Office | $180.0M | 2.837% | Nov 2031 | 3.70x | 100% | Current |
| 15 West 47th Street and 2 other properties | New York, NY | Office | $141.0M | 3.51% | Jan 2031 | n/a | n/a | Current |
| Journal Squared Tower 2 | Jersey City, NJ | Multifamily | $133.5M | 3.49% | Dec 2031 | 3.24x | 94% | Current |
| 2 Washington Street | New York, NY | Multifamily | $131.5M | 3.45% | Aug 2031 | 2.91x | 100% | With the special servicer and 90+ days delinquent |
| 1 Willoughby Square | Brooklyn, NY | Office | $125.0M | 6.786% | Jan 2031 | 0.97x | 91% | Current |
| The Arches and 5 other properties | Bronx, NY | Other | $120.0M | 5.436% | Feb 2031 | n/a | n/a | Current |
All loans maturing in 2031 · All New York-Newark-Jersey City loans
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting period ending October 13, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.