Mixed use · Chicago, Illinois
Grand Plaza
Public CMBS trusts hold $160.0M of the loan on Grand Plaza at 5.56% that reaches maturity on March 7, 2030, in 3 years and 4 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $160,000,000
- Original balance (same notes)
- $160,000,000
- Interest rate
- 5.56% fixed
- Originated
- February 26, 2025
- Maturity
- March 7, 2030
- Payments
- Interest only for the full term
- Prepayment lockout ends
- September 6, 2029
- Master servicer
- Midland Loan Services
- Originator
- MSBNA
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 540 North State Street, Chicago, IL 60654
- Metro
- Chicago-Naperville-Elgin, IL-IN
- Rentable area
- 106,565 sq ft
- Units, rooms or beds
- 481
- Built
- 2003, renovated 2023
- Largest tenants
- Jewel Food Stores; Instituto Cervantes of Chicago; Rush University Medical Center
- Value at securitization
- $241.2M (Jan 2025)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.38x | 1.68x |
| Occupancy | 99% | 61% |
| Net operating income (annualized from 6 months) | $12.5M | $30.6M |
| Debt yield | 19.1% |
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 2025-5YR14 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- Occupancy down 10 points 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 99% when the loan was securitized to 61%.
- Net operating income is 145% above the underwritten figure ($30.6M a year against $12.5M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.38x at securitization to 1.68x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $160.0M | Current | No | 1.68x | 61% |
| August 2026 | $160.0M | Current | No | 1.28x | 100% |
| July 2026 | $160.0M | Current | No | 1.28x | 100% |
| June 2026 | $160.0M | Current | No | 1.73x | 61% |
| May 2026 | $160.0M | Current | No | 1.38x | 61% |
| April 2026 | $160.0M | Current | No | 1.38x | 61% |
| March 2026 | $160.0M | Current | No | 1.38x | 61% |
| February 2026 | $160.0M | Current | No | 1.38x | 61% |
| January 2026 | $160.0M | Current | No | 1.38x | 61% |
| December 2025 | $160.0M | Current | No | 1.38x | 61% |
| November 2025 | $160.0M | Current | No | 1.39x | 61% |
| October 2025 | $160.0M | Current | No | 1.36x | 61% |
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
The loan is split into 4 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Morgan Stanley Bank of America Merrill Lynch Trust 2025-5C1 | 1 | $93,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
| BANK5 2025-5YR14 | 4 | $30,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BANK5 2025-5YR14 | 4A | $30,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BANK5 2025-5YR14 | 4B | $7,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other Chicago-Naperville-Elgin loans due in 2030
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Mcdonalds Global Hq | Chicago, IL | Office | $224.8M | 2.935% | Nov 2030 | 1.58x | 98% | Current |
| Soho House Chicago | Chicago, IL | Mixed use | $65.0M | 6.785% | Feb 2030 | 1.94x | 100% | Current |
| 1515 West Webster | Chicago, IL | Office | $56.4M | 6.525% | Aug 2030 | n/a | n/a | Current |
| Ashland Laflin Duo | Chicago, IL | Multifamily | $44.5M | 6.647% | Feb 2030 | n/a | n/a | Current |
| Barry Quad | Chicago, IL | Multifamily | $33.9M | 6.895% | Jun 2030 | 1.25x | 100% | Current |
| Chatham Ridge Shopping Center | Chicago, IL | Retail | $30.5M | 6.81% | Feb 2030 | 1.54x | 100% | Current |
| Walgreens 9 Portfolio | Buffalo Grove, IL | Retail | $30.0M | 3.51% | Oct 2030 | n/a | n/a | Current |
| EVEN Hotel Tinley Park | Tinley Park, IL | Hotel | $28.5M | 8.50% | Feb 2030 | 0.96x | 63% | Current |
All loans maturing in 2030 · 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.