Mixed use · Glendale, Arizona
Il Palazzo
Il Palazzo is financed with a $7.5M CMBS loan at 4.436% that reaches maturity on February 6, 2032, in 5 years and 3 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $7,500,000
- Original balance (same notes)
- $7,500,000
- Interest rate
- 4.436% fixed
- Originated
- February 11, 2022
- Maturity
- February 6, 2032
- Payments
- Interest only for the full term
- Prepayment lockout ends
- August 5, 2031
- Master servicer
- Midland Loan Services
- Originator
- Barclays Capital Real Estate Inc.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 5940 West Union Hills Drive, Glendale, AZ 85308
- Metro
- Phoenix-Mesa-Chandler, AZ
- Rentable area
- 45,145 sq ft
- Built
- 2006
- Largest tenants
- Cactus Children's Clinic, P.C.; Bolesta Orthodontics,; JPMorgan Chase Bank, National Association Arrowhead, LLC
- Value at securitization
- $12.7M (Jan 2022)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.32x | 2.54x |
| Occupancy | 96% | 100% |
| Net operating income | $783K | $856K |
| Debt yield | 11.4% |
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 BBCMS Mortgage Trust 2022-C15 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- Largest tenant's lease ends within 12 months
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 risen from 96% when the loan was securitized to 100%.
- Net operating income is 9% above the underwritten figure ($856K a year against $783K).
- Debt service coverage moved from 2.32x at securitization to 2.54x on the latest statements.
- The filing gives Jul 2027 as the lease end date for the largest tenant (Cactus Children's Clinic, P.C.), 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 | $7.5M | Current | No | 2.54x | 100% |
| August 2026 | $7.5M | Current | No | n/a | n/a |
| July 2026 | $7.5M | Current | No | n/a | n/a |
| June 2026 | $7.5M | Current | No | n/a | n/a |
| May 2026 | $7.5M | Current | No | n/a | n/a |
| April 2026 | $7.5M | Current | No | 2.30x | 100% |
| March 2026 | $7.5M | Current | No | 2.30x | 100% |
| February 2026 | $7.5M | Current | No | 2.30x | 100% |
| January 2026 | $7.5M | Current | No | 2.26x | 95% |
| December 2025 | $7.5M | Current | No | 2.26x | 95% |
| November 2025 | $7.5M | Current | No | n/a | n/a |
| October 2025 | $7.5M | Current | No | n/a | n/a |
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 |
|---|---|---|---|---|
| BBCMS Mortgage Trust 2022-C15 | 36 | $7,500,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other Phoenix-Mesa-Chandler loans due in 2032
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| High Street | Phoenix, AZ | Mixed use | $138.4M | 5.352% | Jul 2032 | 1.21x | 91% | Current |
| The Boulders Resort | Scottsdale, AZ | Hotel | $94.3M | 5.563% | Jul 2032 | 2.43x | 69% | Current |
| West Indian School Road | Phoenix, AZ | Self storage | $86.0M | 3.628% | Jan 2032 | n/a | n/a | Current |
| Anytime Storage #58 | Apache Junction, AZ | Self storage | $34.2M | 5.79% | Oct 2032 | n/a | n/a | Current |
| Chandler Tech Center | Chandler, AZ | Office | $24.5M | 5.93% | Sep 2032 | n/a | n/a | Current |
| Home2 Suites by Hilton Phoenix Airport North | Phoenix, AZ | Hotel | $22.3M | 5.59% | Sep 2032 | n/a | n/a | Current |
| Ocotillo Plaza, Chandler | Chandler, AZ | Retail | $15.5M | 3.70% | Jan 2032 | 2.08x | 99% | Current |
| Peoria Center at Arrowhead | Peoria, AZ | Office | $14.4M | 4.03% | Jan 2032 | 2.71x | 100% | Current |
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.