Office · Denver, Colorado
Industry RiNo Station
Public CMBS trusts hold $60.0M of the loan on Industry RiNo Station at 5.205% that reaches maturity on April 1, 2032, in 5 years and 5 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
- $60,000,000
- Original balance (same notes)
- $60,000,000
- Interest rate
- 5.205% fixed
- Originated
- March 23, 2022
- Maturity
- April 1, 2032
- Payments
- Interest only for the full term
- Master servicer
- KeyBank Real Estate Capital
- Originator
- JPMorgan Chase Bank, National Association
Status
- Payment status
- 90+ days delinquent (code 3)
- Special servicing
- Transferred March 11, 2025
- Workout strategy
- DPO
- Defeasance
- Partly defeased
The property
- Address
- 3858 Walnut Street and 3827 North Lafayette Street, Denver, CO 80205
- Metro
- Denver-Aurora-Centennial, CO
- Rentable area
- 177,697 sq ft
- Built
- 2017
- Largest tenants
- Dispatch Health Management; Intrinsic LLC; UiPath Inc
- Value at securitization
- $97.5M (Feb 2022)
Performance
| At securitization | Latest (Jun 2025) | |
|---|---|---|
| DSCR (NOI) | n/a | 0.50x |
| Occupancy | 96% | 50% |
| Net operating income (annualized from 6 months) | n/a | $1.6M |
| Debt yield | 2.6% |
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 BENCHMARK 2022-B35 MORTGAGE TRUST 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
- Coverage below 1.00x
- Occupancy down 10 points or more from securitization
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 96% when the loan was securitized to 50%.
- At 0.50x, the property's reported NOI does not cover its debt service.
- The most recent valuation in the filing is $28.5M (August 20, 2025), against $97.5M at securitization.
- The filing gives Aug 2026 as the lease end date for the largest tenant (Dispatch Health Management), 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 | $60.0M | 90+ days delinquent | Yes | 0.50x | 50% |
| August 2026 | $60.0M | 90+ days delinquent | Yes | 0.50x | 50% |
| July 2026 | $60.0M | 90+ days delinquent | Yes | 0.50x | 50% |
| June 2026 | $60.0M | 60-89 days delinquent | Yes | 0.50x | 50% |
| May 2026 | $60.0M | 30-59 days delinquent | Yes | 0.50x | 50% |
| April 2026 | $60.0M | Not reported | Yes | 0.50x | 50% |
| March 2026 | $60.0M | Not reported | Yes | 0.50x | 50% |
| February 2026 | $60.0M | 30-59 days delinquent | Yes | 0.50x | 50% |
| January 2026 | $60.0M | Late payment but less than 30 days delinquent | Yes | 0.50x | 50% |
| December 2025 | $60.0M | Late payment but less than 30 days delinquent | Yes | 0.50x | 50% |
| November 2025 | $60.0M | 60-89 days delinquent | Yes | 0.50x | 50% |
| October 2025 | $60.0M | 30-59 days delinquent | Yes | 0.50x | 50% |
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 March 11, 2025, 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 |
|---|---|---|---|---|
| BENCHMARK 2022-B35 MORTGAGE TRUST | 7 | $60,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other Denver-Aurora-Centennial loans due in 2032
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Church Ranch Corporate Center | Westminster, CO | Office | $16.5M | 5.45% | May 2032 | n/a | n/a | Current |
| Adams County Self Storage | Denver, CO | Self storage | $15.5M | 4.447% | Feb 2032 | n/a | n/a | Current |
| Hampden Industrial Park | Sheridan, CO | Industrial | $13.1M | 4.29% | Apr 2032 | 2.60x | 81% | Current |
| A Storage Place - Englewood | Englewood, CO | Self storage | $7.2M | 3.853% | Mar 2032 | 2.04x | 81% | 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.