Office · Pittsburgh, Pennsylvania
Koppers Building
Koppers Building is financed with a $29.5M CMBS loan at 3.396% that reaches maturity on July 1, 2031, in 4 years and 8 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $29,532,724
- Original balance (same notes)
- $31,500,000
- Interest rate
- 3.396% fixed
- Originated
- June 4, 2021
- Maturity
- July 1, 2031
- Payments
- Interest only for 24 months, then amortizing
- Prepayment lockout ends
- April 30, 2031
- Master servicer
- Midland Loan Services
- Originator
- JPMorgan Chase Bank, National Association
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 436 7th Avenue, Pittsburgh, PA 15219
- Metro
- Pittsburgh, PA
- Rentable area
- 347,133 sq ft
- Built
- 1929, renovated 2017
- Largest tenants
- Koppers, Inc.; Allegheny County Bar Assoc; Allegheny County Economic
- Value at securitization
- $43.9M (Apr 2021)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.11x | 1.45x |
| Occupancy | 85% | 81% |
| Net operating income (annualized from 6 months) | $3.5M | $4.9M |
| Debt yield | 16.6% |
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 2021-B28 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 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
- Occupancy has fallen from 85% when the loan was securitized to 81%.
- Net operating income is 39% above the underwritten figure ($4.9M a year against $3.5M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 2.11x at securitization to 1.45x on the latest statements.
- The filing gives Dec 2028 as the lease end date for the largest tenant (Koppers, Inc.), 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 | $29.5M | Current | No | 1.45x | 81% |
| August 2026 | $29.6M | Current | No | 1.41x | 81% |
| July 2026 | $29.6M | Current | No | 1.41x | 81% |
| June 2026 | $29.7M | Current | No | 1.41x | 81% |
| May 2026 | $29.7M | Current | No | n/a | n/a |
| April 2026 | $29.8M | Current | No | 1.45x | 81% |
| March 2026 | $29.9M | Current | No | 1.43x | 81% |
| February 2026 | $29.9M | Current | No | 1.43x | 81% |
| January 2026 | $30.0M | Current | No | 1.43x | 81% |
| December 2025 | $30.0M | Current | No | 1.45x | 81% |
| November 2025 | $30.1M | Current | No | 1.45x | 80% |
| October 2025 | $30.1M | Current | No | 1.45x | 80% |
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 |
|---|---|---|---|---|
| Benchmark 2021-B28 Mortgage Trust | 11 | $29,532,724 | Sep 2026 | SEC filing, September 28, 2026 |
Other Pittsburgh loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Foster Plaza | Pittsburgh, PA | Office | $85.3M | 3.392% | Jan 2031 | n/a | n/a | Current |
| The Helm on the Allegheny | Pittsburgh, PA | Multifamily | $38.0M | 6.435% | Aug 2031 | n/a | n/a | Current |
| 150 Thornhill | Warrendale, PA | Industrial | $23.6M | 3.69% | Jun 2031 | 1.39x | 100% | Current |
| Butler Crossing | Butler, PA | Retail | $22.0M | 3.07% | Jul 2031 | 4.08x | 100% | Current |
| One Smithfield Street | Pittsburgh, PA | Office | $21.7M | 3.618% | Dec 2031 | 2.08x | 100% | Current |
| Chippewa Center | Beaver Falls, PA | Retail | $20.8M | 3.80% | Sep 2031 | n/a | n/a | Current |
| Guardian Storage Shadyside | Pittsburgh, PA | Self storage | $15.7M | 6.013% | Jan 2031 | 1.44x | 86% | Current |
| Washington PA Hotel Portfolio | Washington, PA | Hotel | $15.5M | 7.747% | Jun 2031 | n/a | n/a | 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.