Retail · Norton Shores, Michigan
Lakeshore Marketplace
Public CMBS trusts hold $19.9M of the loan on Lakeshore Marketplace at 4.08% that reaches maturity on January 5, 2027, in 2 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $19,937,369
- Original balance (same notes)
- $21,780,000
- Interest rate
- 4.08% fixed
- Originated
- December 7, 2021
- Maturity
- January 5, 2027
- Payments
- Amortizing over 30 years
- Prepayment lockout ended
- November 4, 2024
- Prepayment premium ends
- October 4, 2026 (yield maintenance)
- Master servicer
- Midland
- Originator
- 3650 Real Estate Investment Trust 2 LLC
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 5141 Harvey Street, Norton Shores, MI 49444
- Rentable area
- 349,332 sq ft
- Built
- 1995, renovated 2019
- Largest tenants
- HOBBY LOBBY; DUNHAMS; BURLINGTON COAT FACTORY
- Value at securitization
- $32.6M (Oct 2021)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.19x | 2.47x |
| Occupancy | 86% | 95% |
| Net operating income (annualized from 6 months) | $2.8M | $6.3M |
| Debt yield | 31.5% |
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 3650R 2022-PF2 Commercial Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- Matures 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 86% when the loan was securitized to 95%.
- Net operating income is 127% above the underwritten figure ($6.3M a year against $2.8M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 2.19x at securitization to 2.47x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $19.9M | Current | No | 2.47x | 95% |
| August 2026 | $20.0M | Current | No | 2.47x | 95% |
| July 2026 | $20.0M | Current | No | n/a | n/a |
| June 2026 | $20.0M | Current | No | n/a | n/a |
| May 2026 | $20.1M | Current | No | n/a | n/a |
| April 2026 | $20.1M | Current | No | 2.44x | 95% |
| March 2026 | $20.1M | Current | No | 2.44x | 95% |
| February 2026 | $20.2M | Current | No | 2.45x | 95% |
| January 2026 | $20.2M | Current | No | 2.45x | 95% |
| December 2025 | $20.3M | Current | No | 2.45x | 95% |
| November 2025 | $20.3M | Current | No | 2.46x | 95% |
| October 2025 | $20.3M | Current | No | 2.46x | 95% |
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 2 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BMO 2022-C3 Mortgage Trust | 20 | $10,984,776 | Sep 2026 | SEC filing, October 2, 2026 |
| 3650R 2022-PF2 Commercial Mortgage Trust | 29 | $8,952,593 | Sep 2026 | SEC filing, September 29, 2026 |
Other Michigan loans due in 2027
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Westshore Plaza | Muskegon, MI | Retail | $14.7M | 5.251% | Jan 2027 | 1.92x | 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.