Industrial · Menomonee Falls, Wisconsin
Leonardo DRS Industrial
Leonardo DRS Industrial is financed with a $63.7M CMBS loan at 3.31% that reaches maturity on January 6, 2031, in 4 years and 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
- $63,700,000
- Original balance (same notes)
- $63,700,000
- Interest rate
- 3.31% fixed
- Originated
- December 31, 2020
- Maturity
- January 6, 2031
- Payments
- Interest only for the full term
- Prepayment lockout ends
- October 5, 2030
- Master servicer
- Midland Loan Services
- Originator
- Citi Real Estate Funding Inc.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- W126 N7449 Flint Drive W126 N7353 Flint Drive, Menomonee Falls, WI 53051
- Metro
- Milwaukee-Waukesha, WI
- Rentable area
- 491,476 sq ft
- Built
- 2000, renovated 2019
- Largest tenants
- Leonardo DRS
- Value at securitization
- $99.4M (Dec 2020)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.66x | 2.69x |
| Occupancy | 100% | 100% |
| Net operating income | $5.7M | $5.7M |
| Debt yield | 9.0% |
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-B23 MORTGAGE TRUST filing for the reporting period ending September 11, 2026, filed with the SEC September 30, 2026.
None this month. No flag in the cmbs.news screen applies to this loan.
cmbs.news's own rule-based labels on the filed fields (definitions), not a credit rating, a prediction or a view of the borrower.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $63.7M | Current | No | 2.69x | 100% |
| August 2026 | $63.7M | Current | No | 2.69x | 100% |
| July 2026 | $63.7M | Current | No | n/a | n/a |
| June 2026 | $63.7M | Current | No | n/a | n/a |
| May 2026 | $63.7M | Current | No | n/a | n/a |
| April 2026 | $63.7M | Current | No | 2.70x | 100% |
| March 2026 | $63.7M | Current | No | 2.76x | 100% |
| February 2026 | $63.7M | Current | No | 2.76x | 100% |
| January 2026 | $63.7M | Current | No | 2.76x | 100% |
| December 2025 | $63.7M | Current | No | 2.76x | 100% |
| November 2025 | $63.7M | Current | No | 2.78x | 100% |
| October 2025 | $63.7M | Current | No | 2.78x | 100% |
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-B23 MORTGAGE TRUST | 8 | $63,700,000 | Sep 2026 | SEC filing, September 30, 2026 |
Other Milwaukee-Waukesha loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Village 43 | Brown Deer, WI | Multifamily | $32.8M | 6.35% | Sep 2031 | n/a | n/a | Current |
| The Emree | West Bend, WI | Multifamily | $22.7M | 6.316% | Aug 2031 | n/a | n/a | Current |
| Greenfield Place | Greenfield, WI | Retail | $11.7M | 3.09% | Oct 2031 | 1.26x | 71% | 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.