Mixed use · New Orleans, Louisiana
May & Ellis Building
May & Ellis Building is financed with a $8.3M CMBS loan at 5.08% that reaches maturity on October 6, 2028, in 23 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $8,300,000
- Original balance (same notes)
- $8,300,000
- Interest rate
- 5.08% fixed
- Originated
- September 27, 2018
- Maturity
- October 6, 2028
- Payments
- Amortizing
- Prepayment lockout ends
- May 5, 2028
- Master servicer
- KeyBank Real Estate Capital
- Originator
- Citi Real Estate Funding Inc.
Status
- Payment status
- Not reported
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 217 221 and 225 Chartres Street, New Orleans, LA 70130
- Metro
- New Orleans-Metairie, LA
- Rentable area
- 25 sq ft
- Built
- 1860, renovated 2016
- Value at securitization
- $13.9M (Sep 2018)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | n/a | 0.79x |
| Occupancy | 92% | 68% |
| Net operating income | n/a | $338K |
| Debt yield | 4.1% |
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 2018-B7 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC October 1, 2026.
- Coverage below 1.00x
- Occupancy down 10 points or more from securitization
On the cmbs.news watch list in every report since December 2025.
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 92% when the loan was securitized to 68%.
- At 0.79x, the property's reported NOI does not cover its debt service.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $8.3M | Not reported | No | 0.79x | 68% |
| August 2026 | $8.3M | Not reported | No | 0.89x | 68% |
| July 2026 | $8.3M | Not reported | No | 0.89x | 68% |
| June 2026 | $8.3M | Not reported | No | 0.89x | 68% |
| May 2026 | $8.3M | Not reported | No | 0.86x | 68% |
| April 2026 | $8.3M | Not reported | No | 0.86x | 68% |
| March 2026 | $8.3M | Not reported | No | 0.91x | 60% |
| February 2026 | $8.3M | Not reported | No | 0.91x | 60% |
| January 2026 | $8.3M | Not reported | No | 0.91x | 60% |
| December 2025 | $8.3M | Not reported | No | 0.91x | 60% |
| November 2025 | $8.3M | Not reported | No | 1.08x | 76% |
| October 2025 | $8.3M | Not reported | No | 1.08x | 76% |
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 2018-B7 Mortgage Trust | 39 | $8,300,000 | Sep 2026 | SEC filing, October 1, 2026 |
Other New Orleans-Metairie loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| The Galleria | Metairie, LA | Office | $42.0M | 4.25% | Jun 2028 | 3.52x | 87% | Current |
| Stor-All Tchoupitoulas | New Orleans, LA | Self storage | $23.5M | 5.023% | Mar 2028 | n/a | n/a | Current |
| Hotel Provincial | New Orleans, LA | Hotel | $9.8M | 4.82% | Aug 2028 | n/a | n/a | Current |
| Clearview Palms | Metairie, LA | Retail | $8.7M | 5.27% | Sep 2028 | 1.83x | 93% | Current |
| Westbank Village Shopping Center | Harvey, LA | Retail | $8.1M | 9.043% | Nov 2028 | 1.49x | 82% | Current |
| 216 Chartres Street | New Orleans, LA | Multifamily | $2.5M | 5.295% | Dec 2028 | n/a | n/a | Current |
| 111 Veterans | Metairie, LA | Other | $2.3M | 5.819% | May 2028 | 1.59x | 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.