Retail · Chicago, Illinois
North & Sheffield
North & Sheffield is financed with a $19.5M CMBS loan at 3.60% that reaches maturity on October 11, 2029, in 2 years and 11 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is with the special servicer and 30-59 days delinquent.
The loan
- Balance in tracked trusts
- $19,500,000
- Original balance (same notes)
- $19,500,000
- Interest rate
- 3.60% fixed
- Originated
- September 27, 2019
- Maturity
- October 11, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ends
- July 10, 2029
- Master servicer
- Trimont LLC
- Originator
- Wells Fargo Bank, National Association
Status
- Payment status
- 30-59 days delinquent (code 1)
- Special servicing
- Transferred May 21, 2025
- Workout strategy
- Other
- Defeasance
- None reported
The property
- Address
- 938 West North Avenue, Chicago, IL 60642
- Metro
- Chicago-Naperville-Elgin, IL-IN
- Rentable area
- 31,762 sq ft
- Built
- 1999, renovated 2018
- Largest tenants
- Lululemon USA Inc. DBA Lululemon Athletica; Sephora
- Value at securitization
- $33.2M (Aug 2019)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 2.32x | 1.35x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 3 months) | $1.7M | $980K |
| Debt yield | 5.0% |
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 Wells Fargo Commercial Mortgage Trust 2019-C54 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- With the special servicer
- 30+ days delinquent or matured unpaid
- Coverage down 0.25x or more from securitization
- NOI down 20% 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
- Net operating income is 41% below the underwritten figure ($980K a year against $1.7M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 2.32x at securitization to 1.35x on the latest statements.
- The most recent valuation in the filing is $21.7M (September 24, 2025), against $33.2M at securitization.
- The filing gives Jan 2028 as the lease end date for the largest tenant (Lululemon USA Inc. DBA Lululemon Athletica), 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 | $19.5M | 30-59 days delinquent | Yes | 1.35x | 100% |
| August 2026 | $19.5M | Late payment but less than 30 days delinquent | Yes | 1.35x | 100% |
| July 2026 | $19.5M | 30-59 days delinquent | Yes | 1.35x | 100% |
| June 2026 | $19.5M | Late payment but less than 30 days delinquent | Yes | 1.35x | 100% |
| May 2026 | $19.5M | 30-59 days delinquent | Yes | 2.52x | 100% |
| April 2026 | $19.5M | Late payment but less than 30 days delinquent | Yes | 2.52x | 100% |
| March 2026 | $19.5M | 30-59 days delinquent | Yes | 2.52x | 100% |
| February 2026 | $19.5M | Late payment but less than 30 days delinquent | Yes | 2.52x | 100% |
| January 2026 | $19.5M | Current | Yes | 2.52x | 100% |
| December 2025 | $19.5M | Current | Yes | 2.52x | 100% |
| November 2025 | $19.5M | Late payment but less than 30 days delinquent | Yes | 2.52x | 100% |
| October 2025 | $19.5M | Current | Yes | 2.52x | 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.
Special-servicing history
- Transferred to the special servicer May 21, 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 |
|---|---|---|---|---|
| Wells Fargo Commercial Mortgage Trust 2019-C54 | 12 | $19,500,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other Chicago-Naperville-Elgin loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Millennium Park Plaza | Chicago, IL | Mixed use | $210.0M | 3.66% | Aug 2029 | 1.66x | 73% | Current |
| 101 45th Street | Munster, IN | Industrial | $138.8M | 3.231% | Dec 2029 | n/a | n/a | Current |
| City Hyde Park | Chicago, IL | Multifamily | $108.7M | 4.70% | Oct 2029 | 1.03x | 83% | Current |
| 5452-5466 S. Ellis Avenue | Chicago, IL | Multifamily | $106.8M | 4.554% | Feb 2029 | n/a | n/a | Current |
| 3500 Lacey Road | Downers Grove, IL | Office | $85.8M | 4.35% | Dec 2029 | 2.39x | 95% | Current |
| Lakeside Apartments | Lisle, IL | Multifamily | $70.0M | 4.935% | Mar 2029 | 1.98x | 95% | Current |
| Hilton Garden Inn & Canopy - Chicago Central Loop | Chicago, IL | Healthcare | $65.0M | 7.60% | Jun 2029 | 1.93x | 74% | Current |
| The Elston Retail Collection | Chicago, IL | Retail | $57.1M | 3.65% | Nov 2029 | 1.40x | 100% | With the special servicer |
All loans maturing in 2029 · All Chicago-Naperville-Elgin loans
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.