Industrial · Chattanooga, Tennessee
Novonix
Novonix is financed with a $26.3M CMBS loan at 4.09% that reaches maturity on August 6, 2031, in 4 years and 9 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $26,285,416
- Original balance (same notes)
- $30,100,000
- Interest rate
- 4.09% fixed
- Originated
- July 28, 2021
- Maturity
- August 6, 2031
- Payments
- Amortizing over 25 years
- Prepayment lockout ends
- May 5, 2031
- Master servicer
- Midland Loan Services
- Originator
- DBR Investments Co. Limited
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 1029 West 19th Street, Chattanooga, TN 37408
- Metro
- Chattanooga, TN-GA
- Rentable area
- 404,000 sq ft
- Built
- 1968, renovated 2021
- Largest tenants
- Novonix 1029, LLC
- Value at securitization
- $47.4M (Dec 2021)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.35x | 1.46x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 6 months) | $2.6M | $5.7M |
| Debt yield | 21.5% |
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 Benchmark 2021-B29 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 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.
What the filing shows
- Net operating income is 117% above the underwritten figure ($5.7M a year against $2.6M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.35x at securitization to 1.46x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $26.3M | Current | No | 1.46x | 100% |
| August 2026 | $26.4M | Current | No | 1.47x | n/a |
| July 2026 | $26.4M | Current | No | 1.47x | n/a |
| June 2026 | $26.6M | Late payment but less than 30 days delinquent | No | n/a | n/a |
| May 2026 | $26.7M | 30-59 days delinquent | No | n/a | n/a |
| April 2026 | $26.7M | Late payment but less than 30 days delinquent | No | 1.56x | n/a |
| March 2026 | $26.7M | Current | No | 1.32x | 100% |
| February 2026 | $26.8M | Current | No | 1.32x | 100% |
| January 2026 | $26.9M | Late payment but less than 30 days delinquent | No | 1.32x | 100% |
| December 2025 | $26.9M | Current | No | 1.32x | 100% |
| November 2025 | $27.0M | Current | No | 1.32x | 100% |
| October 2025 | $27.2M | 30-59 days delinquent | No | 1.31x | 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-B29 Mortgage Trust | 8 | $26,285,416 | Sep 2026 | SEC filing, September 28, 2026 |
Other Chattanooga loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Gestamp Automocion | Chattanooga, TN | Industrial | $49.1M | 3.61% | Mar 2031 | 2.64x | 100% | Current |
| Hamilton Place | Chattanooga, TN | Retail | $24.9M | 6.847% | Jun 2031 | n/a | n/a | Current |
| Shoppes at Stonebrook | Ooltewah, TN | Retail | $5.5M | 3.363% | Jun 2031 | n/a | n/a | Current |
| 629 Broad Street | Chattanooga, TN | Mixed use | $5.4M | 4.90% | Aug 2031 | 1.71x | 73% | 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.