Retail · Chandler, Arizona
Ocotillo Plaza, Chandler
Ocotillo Plaza is financed with a $15.5M CMBS loan at 3.70% that reaches maturity on January 6, 2032, in 5 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
- $15,467,172
- Original balance (same notes)
- $17,000,000
- Interest rate
- 3.70% fixed
- Originated
- December 29, 2021
- Maturity
- January 6, 2032
- Payments
- Amortizing over 30 years
- Prepayment lockout ends
- October 5, 2031
- 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
- 2820-2860 South Alma School Road, Chandler, AZ 85286
- Metro
- Phoenix-Mesa-Chandler, AZ
- Rentable area
- 116,932 sq ft
- Built
- 1986
- Largest tenants
- Pelican Services LLC; Big Air Chandler; Dollar Tree
- Value at securitization
- $26.0M (Dec 2021)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.87x | 2.08x |
| Occupancy | 97% | 99% |
| Net operating income (annualized from 6 months) | $1.8M | $3.9M |
| Debt yield | 25.5% |
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 2022-B32 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
- Largest tenant's lease ends 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
- Net operating income is 125% above the underwritten figure ($3.9M a year against $1.8M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.87x at securitization to 2.08x on the latest statements.
- The filing gives Aug 2027 as the lease end date for the largest tenant (Pelican Services LLC), 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 | $15.5M | Current | No | 2.08x | 99% |
| August 2026 | $15.5M | Current | No | 2.08x | 99% |
| July 2026 | $15.5M | Current | No | n/a | n/a |
| June 2026 | $15.6M | Current | No | n/a | n/a |
| May 2026 | $15.6M | Current | No | n/a | n/a |
| April 2026 | $15.6M | Current | No | 2.19x | 98% |
| March 2026 | $15.6M | Current | No | 2.19x | 98% |
| February 2026 | $15.7M | Current | No | 2.19x | 98% |
| January 2026 | $15.7M | Current | No | 2.12x | 100% |
| December 2025 | $15.7M | Current | No | 2.12x | 100% |
| November 2025 | $15.8M | Current | No | 2.12x | 100% |
| October 2025 | $15.8M | Current | No | 1.87x | 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
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Benchmark 2022-B32 Mortgage Trust | 32 | $15,467,172 | Sep 2026 | SEC filing, September 28, 2026 |
Other Phoenix-Mesa-Chandler loans due in 2032
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| High Street | Phoenix, AZ | Mixed use | $138.4M | 5.352% | Jul 2032 | 1.21x | 91% | Current |
| The Boulders Resort | Scottsdale, AZ | Hotel | $94.3M | 5.563% | Jul 2032 | 2.43x | 69% | Current |
| West Indian School Road | Phoenix, AZ | Self storage | $86.0M | 3.628% | Jan 2032 | n/a | n/a | Current |
| Anytime Storage #58 | Apache Junction, AZ | Self storage | $34.2M | 5.79% | Oct 2032 | n/a | n/a | Current |
| Chandler Tech Center | Chandler, AZ | Office | $24.5M | 5.93% | Sep 2032 | n/a | n/a | Current |
| Home2 Suites by Hilton Phoenix Airport North | Phoenix, AZ | Hotel | $22.3M | 5.59% | Sep 2032 | n/a | n/a | Current |
| Peoria Center at Arrowhead | Peoria, AZ | Office | $14.4M | 4.03% | Jan 2032 | 2.71x | 100% | Current |
| Safeway at Vistancia Marketplace | Peoria, AZ | Retail | $12.5M | 5.53% | May 2032 | 1.50x | 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.