Office portfolio, 3 properties · Memphis, Tennessee
One Commerce Square
This portfolio is financed with a $29.2M CMBS loan at 3.67% that reaches maturity on November 6, 2030, in 4 years. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $29,177,516
- Original balance (same notes)
- $33,000,000
- Interest rate
- 3.67% fixed
- Originated
- October 28, 2020
- Maturity
- November 6, 2030
- Payments
- Amortizing over 30 years
- Prepayment lockout ends
- June 5, 2030
- Master servicer
- Midland Loan Services
- Originator
- Citi Real Estate Funding Inc.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Modified
- Yes, most recently May 27, 2026
- Defeasance
- None reported
The property
- Address
- 40 South Main Street, Memphis, TN 38103
- Metro
- Memphis, TN-MS-AR
- Rentable area
- 391,440 sq ft
- Built
- 1972
- Largest tenants
- State of Tennessee; HGB Design, LLC; Memphis Area Transit Authority
- Value at securitization
- $45.7M (Sep 2020)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.07x | 2.54x |
| Occupancy | 84% | 84% |
| Net operating income (annualized from 6 months) | $3.8M | $9.3M |
| Debt yield | 31.9% |
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 2020-B21 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
- Modified
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 147% above the underwritten figure ($9.3M a year against $3.8M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 2.07x at securitization to 2.54x on the latest statements.
- The filing gives Sep 2029 as the lease end date for the largest tenant (State of Tennessee), 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 | $29.2M | Current | No | 2.54x | 84% |
| August 2026 | $29.2M | Current | No | n/a | n/a |
| July 2026 | $29.3M | Current | No | n/a | n/a |
| June 2026 | $29.4M | Current | No | n/a | n/a |
| May 2026 | $29.4M | Current | No | n/a | n/a |
| April 2026 | $29.5M | Current | No | 2.61x | 87% |
| March 2026 | $29.5M | Current | No | 2.61x | 87% |
| February 2026 | $29.6M | Current | No | 2.65x | 87% |
| January 2026 | $29.7M | Current | No | 2.65x | 87% |
| December 2025 | $29.7M | Current | No | 2.65x | 87% |
| November 2025 | $29.8M | Current | No | 2.65x | 87% |
| October 2025 | $29.8M | Current | No | 2.65x | 87% |
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 2020-B21 Mortgage Trust | 9 | $29,177,516 | Sep 2026 | SEC filing, September 28, 2026 |
Other Memphis loans due in 2030
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Wilson Crossing Townhomes | Memphis, TN | Multifamily | $12.1M | 6.60% | Oct 2030 | 1.69x | 92% | Current |
| Germantown Plaza | Germantown, TN | Retail | $11.6M | 3.70% | Mar 2030 | n/a | n/a | Current |
| Oak Ridge Apartments, Memphis | Memphis, TN | Multifamily | $10.0M | 6.308% | Sep 2030 | n/a | n/a | Current |
| 1244 Primacy Parkway | Memphis, TN | Healthcare | $7.1M | 4.15% | Aug 2030 | n/a | n/a | Current |
| Southern Meadows Mhc | Millington, TN | Manufactured housing | $5.1M | 6.324% | Dec 2030 | 1.57x | 98% | 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.