Office · Cambridge, Massachusetts
One Memorial Drive
Public CMBS trusts hold $158.2M of the loan on One Memorial Drive at 2.692% that reaches maturity on October 5, 2031, in 4 years and 11 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $158,150,000
- Original balance (same notes)
- $158,150,000
- Interest rate
- 2.692% fixed
- Originated
- September 15, 2021
- Maturity
- October 5, 2031
- Payments
- Interest only for the full term
- Prepayment lockout ended
- December 4, 2023
- Prepayment premium ends
- May 4, 2031 (yield maintenance)
- Master servicer
- Midland (JPMCC 2021-1MEM)
- Originator
- JPMorgan Chase Bank, National Association
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- One Memorial Drive, Cambridge, MA 02142
- Metro
- Boston-Cambridge-Newton, MA-NH
- Rentable area
- 409,422 sq ft
- Built
- 1985, renovated 2018
- Largest tenants
- Microsoft Corporation; MIT; One Memorial Drive - TRS
- Value at securitization
- $828.0M (Aug 2021)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 3.74x | 0.92x |
| Occupancy | 99% | 42% |
| Net operating income (annualized from 6 months) | $30.6M | $15.2M |
| Debt yield | 9.6% |
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-B31 MORTGAGE TRUST filing for the reporting period ending September 11, 2026, filed with the SEC September 30, 2026.
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- NOI down 20% or more from securitization
On the cmbs.news watch list in every report since August 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
- Occupancy has fallen from 99% when the loan was securitized to 42%.
- Net operating income is 50% below the underwritten figure ($15.2M a year against $30.6M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 3.74x at securitization to 0.92x on the latest statements.
- At 0.92x, the property's reported NOI does not cover its debt service.
- The filing gives Jun 2028 as the lease end date for the largest tenant (Microsoft Corporation), 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 | $158.2M | Current | No | 0.92x | 42% |
| August 2026 | $158.2M | Current | No | 0.92x | 42% |
| July 2026 | $158.2M | Current | No | n/a | n/a |
| June 2026 | $158.2M | Current | No | n/a | n/a |
| May 2026 | $158.2M | Current | No | n/a | n/a |
| April 2026 | $158.2M | Current | No | 2.36x | 36% |
| March 2026 | $158.2M | Current | No | 2.36x | 36% |
| February 2026 | $158.2M | Current | No | 3.80x | 99% |
| January 2026 | $158.2M | Current | No | 3.80x | 99% |
| December 2025 | $158.2M | Current | No | 3.80x | 99% |
| November 2025 | $158.2M | Current | No | 3.80x | 99% |
| October 2025 | $158.2M | Current | No | 3.80x | 99% |
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
The loan is split into 2 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Benchmark 2021-B30 Mortgage Trust | 1 | $95,000,000 | Sep 2026 | SEC filing, October 1, 2026 |
| BENCHMARK 2021-B31 MORTGAGE TRUST | 4 | $63,150,000 | Sep 2026 | SEC filing, September 30, 2026 |
Other Boston-Cambridge-Newton loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 350 and 450 Water Street | Cambridge, MA | Mixed use | $421.0M | 2.792% | Nov 2031 | n/a | n/a | Current |
| Northshore Mall | Peabody, MA | Retail | $175.0M | 6.355% | Jan 2031 | 2.36x | 93% | Current |
| Cx - 350 & 450 Water Street, Cambridge (2031 maturity), loan 3 in BANK 2021-BNK38 | Cambridge, MA | Mixed use | $55.0M | 2.792% | Nov 2031 | 3.48x | 100% | Current |
| Cx - 350 & 450 Water Street, Cambridge (2031 maturity), loan 7 in BANK 2022-BNK39 | Cambridge, MA | Mixed use | $53.0M | 2.792% | Nov 2031 | 3.48x | 100% | Current |
| One Washington | Boston, MA | Office | $38.0M | 7.389% | Jun 2031 | n/a | n/a | Current |
| PGA Tour Superstore | Braintree, MA | Retail | $16.2M | 3.94% | Nov 2031 | n/a | n/a | Current |
| Extra Space Storage MA | Malden, MA | Self storage | $15.7M | 6.46% | Jul 2031 | n/a | n/a | Current |
| 298-300 Meridian Street | Boston, MA | Multifamily | $14.4M | 4.762% | Apr 2031 | n/a | n/a | Current |
All loans maturing in 2031 · All Boston-Cambridge-Newton 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.