Office · Phoenix, Arizona
PetSmart HQ
Public CMBS trusts hold $68.0M of the loan on PetSmart HQ at 4.28% that reaches maturity on April 5, 2028, in 17 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $68,000,000
- Original balance (same notes)
- $68,000,000
- Interest rate
- 4.28% fixed
- Originated
- March 31, 2021
- Maturity
- April 5, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ends
- January 4, 2028
- Master servicer
- Midland Loan Services
- Originator
- 3650 Real Estate Investment Trust 2 LLC
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 19601 North 27th Avenue, Phoenix, AZ 85027
- Metro
- Phoenix-Mesa-Chandler, AZ
- Rentable area
- 365,672 sq ft
- Built
- 1997, renovated 2008
- Largest tenants
- PetSmart Home Office Inc
- Value at securitization
- $108.6M (Mar 2021)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.42x | 2.28x |
| Occupancy | 100% | 100% |
| Net operating income | $7.1M | $6.7M |
| Debt yield | 9.9% |
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 3650R 2022-PF2 Commercial Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 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 6% below the underwritten figure ($6.7M a year against $7.1M).
- Debt service coverage moved from 2.42x at securitization to 2.28x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $68.0M | Current | No | 2.28x | 100% |
| August 2026 | $68.0M | Current | No | n/a | n/a |
| July 2026 | $68.0M | Current | No | n/a | n/a |
| June 2026 | $68.0M | Current | No | n/a | n/a |
| May 2026 | $68.0M | Current | No | n/a | n/a |
| April 2026 | $68.0M | Current | No | 2.27x | 100% |
| March 2026 | $68.0M | Current | No | 2.27x | 100% |
| February 2026 | $68.0M | Current | No | 2.27x | 100% |
| January 2026 | $68.0M | Current | No | 2.34x | 100% |
| December 2025 | $68.0M | Current | No | 2.34x | 100% |
| November 2025 | $68.0M | Current | No | 2.34x | 100% |
| October 2025 | $68.0M | Current | No | 2.33x | 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
The loan is split into 4 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| 3650R 2021-PF1 Commercial Mortgage Trust | 17 | $23,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| Benchmark 2023-V2 Mortgage Trust | 15 | $22,350,000 | Sep 2026 | SEC filing, September 28, 2026 |
| BMO 2023-C4 Mortgage Trust | 30 | $12,650,000 | Sep 2026 | SEC filing, October 2, 2026 |
| 3650R 2022-PF2 Commercial Mortgage Trust | 26 | $10,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other Phoenix-Mesa-Chandler loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Marina Heights State Farm | Tempe, AZ | Office | $210.0M | 3.56% | Jan 2028 | 2.93x | 100% | Current |
| Scottsdale Fashion Square | Scottsdale, AZ | Retail | $200.0M | 6.214% | Mar 2028 | 2.08x | n/a | Current |
| Liberty Portfolio | AZ | Office | $90.7M | 4.755% | Oct 2028 | 1.75x | 97% | Current |
| Marina Heights | Tempe, AZ | Office | $86.0M | 3.56% | Jan 2028 | 2.99x | 100% | Current |
| Park West Shopping Center | Peoria, AZ | Retail | $58.6M | 7.25% | Jun 2028 | 1.66x | 88% | Current |
| Phoenix Marriott Tempe at the Buttes | Tempe, AZ | Hotel | $56.9M | 5.11% | Oct 2028 | 3.29x | 77% | Current |
| Liberty Center at Rio Salado | Tempe, AZ | Office | $50.0M | 4.755% | Oct 2028 | n/a | n/a | Current |
| Residence Inn & Courtyard Phoenix Downtown | Phoenix, AZ | Hotel | $44.8M | 4.696% | Jul 2028 | 2.46x | 71% | Current |
All loans maturing in 2028 · All Phoenix-Mesa-Chandler 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.