Office · West Palm Beach, Florida
Phillips Point
Public CMBS trusts hold $198.5M of the loan on Phillips Point at 3.34% that reaches maturity on February 6, 2031, in 4 years and 3 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $198,520,000
- Original balance (same notes)
- $198,520,000
- Interest rate
- 3.34% fixed
- Originated
- January 15, 2021
- Maturity
- February 6, 2031
- Payments
- Interest only for the full term
- Prepayment lockout ends
- October 5, 2030
- Master servicer
- Midland Loan Services
- Originator
- Goldman Sachs Bank USA
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 777 S. Flagler Drive, West Palm Beach, FL 33401
- Metro
- Miami-Fort Lauderdale-West Palm Beach, FL
- Rentable area
- 448,885 sq ft
- Built
- 1985, renovated 2020
- Largest tenants
- Gunster, Yoakley, Valdes Fauli; Akerman, Senterfitt and Eidson; Greenberg Traurig
- Value at securitization
- $282.0M (Dec 2020)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.85x | 2.04x |
| Occupancy | 91% | 74% |
| Net operating income (annualized from 6 months) | $19.2M | $27.7M |
| Debt yield | 13.9% |
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 2021-B25 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
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 91% when the loan was securitized to 74%.
- Net operating income is 44% above the underwritten figure ($27.7M a year against $19.2M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 2.85x at securitization to 2.04x on the latest statements.
- The filing gives Aug 2029 as the lease end date for the largest tenant (Gunster, Yoakley, Valdes Fauli), 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 | $198.5M | Current | No | 2.04x | 74% |
| August 2026 | $198.5M | Current | No | 2.09x | 82% |
| July 2026 | $198.5M | Current | No | 2.09x | 82% |
| June 2026 | $198.5M | Current | No | n/a | n/a |
| May 2026 | $198.5M | Current | No | n/a | n/a |
| April 2026 | $198.5M | Current | No | 2.56x | 82% |
| March 2026 | $198.5M | Current | No | 2.56x | 85% |
| February 2026 | $198.5M | Current | No | 2.56x | 85% |
| January 2026 | $198.5M | Current | No | 2.56x | 85% |
| December 2025 | $198.5M | Current | No | 2.56x | 85% |
| November 2025 | $198.5M | Current | No | 2.77x | 85% |
| October 2025 | $198.5M | Current | No | 2.77x | 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
The loan is split into 3 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BENCHMARK 2021-B23 MORTGAGE TRUST | 4 | $75,000,000 | Sep 2026 | SEC filing, September 30, 2026 |
| Benchmark 2021-B24 Mortgage Trust | 3 | $75,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
| Benchmark 2021-B25 Mortgage Trust | 6 | $48,520,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other Miami-Fort Lauderdale-West Palm Beach loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Cottage Cove Apartments | Miami, FL | Multifamily | $87.5M | 6.45% | Feb 2031 | n/a | n/a | Current |
| Extra Space Brickell | Miami, FL | Self storage | $65.0M | 3.99% | May 2031 | n/a | n/a | Current |
| Holiday Inn Miami Hialeah | Hialeah Gardens, FL | Hotel | $60.0M | 7.372% | Mar 2031 | n/a | n/a | Current |
| Doral Concourse | Doral, FL | Office | $56.0M | 3.31% | Aug 2031 | 2.24x | 84% | Current |
| 17 West Miami | Miami Beach, FL | Mixed use | $55.0M | 3.81% | Dec 2031 | 1.67x | 100% | Current |
| Doral Center | Doral, FL | Office | $53.5M | 7.35% | Aug 2031 | n/a | n/a | Current |
| Innovo at Sunrise | Sunrise, FL | Multifamily | $34.0M | 5.96% | Apr 2031 | n/a | n/a | Current |
| Crossroads I II & IV | Plantation, FL | Office | $33.5M | 6.571% | Feb 2031 | n/a | n/a | Current |
All loans maturing in 2031 · All Miami-Fort Lauderdale-West Palm Beach 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.