Hotel portfolio, 4 properties · Minnesota
Rochester Hotel Portfolio
Public CMBS trusts hold $34.6M of the loan on this portfolio at 4.741% that reaches maturity on November 6, 2027, in 12 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $34,552,748
- Original balance (same notes)
- $40,000,000
- Interest rate
- 4.741% fixed
- Originated
- November 6, 2017
- Maturity
- November 6, 2027
- Payments
- Interest only for 36 months, then amortizing
- Prepayment lockout ends
- July 5, 2027
- Master servicer
- Trimont LLC
- Originator
- Deutsche Bank AG, acting through its New York Branch
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Units, rooms or beds
- 1,222
- Value at securitization
- $210.0M (Nov 2017)
Performance
| At securitization | Latest (Dec 2025) | |
|---|---|---|
| DSCR (NOI) | 1.78x | 1.34x |
| Occupancy | 58% | 47% |
| Net operating income | $17.0M | $12.8M |
| Debt yield | 37.2% |
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 2018-B1 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC October 1, 2026.
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- NOI down 20% 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 58% when the loan was securitized to 47%.
- Net operating income is 25% below the underwritten figure ($12.8M a year against $17.0M).
- Debt service coverage moved from 1.78x at securitization to 1.34x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $34.6M | Current | No | 1.34x | 47% |
| August 2026 | $34.6M | Current | No | 1.34x | 47% |
| July 2026 | $34.7M | Current | No | 1.34x | 47% |
| June 2026 | $34.8M | Current | No | 1.34x | 47% |
| May 2026 | $34.9M | Current | No | 1.34x | 47% |
| April 2026 | $35.0M | Current | No | 1.34x | 47% |
| March 2026 | $35.1M | Current | No | 1.34x | 47% |
| February 2026 | $35.2M | Current | No | 1.34x | 47% |
| January 2026 | $35.3M | Current | No | 1.04x | 51% |
| December 2025 | $35.3M | Current | No | 1.04x | 51% |
| November 2025 | $35.4M | Current | No | 1.04x | 51% |
| October 2025 | $35.5M | Current | No | 1.04x | 51% |
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 2018-B1 Mortgage Trust | 14 | $25,914,562 | Sep 2026 | SEC filing, October 1, 2026 |
| Benchmark 2018-B1 Mortgage Trust | 14A | $8,638,187 | Sep 2026 | SEC filing, October 1, 2026 |
Other Minnesota loans due in 2027
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Rochester Marriott | Rochester, MN | Hotel | $86.4M | 4.741% | Nov 2027 | n/a | n/a | Current |
| Cabela's (Rogers) | Rogers, MN | Retail | $44.8M | 4.379% | Oct 2027 | n/a | n/a | Current |
| Marriott Minneapolis Northwest | Brooklyn Park, MN | Hotel | $18.2M | 4.93% | Mar 2027 | 2.09x | 61% | Current |
| 1301 University Avenue | Minneapolis, MN | Multifamily | $13.9M | 4.972% | Aug 2027 | 1.25x | 100% | Current |
| Uptown Row | Minneapolis, MN | Mixed use | $9.5M | 5.008% | Jan 2027 | 0.81x | 84% | Current |
| LA Fitness Apple Valley | Apple Valley, MN | Retail | $7.6M | 4.55% | Sep 2027 | 1.59x | 100% | Current |
| Quadrant Office | Brooklyn Park, MN | Office | $6.4M | 4.694% | Nov 2027 | 2.95x | 93% | Current |
| Cash Wise Center | St. Cloud, MN | Retail | $6.1M | 4.643% | Oct 2027 | 1.73x | 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.