Retail · Miami, Florida
Shoppes at Dadeland
Shoppes at Dadeland is financed with a $40.5M CMBS loan at 6.74% that reaches maturity on August 6, 2035, in 8 years and 9 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $40,500,000
- Original balance (same notes)
- $40,500,000
- Interest rate
- 6.74% fixed
- Originated
- July 30, 2025
- Maturity
- August 6, 2035
- Payments
- Interest only for the full term
- Prepayment lockout ends
- February 5, 2035
- Master servicer
- Midland Loan Services
- Originator
- Citi Real Estate Funding Inc.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 7200 S Dadeland Blvd 7220, 7240 & 7260 SW 88th St., Miami, FL 33156
- Metro
- Miami-Fort Lauderdale-West Palm Beach, FL
- Rentable area
- 104,700 sq ft
- Built
- 1999
- Largest tenants
- Brandsmart USA Dadeland, LLC; The Container Store, Inc. 024MIA; Old Navy #5161
- Value at securitization
- $59.8M (Apr 2025)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.35x | 0.98x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 6 months) | $3.7M | $5.5M |
| Debt yield | 13.6% |
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 2025-B41 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
On the cmbs.news watch list in every report since September 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
- Net operating income is 47% above the underwritten figure ($5.5M a year against $3.7M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.35x at securitization to 0.98x on the latest statements.
- At 0.98x, the property's reported NOI does not cover its debt service.
- The filing gives Dec 2030 as the lease end date for the largest tenant (Brandsmart USA Dadeland, LLC), 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 | $40.5M | Current | No | 0.98x | 100% |
| August 2026 | $40.5M | Current | No | 1.00x | 100% |
| July 2026 | $40.5M | Current | No | 1.00x | 100% |
| June 2026 | $40.5M | Current | No | 1.00x | 100% |
| May 2026 | $40.5M | Current | No | n/a | n/a |
| April 2026 | $40.5M | Current | No | n/a | n/a |
| March 2026 | $40.5M | Current | No | n/a | n/a |
| February 2026 | $40.5M | Current | No | n/a | n/a |
| January 2026 | $40.5M | Current | No | n/a | n/a |
| December 2025 | $40.5M | Current | No | n/a | n/a |
| November 2025 | $40.5M | Current | No | n/a | n/a |
| October 2025 | $40.5M | Current | No | n/a | n/a |
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 2025-B41 Mortgage Trust | 6 | $40,500,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other Miami-Fort Lauderdale-West Palm Beach loans due in 2035
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Dadeland Centre I & II | Miami, FL | Office | $51.5M | 7.40% | May 2035 | 1.62x | 94% | Current |
| PGA Financial Plaza | Palm Beach Gardens, FL | Office | $17.0M | 6.36% | Oct 2035 | n/a | n/a | Current |
| Miramar Crossing | Miramar, FL | Retail | $5.5M | 6.32% | Apr 2035 | 3.05x | 96% | Current |
| Quantum on the Bay | Miami, FL | Office | $3.3M | 7.47% | Sep 2035 | n/a | n/a | 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.