Retail · Cleveland, Ohio
Steelyard Commons
Public CMBS trusts hold $39.6M of the loan on Steelyard Commons at 4.855% that reaches maturity on April 6, 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
- $39,554,013
- Original balance (same notes)
- $44,250,000
- Interest rate
- 4.855% fixed
- Originated
- April 3, 2018
- Maturity
- April 6, 2028
- Payments
- Interest only for 24 months, then amortizing
- Prepayment lockout ends
- January 5, 2028
- 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
- Address
- 3447 Steelyard Drive, Cleveland, OH 44109
- Metro
- Cleveland, OH
- Rentable area
- 265,386 sq ft
- Built
- 2007
- Largest tenants
- Marshalls; K&G Capital; Ross Dress for Less
- Value at securitization
- $59.4M (Feb 2018)
Performance
| At securitization | Latest (Dec 2025) | |
|---|---|---|
| DSCR (NOI) | 1.48x | 2.24x |
| Occupancy | 94% | 84% |
| Net operating income | $4.2M | $4.3M |
| Debt yield | 10.8% |
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-B4 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC October 1, 2026.
- Largest tenant's lease ends within 12 months
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 94% when the loan was securitized to 84%.
- Debt service coverage moved from 1.48x at securitization to 2.24x on the latest statements.
- The filing gives May 2027 as the lease end date for the largest tenant (Marshalls), 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 | $39.6M | Current | No | 2.24x | 84% |
| August 2026 | $39.6M | Current | No | 2.24x | 84% |
| July 2026 | $39.7M | Current | No | 2.24x | 84% |
| June 2026 | $39.8M | Current | No | 2.24x | 84% |
| May 2026 | $39.8M | Current | No | 2.24x | 84% |
| April 2026 | $39.9M | Current | No | 2.24x | 84% |
| March 2026 | $40.0M | Current | No | 2.26x | 84% |
| February 2026 | $40.1M | Current | No | 2.26x | 84% |
| January 2026 | $40.1M | Current | No | 2.26x | 84% |
| December 2025 | $40.2M | Current | No | 2.28x | 84% |
| November 2025 | $40.3M | Current | No | 2.28x | 84% |
| October 2025 | $40.3M | Current | No | 2.28x | 84% |
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 |
|---|---|---|---|---|
| JPMDB Commercial Mortgage Securities Trust 2018-C8 | 10 | $26,816,280 | Sep 2026 | SEC filing, September 28, 2026 |
| Benchmark 2018-B4 Mortgage Trust | 29 | $12,737,733 | Sep 2026 | SEC filing, October 1, 2026 |
Other Cleveland loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Indian Hills Senior Community | Euclid, OH | Multifamily | $49.1M | 5.13% | Sep 2028 | 1.50x | 88% | Current |
| Summit Office Park | Independence, OH | Office | $25.0M | 4.865% | Sep 2028 | 0.79x | 65% | Current |
| Hyatt Regency at the Arcade (Hyatt Regency Cleveland) | Cleveland, OH | Hotel | $25.0M | 7.99% | May 2028 | 1.24x | 63% | Current |
| Cross Creek Apartments | Brunswick, OH | Multifamily | $17.1M | 4.841% | Mar 2028 | n/a | n/a | Late, less than 30 days |
| Baricelli Little Italy | Cleveland, OH | Multifamily | $16.8M | 6.417% | Jan 2028 | 0.82x | 92% | Late, less than 30 days |
| The IMG Building | Cleveland, OH | Office | $16.7M | 5.382% | Mar 2028 | n/a | n/a | With the special servicer and 90+ days delinquent |
| Corporate Plaza, Independence | Independence, OH | Office | $16.3M | 4.57% | Jan 2028 | 2.34x | 96% | Current |
| Lee Harvard Shopping Center | Cleveland, OH | Retail | $10.4M | 4.78% | May 2028 | 2.15x | 84% | 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.