Retail · Schererville, Indiana
The Shoppes of Schererville
The Shoppes of Schererville is financed with a $11.0M CMBS loan at 4.55% that reaches maturity on June 6, 2029, in 2 years and 7 months. As of the Oct 2026 servicer report its status is current.
The loan
- Balance in tracked trusts
- $11,000,000
- Original balance (same notes)
- $11,000,000
- Interest rate
- 4.55% fixed
- Originated
- May 9, 2019
- Maturity
- June 6, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ends
- December 5, 2028
- 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
- 701-717 Us-41, Schererville, IN 46375
- Metro
- Chicago-Naperville-Elgin, IL-IN
- Rentable area
- 138,289 sq ft
- Built
- 2005
- Largest tenants
- Petsmart Inc. Store #1374; R & R Goldman & Associates, Inc.; La Carreta Restaurant
- Value at securitization
- $18.4M (Mar 2019)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 3.03x | 3.25x |
| Occupancy | 95% | 46% |
| Net operating income (annualized from 6 months) | $1.5M | $3.3M |
| Debt yield | 30.2% |
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 GS Mortgage Securities Trust 2019-GC40 filing for the reporting period ending October 6, 2026, filed with the SEC October 22, 2026.
- 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 95% when the loan was securitized to 46%.
- Net operating income is 116% above the underwritten figure ($3.3M a year against $1.5M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 3.03x at securitization to 3.25x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| October 2026 | $11.0M | Current | No | 3.25x | 46% |
| September 2026 | $11.0M | Current | No | 3.25x | 46% |
| August 2026 | $11.0M | Current | No | 3.25x | 46% |
| July 2026 | $11.0M | Current | No | 0.65x | 46% |
| June 2026 | $11.0M | Current | No | 0.65x | 46% |
| May 2026 | $11.0M | Current | No | 0.65x | 46% |
| April 2026 | $11.0M | Current | No | 1.45x | 46% |
| March 2026 | $11.0M | Payment not received but still in grace period or not yet due | No | 1.45x | 46% |
| February 2026 | $11.0M | Current | No | 1.82x | 46% |
| January 2026 | $11.0M | Current | No | 1.82x | 71% |
| December 2025 | $11.0M | Late payment but less than 30 days delinquent | No | 1.82x | 71% |
| November 2025 | $11.0M | Current | No | 1.91x | 71% |
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 |
|---|---|---|---|---|
| GS Mortgage Securities Trust 2019-GC40 | 25 | $11,000,000 | Oct 2026 | SEC filing, October 22, 2026 |
Other Chicago-Naperville-Elgin loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Millennium Park Plaza | Chicago, IL | Mixed use | $210.0M | 3.66% | Aug 2029 | 1.66x | 73% | Current |
| 101 45th Street | Munster, IN | Industrial | $138.8M | 3.231% | Dec 2029 | n/a | n/a | Current |
| City Hyde Park | Chicago, IL | Multifamily | $108.7M | 4.70% | Oct 2029 | 1.03x | 83% | Current |
| 5452-5466 S. Ellis Avenue | Chicago, IL | Multifamily | $106.8M | 4.554% | Feb 2029 | n/a | n/a | Current |
| 3500 Lacey Road | Downers Grove, IL | Office | $85.8M | 4.35% | Dec 2029 | 2.39x | 95% | Current |
| Lakeside Apartments | Lisle, IL | Multifamily | $70.0M | 4.935% | Mar 2029 | 1.98x | 95% | Current |
| Hilton Garden Inn & Canopy - Chicago Central Loop | Chicago, IL | Healthcare | $65.0M | 7.60% | Jun 2029 | 1.93x | 74% | Current |
| The Elston Retail Collection | Chicago, IL | Retail | $57.1M | 3.65% | Nov 2029 | 1.40x | 100% | With the special servicer |
All loans maturing in 2029 · All Chicago-Naperville-Elgin loans
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting period ending October 6, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.