Office · Farmington Hills, Michigan
The Standard
The Standard is financed with a $28.7M CMBS loan at 3.672% that reaches maturity on November 1, 2030, in 4 years. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $28,730,808
- Original balance (same notes)
- $31,000,000
- Interest rate
- 3.672% fixed
- Originated
- October 23, 2020
- Maturity
- November 1, 2030
- Payments
- Interest only for 24 months, then amortizing
- Prepayment lockout ends
- July 31, 2030
- Master servicer
- Midland Loan Services
- Originator
- JPMorgan Chase Bank, National Association
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 27777 Inkster Road, Farmington Hills, MI 48334
- Metro
- Detroit-Warren-Dearborn, MI
- Rentable area
- 284,459 sq ft
- Built
- 1987, renovated 2015
- Largest tenants
- Centria Healthcare
- Value at securitization
- $46.5M (Oct 2020)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.16x | 0.48x |
| Occupancy | 100% | 35% |
| Net operating income | $3.7M | $820K |
| Debt yield | 2.9% |
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 2020-B21 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
- Occupancy down 10 points or more from securitization
- NOI down 20% or more from securitization
On the cmbs.news watch list in every report since August 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
- Occupancy has fallen from 100% when the loan was securitized to 35%.
- Net operating income is 78% below the underwritten figure ($820K a year against $3.7M).
- Debt service coverage moved from 2.16x at securitization to 0.48x on the latest statements.
- At 0.48x, the property's reported NOI does not cover its debt service.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $28.7M | Current | No | 0.48x | 35% |
| August 2026 | $28.8M | Current | No | 0.48x | 35% |
| July 2026 | $28.8M | Current | No | n/a | n/a |
| June 2026 | $28.9M | Current | No | n/a | n/a |
| May 2026 | $28.9M | Current | No | n/a | n/a |
| April 2026 | $29.0M | Current | No | 1.11x | 35% |
| March 2026 | $29.0M | Current | No | 1.11x | 35% |
| February 2026 | $29.1M | Current | No | 1.11x | 35% |
| January 2026 | $29.2M | Current | No | 1.49x | 35% |
| December 2025 | $29.2M | Current | No | 1.49x | 35% |
| November 2025 | $29.3M | Current | No | 1.86x | 89% |
| October 2025 | $29.3M | Current | No | 1.86x | 89% |
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 2020-B21 Mortgage Trust | 11 | $28,730,808 | Sep 2026 | SEC filing, September 28, 2026 |
Other Detroit-Warren-Dearborn loans due in 2030
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Gateway Industrial Center | Detroit, MI | Industrial | $93.0M | 6.74% | Jul 2030 | n/a | n/a | Late, less than 30 days |
| The Westin Book Cadillac | Detroit, MI | Hotel | $75.0M | 4.39% | Feb 2030 | 0.83x | 63% | Current |
| The Draxton Hotel 2.0 | Birmingham, MI | Hotel | $50.0M | 6.82% | Aug 2030 | 2.32x | 67% | Current |
| Infinity Park Apartments | Detroit, MI | Multifamily | $38.0M | 5.613% | Dec 2030 | n/a | n/a | Current |
| Southfield Westin | Southfield, MI | Hotel | $37.9M | 7.395% | May 2030 | 2.01x | 70% | Current |
| Lewis Technology Centre | Novi, MI | Office | $30.6M | 3.688% | Feb 2030 | n/a | n/a | Current |
| Brewery Park - Phase II | Detroit, MI | Office | $27.1M | 4.035% | Sep 2030 | n/a | n/a | Current |
| Gale Gardens Individual Property | Melvindale, MI | Multifamily | $21.4M | 3.85% | Mar 2030 | n/a | n/a | Current |
All loans maturing in 2030 · All Detroit-Warren-Dearborn 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.