Mixed use · Tempe, Arizona
Watermark Tempe
Public CMBS trusts hold $121.0M of the loan on Watermark Tempe at 2.84% that reaches maturity on August 6, 2031, in 4 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
- $121,000,000
- Original balance (same notes)
- $121,000,000
- Interest rate
- 2.84% fixed
- Originated
- July 16, 2021
- Maturity
- August 6, 2031
- Payments
- Interest only for the full term
- Prepayment lockout ends
- February 5, 2031
- Master servicer
- Midland Loan Services
- Originator
- DBR Investments Co. Limited
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 410 and 430 North Scottsdale Road, Tempe, AZ 85281
- Metro
- Phoenix-Mesa-Chandler, AZ
- Rentable area
- 312,589 sq ft
- Built
- 2020
- Largest tenants
- WeWork (1000); MUFG Bank, Ltd. (1100); MUFG Bank, Ltd. (1200)
- Value at securitization
- $186.2M (May 2021)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 3.38x | 4.47x |
| Occupancy | 93% | 98% |
| Net operating income (annualized from 3 months) | $11.8M | $15.8M |
| Debt yield | 13.1% |
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 2021-B28 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
None this month. No flag in the cmbs.news screen applies to this loan.
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 risen from 93% when the loan was securitized to 98%.
- Net operating income is 34% above the underwritten figure ($15.8M a year against $11.8M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 3.38x at securitization to 4.47x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $121.0M | Current | No | 4.47x | 98% |
| August 2026 | $121.0M | Current | No | 4.47x | 98% |
| July 2026 | $121.0M | Current | No | 4.47x | 98% |
| June 2026 | $121.0M | Current | No | n/a | n/a |
| May 2026 | $121.0M | Current | No | n/a | n/a |
| April 2026 | $121.0M | Current | No | 3.70x | 98% |
| March 2026 | $121.0M | Current | No | 3.61x | 98% |
| February 2026 | $121.0M | Current | No | 3.61x | 98% |
| January 2026 | $121.0M | Current | No | 3.61x | 98% |
| December 2025 | $121.0M | Current | No | 3.61x | 98% |
| November 2025 | $121.0M | Current | No | 3.31x | 99% |
| October 2025 | $121.0M | Current | No | 3.31x | 99% |
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 2021-B29 Mortgage Trust | 3 | $88,500,000 | Sep 2026 | SEC filing, September 28, 2026 |
| Benchmark 2021-B28 Mortgage Trust | 10 | $32,500,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other Phoenix-Mesa-Chandler loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Superstition Gateway | Mesa, AZ | Retail | $77.1M | 3.62% | Oct 2031 | 2.91x | 96% | Current |
| Mesa | Mesa, AZ | Self storage | $51.0M | 2.954% | Aug 2031 | n/a | n/a | Current |
| Mesa Grand | Mesa, AZ | Retail | $38.0M | 6.583% | Jul 2031 | n/a | n/a | Current |
| Gainey Ranch Corporate Center II | Scottsdale, AZ | Office | $29.2M | 3.20% | Aug 2031 | 4.12x | 100% | Current |
| Consumer Cellular | Phoenix, AZ | Office | $27.5M | 4.474% | Apr 2031 | 2.21x | 100% | Current |
| Arcadia Fiesta | Phoenix, AZ | Retail | $26.9M | 3.55% | Dec 2031 | 1.73x | 100% | Current |
| The District - Airpark | Scottsdale, AZ | Mixed use | $25.4M | 3.58% | Apr 2031 | 3.17x | 91% | Current |
| Chandler Heights Marketplace | Chandler, AZ | Retail | $21.2M | 4.02% | Nov 2031 | 1.54x | 100% | Current |
All loans maturing in 2031 · All Phoenix-Mesa-Chandler 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.