← 3650R 2021-PF1 Commercial Mortgage Trust · Loan annex · CMBS market
- Deal
- 3650R 2021-PF1 Commercial Mortgage Trust
- Current balance
- $26.8M (September 2026)
- Share of deal
- 3.0%
- Status
- Current
- DSCR (latest)
- not yet reported
- Occupancy (latest)
- not yet reported
- Scheduled maturity
- 2031-07-05
Property and terms
| Property | Shops on Wisconsin |
| Address | 6831 Wisconsin Avenue; Chevy Chase, MD 20815 |
| Property type | Retail |
| Units, beds or keys | not yet reported |
| Net rentable square feet | 73,501 |
| Year built | 1988 |
| Year last renovated | 2016 |
| Original balance | $26.8M |
| Current balance | $26.8M (September 2026) |
| Share of deal balance | 3.0% |
| Interest rate at origination | 3.41% |
| Current interest rate | 3.41% |
| Origination date | 06-21-2021 |
| Original term | 120 months |
| Amortization term | not yet reported |
| Interest-only period | 120 months |
| Scheduled maturity | 2031-07-05 |
| Prepayment lockout end | 03-04-2031 |
| Yield maintenance end | not yet reported |
| Servicer | Midland Loan Services |
| Loan servicer | not yet reported |
| Originator | 3650 Real Estate Investment Trust 2 LLC |
| Current status | Current |
| Specially serviced now | No |
| Defeased | No |
Valuation
| Basis | Amount | Date | Source (as filed) |
|---|---|---|---|
| At securitization | $40.9M | 05-07-2021 | MAI |
| Most recent reported | $40.9M | 2021-05-07 | MAI |
Change from securitization to the most recent reported valuation: 0.0%.
Largest tenants
| Tenant | Square feet | Lease expiration |
|---|---|---|
| C Target Corp - #T3242 | 36,075 | 01-31-2028 |
| Trader Joe's | 8,749 | 06-30-2030 |
| N The Little Gym | 4,355 | 03-31-2034 |
The three largest tenants as reported in the latest asset-level record.
Monthly history
| Month | Balance | Status | Rate | DSCR (NCF) | DSCR (NOI) | Occupancy | Advances | Financial period end | Revenue | Expenses | NOI | NCF |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| November 2021 | $26.8M | Current | 3.41% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| December 2021 | $26.8M | Current | 3.41% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| January 2022 | $26.8M | Current | 3.41% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| February 2022 | $26.8M | Current | 3.41% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| March 2022 | $26.8M | Current | 3.41% | 2.77 | 2.78 | 88% | $0 | 12-31-2021 | $3.6M | $1.0M | $2.6M | $2.6M |
| April 2022 | $26.8M | Current | 3.41% | 2.77 | 2.78 | 88% | $0 | 12-31-2021 | $3.6M | $1.0M | $2.6M | $2.6M |
| May 2022 | $26.8M | Current | 3.41% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| June 2022 | $26.8M | Current | 3.41% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| July 2022 | $26.8M | Current | 3.41% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| August 2022 | $26.8M | Current | 3.41% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| September 2022 | $26.8M | Current | 3.41% | 2.30 | 2.32 | 91% | $0 | 06-30-2022 | $2.9M | $749,860 | $2.1M | $2.1M |
| October 2022 | $26.8M | Current | 3.41% | 2.30 | 2.32 | 91% | $0 | 06-30-2022 | $2.9M | $749,860 | $2.1M | $2.1M |
| November 2022 | $26.8M | Current | 3.41% | 2.30 | 2.32 | 91% | $0 | 06-30-2022 | $2.9M | $749,860 | $2.1M | $2.1M |
| December 2022 | $26.8M | Current | 3.41% | 2.26 | 2.27 | 91% | $0 | 09-30-2022 | $2.9M | $780,425 | $2.1M | $2.1M |
| January 2023 | $26.8M | Current | 3.41% | 2.26 | 2.27 | 91% | $0 | 09-30-2022 | $2.9M | $780,425 | $2.1M | $2.1M |
| February 2023 | $26.8M | Current | 3.41% | 2.26 | 2.27 | 91% | $0 | 09-30-2022 | $2.9M | $780,425 | $2.1M | $2.1M |
| March 2023 | $26.8M | Current | 3.41% | 2.26 | 2.27 | 91% | $0 | 09-30-2022 | $2.9M | $780,425 | $2.1M | $2.1M |
| April 2023 | $26.8M | Current | 3.41% | 2.28 | 2.29 | 90% | $0 | 12-31-2022 | $2.9M | $783,259 | $2.1M | $2.1M |
| May 2023 | $26.8M | Current | 3.41% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| June 2023 | $26.8M | Current | 3.41% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| July 2023 | $26.8M | Current | 3.41% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| August 2023 | $26.8M | Current | 3.41% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| September 2023 | $26.8M | Current | 3.41% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| October 2023 | $26.8M | Current | 3.41% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| November 2023 | $26.8M | Current | 3.41% | 2.55 | 2.56 | 89% | $0 | 06-30-2023 | $3.2M | $790,731 | $2.4M | $2.4M |
| December 2023 | $26.8M | Current | 3.41% | 2.55 | 2.56 | 89% | $0 | 06-30-2023 | $3.2M | $790,731 | $2.4M | $2.4M |
| January 2024 | $26.8M | Current | 3.41% | 2.55 | 2.57 | 95% | $0 | 09-30-2023 | $3.1M | $761,200 | $2.4M | $2.4M |
| February 2024 | $26.8M | Current | 3.41% | 2.55 | 2.57 | 95% | $0 | 09-30-2023 | $3.1M | $761,200 | $2.4M | $2.4M |
| March 2024 | $26.8M | Current | 3.41% | 2.55 | 2.57 | 95% | $0 | 09-30-2023 | $3.1M | $761,200 | $2.4M | $2.4M |
| April 2024 | $26.8M | Current | 3.41% | 2.55 | 2.57 | 95% | $0 | 09-30-2023 | $3.1M | $761,200 | $2.4M | $2.4M |
| May 2024 | $26.8M | Current | 3.41% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| June 2024 | $26.8M | Current | 3.41% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| July 2024 | $26.8M | Current | 3.41% | 2.53 | 2.54 | 95% | $0 | 03-31-2024 | $772,220 | $185,293 | $586,928 | $583,968 |
| August 2024 | $26.8M | Current | 3.41% | 2.57 | 2.59 | 95% | $0 | 06-30-2024 | $3.2M | $784,453 | $2.4M | $2.4M |
| September 2024 | $26.8M | Current | 3.41% | 2.57 | 2.59 | 95% | $0 | 06-30-2024 | $3.2M | $784,453 | $2.4M | $2.4M |
| October 2024 | $26.8M | Current | 3.41% | 2.57 | 2.59 | 95% | $0 | 06-30-2024 | $3.2M | $784,453 | $2.4M | $2.4M |
| November 2024 | $26.8M | Matured balloon, non-performing | 3.41% | 2.57 | 2.59 | 95% | $77,298 | 06-30-2024 | $3.2M | $784,453 | $2.4M | $2.4M |
| December 2024 | $26.8M | Current | 3.41% | 2.57 | 2.59 | 95% | $0 | 06-30-2024 | $3.2M | $784,453 | $2.4M | $2.4M |
| January 2025 | $26.8M | Current | 3.41% | 2.57 | 2.59 | 95% | $0 | 06-30-2024 | $3.2M | $784,453 | $2.4M | $2.4M |
| February 2025 | $26.8M | Current | 3.41% | 2.57 | 2.59 | 95% | $0 | 06-30-2024 | $3.2M | $784,453 | $2.4M | $2.4M |
| March 2025 | $26.8M | Matured balloon, non-performing | 3.41% | 2.57 | 2.59 | 91% | $69,817 | 06-30-2024 | $3.2M | $784,453 | $2.4M | $2.4M |
| April 2025 | $26.8M | 30-59 days delinquent | 3.41% | 2.57 | 2.59 | 91% | $147,115 | 06-30-2024 | $3.2M | $784,453 | $2.4M | $2.4M |
| May 2025 | $26.8M | Matured balloon, non-performing | 3.41% | not yet reported | not yet reported | not yet reported | $74,804 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| June 2025 | $26.8M | 30-59 days delinquent | 3.41% | not yet reported | not yet reported | not yet reported | $152,102 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| July 2025 | $26.8M | 30-59 days delinquent | 3.41% | 2.60 | 2.61 | 91% | $152,102 | 03-31-2025 | $820,875 | $216,675 | $604,200 | $601,240 |
| August 2025 | $26.8M | 30-59 days delinquent | 3.41% | 2.60 | 2.61 | 91% | $152,102 | 03-31-2025 | $820,875 | $216,675 | $604,200 | $601,240 |
| September 2025 | $26.8M | 30-59 days delinquent | 3.41% | 2.60 | 2.61 | 91% | $154,596 | 03-31-2025 | $820,875 | $216,675 | $604,200 | $601,240 |
| October 2025 | $26.8M | 30-59 days delinquent | 3.41% | 2.72 | 2.74 | 91% | $152,102 | 06-30-2025 | $3.3M | $782,383 | $2.5M | $2.5M |
| November 2025 | $26.8M | Matured balloon, non-performing | 3.41% | 2.72 | 2.74 | 91% | $77,298 | 06-30-2025 | $3.3M | $782,383 | $2.5M | $2.5M |
| December 2025 | $26.8M | Current | 3.41% | 2.72 | 2.74 | 91% | $0 | 06-30-2025 | $3.3M | $782,383 | $2.5M | $2.5M |
| January 2026 | $26.8M | Current | 3.41% | 2.74 | 2.76 | 91% | $0 | 09-30-2025 | $3.3M | $769,148 | $2.5M | $2.5M |
| February 2026 | $26.8M | Current | 3.41% | 2.74 | 2.76 | 91% | $0 | 09-30-2025 | $3.3M | $769,148 | $2.5M | $2.5M |
| March 2026 | $26.8M | Current | 3.41% | 2.74 | 2.76 | 91% | $0 | 09-30-2025 | $3.3M | $769,148 | $2.5M | $2.5M |
| April 2026 | $26.8M | Current | 3.41% | 2.74 | 2.76 | 91% | $0 | 09-30-2025 | $3.3M | $769,148 | $2.5M | $2.5M |
| May 2026 | $26.8M | Current | 3.41% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| June 2026 | $26.8M | Current | 3.41% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| July 2026 | $26.8M | Current | 3.41% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| August 2026 | $26.8M | Current | 3.41% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| September 2026 | $26.8M | Current | 3.41% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
Revenue, expenses, net operating income (NOI) and net cash flow (NCF) are the most recent financials reported as of each month, for the financial period ending on the date shown. DSCR is debt service coverage on the net cash flow and net operating income bases as reported.
Status timeline
| Date | Event |
|---|---|
| April 2025 | First reported 30 or more days delinquent |
Sources: SEC Form ABS-EE asset-level reports for the deal. Definitions are in the methods note on the market page.