← 3650R 2022-PF2 Commercial Mortgage Trust · Loan annex · CMBS market
- Deal
- 3650R 2022-PF2 Commercial Mortgage Trust
- Current balance
- $57.4M (September 2026)
- Share of deal
- 8.0%
- Status
- Current
- DSCR (latest)
- 2.30
- Occupancy (latest)
- not yet reported
- Scheduled maturity
- 2032-11-01
Property and terms
| Property | Concord Mills |
| Address | 8111 (aka 8361) Concord Mills Boulevard 8201 Concord Mills Boulevard; Concord, NC 28027 |
| Property type | Mixed use |
| Units, beds or keys | not yet reported |
| Net rentable square feet | 1,318,651 |
| Year built | 1999 |
| Year last renovated | 2021 |
| Original balance | $60.0M |
| Current balance | $57.4M (September 2026) |
| Share of deal balance | 8.0% |
| Interest rate at origination | 6.55% |
| Current interest rate | 6.55% |
| Origination date | 10-11-2022 |
| Original term | 120 months |
| Amortization term | 360 months |
| Interest-only period | not yet reported |
| Scheduled maturity | 2032-11-01 |
| Prepayment lockout end | 05-31-2032 |
| Yield maintenance end | not yet reported |
| Servicer | Wells Fargo |
| Loan servicer | not yet reported |
| Originator | DBR Investments Co. Limited |
| Current status | Current |
| Specially serviced now | No |
| Defeased | No |
Valuation
| Basis | Amount | Date | Source (as filed) |
|---|---|---|---|
| At securitization | $591.0M | 09-02-2022 | MAI |
| Most recent reported | $591.0M | 2022-09-02 | MAI |
Change from securitization to the most recent reported valuation: 0.0%.
Largest tenants
| Tenant | Square feet | Lease expiration |
|---|---|---|
| Bass Pro Shops Outdoor | 134,790 | 09-12-2029 |
| Burlington | 100,498 | 01-31-2030 |
| AMC Theatres AMCTH// | 92,976 | 09-30-2029 |
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 2022 | $60.0M | Matured balloon, performing | 6.55% | 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 2022 | $59.9M | Current | 6.55% | 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 2023 | $60.0M | 30-59 days delinquent | 6.55% | not yet reported | not yet reported | not yet reported | $761,893 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| February 2023 | $59.9M | Current | 6.55% | 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 2023 | $59.8M | Current | 6.55% | 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 |
| April 2023 | $59.7M | Current | 6.55% | 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 |
| May 2023 | $59.7M | Current | 6.55% | 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 | $59.6M | Current | 6.55% | 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 | $59.6M | Current | 6.55% | 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 | $59.5M | Current | 6.55% | 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 | $59.5M | Current | 6.55% | 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 | $59.4M | Current | 6.55% | 1.93 | 2.01 | 93% | $0 | 06-30-2023 | $48.8M | $12.8M | $36.0M | $34.5M |
| November 2023 | $59.4M | Current | 6.55% | 1.93 | 2.01 | 93% | $0 | 06-30-2023 | $48.8M | $12.8M | $36.0M | $34.5M |
| December 2023 | $59.3M | Current | 6.55% | 1.93 | 2.01 | 93% | $0 | 06-30-2023 | $48.8M | $12.8M | $36.0M | $34.5M |
| January 2024 | $59.3M | Current | 6.55% | 1.93 | 2.01 | 93% | $0 | 06-30-2023 | $48.8M | $12.8M | $36.0M | $34.5M |
| February 2024 | $59.2M | Current | 6.55% | 1.93 | 2.01 | 93% | $0 | 06-30-2023 | $48.8M | $12.8M | $36.0M | $34.5M |
| March 2024 | $59.2M | Current | 6.55% | 1.97 | 2.05 | 93% | $0 | 09-30-2023 | $49.7M | $12.9M | $36.8M | $35.3M |
| April 2024 | $59.1M | Current | 6.55% | 1.97 | 2.05 | 93% | $0 | 09-30-2023 | $49.7M | $12.9M | $36.8M | $35.3M |
| May 2024 | $59.1M | Current | 6.55% | 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 | $59.0M | Current | 6.55% | 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 | $59.0M | Current | 6.55% | 2.11 | 2.19 | 98% | $0 | 03-31-2024 | $13.0M | $3.2M | $9.8M | $9.5M |
| August 2024 | $58.9M | Current | 6.55% | 2.11 | 2.19 | 98% | $0 | 03-31-2024 | $13.0M | $3.2M | $9.8M | $9.5M |
| September 2024 | $58.9M | Current | 6.55% | 2.11 | 2.19 | 98% | $0 | 03-31-2024 | $13.0M | $3.2M | $9.8M | $9.5M |
| October 2024 | $58.8M | Current | 6.55% | 2.11 | 2.19 | 98% | $0 | 03-31-2024 | $13.0M | $3.2M | $9.8M | $9.5M |
| November 2024 | $58.8M | Current | 6.55% | 2.09 | 2.17 | 100% | $0 | 06-30-2024 | $52.1M | $13.2M | $38.9M | $37.5M |
| December 2024 | $58.7M | Current | 6.55% | 2.09 | 2.17 | 100% | $0 | 06-30-2024 | $52.1M | $13.2M | $38.9M | $37.5M |
| January 2025 | $58.6M | Current | 6.55% | 2.09 | 2.17 | 100% | $0 | 06-30-2024 | $52.1M | $13.2M | $38.9M | $37.5M |
| February 2025 | $58.6M | Current | 6.55% | 2.11 | 2.19 | 99% | $0 | 09-30-2024 | $52.3M | $13.1M | $39.2M | $37.8M |
| March 2025 | $58.5M | Current | 6.55% | 2.11 | 2.19 | 99% | $0 | 09-30-2024 | $52.3M | $13.1M | $39.2M | $37.8M |
| April 2025 | $58.5M | Current | 6.55% | 2.11 | 2.19 | 99% | $0 | 09-30-2024 | $52.3M | $13.1M | $39.2M | $37.8M |
| May 2025 | $58.4M | Current | 6.55% | 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 2025 | $58.3M | Current | 6.55% | 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 2025 | $58.3M | Current | 6.55% | 2.26 | 2.34 | not yet reported | $0 | 03-31-2025 | $13.9M | $3.4M | $10.5M | $10.1M |
| August 2025 | $58.2M | Current | 6.55% | 2.26 | 2.34 | not yet reported | $0 | 03-31-2025 | $13.9M | $3.4M | $10.5M | $10.1M |
| September 2025 | $58.2M | Current | 6.55% | 2.26 | 2.34 | not yet reported | $0 | 03-31-2025 | $13.9M | $3.4M | $10.5M | $10.1M |
| October 2025 | $58.1M | Current | 6.55% | 2.29 | 2.37 | 97% | $0 | 06-30-2025 | $56.2M | $13.7M | $42.5M | $41.0M |
| November 2025 | $58.1M | Current | 6.55% | 2.29 | 2.37 | 97% | $0 | 06-30-2025 | $56.2M | $13.7M | $42.5M | $41.0M |
| December 2025 | $58.0M | Current | 6.55% | 2.29 | 2.37 | 97% | $0 | 06-30-2025 | $56.2M | $13.7M | $42.5M | $41.0M |
| January 2026 | $57.9M | Current | 6.55% | 2.28 | 2.37 | 97% | $0 | 09-30-2025 | $55.9M | $13.5M | $42.4M | $40.9M |
| February 2026 | $57.9M | Current | 6.55% | 2.28 | 2.37 | 97% | $0 | 09-30-2025 | $55.9M | $13.5M | $42.4M | $40.9M |
| March 2026 | $57.8M | Current | 6.55% | 2.28 | 2.37 | 97% | $0 | 09-30-2025 | $55.9M | $13.5M | $42.4M | $40.9M |
| April 2026 | $57.7M | Current | 6.55% | 2.28 | 2.37 | 97% | $0 | 09-30-2025 | $55.9M | $13.5M | $42.4M | $40.9M |
| May 2026 | $57.7M | Current | 6.55% | 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 | $57.6M | Current | 6.55% | 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 | $57.6M | Current | 6.55% | 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 | $57.5M | Current | 6.55% | 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 | $57.4M | Current | 6.55% | 2.30 | 2.38 | not yet reported | $0 | 03-31-2026 | $14.3M | $3.6M | $10.6M | $10.3M |
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 |
|---|---|
| January 2023 | First reported 30 or more days delinquent |
Also filed in other trusts
Loans are sometimes split across trusts (pari passu), and each trust files the loan at its whole-loan amount. A loan with the same property name and origination date is filed in: Bank 2022-BNK44; Bank 2023-BNK45; Benchmark 2022-B37 Mortgage Trust.
Sources: SEC Form ABS-EE asset-level reports for the deal. Definitions are in the methods note on the market page.