← 3650R 2022-PF2 Commercial Mortgage Trust / Loan annex / CMBS market
- Deal
- 3650R 2022-PF2 Commercial Mortgage Trust
- Current balance
- $0 (October 2026)
- Share of deal
- 0.0%
- Status
- Current
- DSCR (latest)
- 2.21
- Occupancy (latest)
- 95%
- Scheduled maturity
- 2027-01-05
Property and terms
| Property | Lakeshore Marketplace |
| Address | 5141 Harvey Street; Norton Shores, MI 49444 |
| Property type | Retail |
| Units, beds or keys | not yet reported |
| Net rentable square feet | 349,332 |
| Year built | 1995 |
| Year last renovated | 2019 |
| Original balance | $9.8M |
| Current balance | $0 (October 2026) |
| Share of deal balance | 0.0% |
| Interest rate at origination | 4.08% |
| Current interest rate | 4.08% |
| Origination date | 12-07-2021 |
| Original term | 60 months |
| Amortization term | 360 months |
| Interest-only period | not yet reported |
| Scheduled maturity | 2027-01-05 |
| Prepayment lockout end | 12-04-2024 |
| Yield maintenance end | 10-04-2026 |
| 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 | $32.6M | 10-23-2021 | MAI |
| Most recent reported | $32.6M | 2021-10-23 | MAI |
Change from securitization to the most recent reported valuation: 0.0%.
Largest tenants
| Tenant | Square feet | Lease expiration |
|---|---|---|
| HOBBY LOBBY | 65,214 | 12-31-2030 |
| DUNHAMS | 38,634 | 01-31-2027 |
| BURLINGTON COAT FACTORY | 33,731 | 02-28-2031 |
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 | $9.6M | Current | 4.08% | 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 | $9.6M | Current | 4.08% | 2.05 | 2.37 | 95% | $0 | 09-30-2022 | $4.3M | $1.4M | $2.9M | $2.5M |
| January 2023 | $9.6M | Current | 4.08% | 2.05 | 2.37 | 86% | $0 | 09-30-2022 | $4.3M | $1.4M | $2.9M | $2.5M |
| February 2023 | $9.6M | Current | 4.08% | 1.28 | 1.48 | 86% | $0 | 12-31-2022 | $4.3M | $1.8M | $2.4M | $2.1M |
| March 2023 | $9.6M | Current | 4.08% | 1.67 | 1.93 | 86% | $0 | 12-31-2022 | $4.3M | $1.8M | $2.4M | $2.1M |
| April 2023 | $9.6M | Current | 4.08% | 1.67 | 1.93 | 86% | $0 | 12-31-2022 | $4.3M | $1.8M | $2.4M | $2.1M |
| May 2023 | $9.6M | Current | 4.08% | 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 | $9.5M | Current | 4.08% | 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 | $9.5M | Current | 4.08% | 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 | $9.5M | Current | 4.08% | 1.77 | 2.03 | 87% | $0 | 06-30-2023 | $4.2M | $1.6M | $2.6M | $2.2M |
| September 2023 | $9.5M | Current | 4.08% | 1.77 | 2.03 | 87% | $0 | 06-30-2023 | $4.2M | $1.6M | $2.6M | $2.2M |
| October 2023 | $9.5M | Current | 4.08% | 1.77 | 2.03 | 87% | $0 | 06-30-2023 | $4.2M | $1.6M | $2.6M | $2.2M |
| November 2023 | $9.5M | Current | 4.08% | 1.77 | 2.03 | 95% | $0 | 06-30-2023 | $4.2M | $1.6M | $2.6M | $2.2M |
| December 2023 | $9.5M | Current | 4.08% | 1.83 | 2.10 | 95% | $0 | 09-30-2023 | $4.3M | $1.6M | $2.6M | $2.3M |
| January 2024 | $9.4M | Current | 4.08% | 1.83 | 2.10 | 95% | $0 | 09-30-2023 | $4.3M | $1.6M | $2.6M | $2.3M |
| February 2024 | $9.4M | Current | 4.08% | 1.80 | 2.06 | 87% | $0 | 12-31-2023 | $4.3M | $1.7M | $2.6M | $2.3M |
| March 2024 | $9.4M | Current | 4.08% | 1.80 | 2.06 | 87% | $0 | 12-31-2023 | $4.3M | $1.7M | $2.6M | $2.3M |
| April 2024 | $9.4M | Current | 4.08% | 1.80 | 2.06 | 87% | $0 | 12-31-2023 | $4.3M | $1.7M | $2.6M | $2.3M |
| May 2024 | $9.4M | Current | 4.08% | 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 | $9.4M | Current | 4.08% | 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 | $9.4M | Current | 4.08% | 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 2024 | $9.3M | Current | 4.08% | 1.75 | 2.01 | 95% | $0 | 06-30-2024 | $4.4M | $1.8M | $2.5M | $2.2M |
| September 2024 | $9.3M | Current | 4.08% | 1.75 | 2.01 | 95% | $0 | 06-30-2024 | $4.4M | $1.8M | $2.5M | $2.2M |
| October 2024 | $9.3M | Current | 4.08% | 1.75 | 2.01 | 95% | $0 | 06-30-2024 | $4.4M | $1.8M | $2.5M | $2.2M |
| November 2024 | $9.3M | Current | 4.08% | 1.75 | 2.01 | 95% | $0 | 06-30-2024 | $4.4M | $1.8M | $2.5M | $2.2M |
| December 2024 | $9.3M | Current | 4.08% | 1.75 | 2.01 | 95% | $0 | 09-30-2024 | $4.4M | $1.8M | $2.5M | $2.2M |
| January 2025 | $9.3M | Current | 4.08% | 1.75 | 2.01 | 95% | $0 | 09-30-2024 | $4.4M | $1.8M | $2.5M | $2.2M |
| February 2025 | $9.3M | Current | 4.08% | 1.75 | 2.01 | 95% | $0 | 09-30-2024 | $4.4M | $1.8M | $2.5M | $2.2M |
| March 2025 | $9.2M | Current | 4.08% | 1.92 | 2.19 | 95% | $0 | 12-31-2024 | $4.4M | $1.7M | $2.8M | $2.4M |
| April 2025 | $9.2M | Current | 4.08% | 1.92 | 2.19 | 95% | $0 | 12-31-2024 | $4.4M | $1.7M | $2.8M | $2.4M |
| May 2025 | $9.2M | Current | 4.08% | 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 | $9.2M | Current | 4.08% | 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 | $9.2M | Current | 4.08% | 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 2025 | $9.2M | Current | 4.08% | 2.19 | 2.46 | 95% | $0 | 06-30-2025 | $4.8M | $1.7M | $3.1M | $2.8M |
| September 2025 | $9.1M | Current | 4.08% | 2.19 | 2.46 | 95% | $0 | 06-30-2025 | $4.8M | $1.7M | $3.1M | $2.8M |
| October 2025 | $9.1M | Current | 4.08% | 2.19 | 2.46 | 95% | $0 | 06-30-2025 | $4.8M | $1.7M | $3.1M | $2.8M |
| November 2025 | $9.1M | Current | 4.08% | 2.19 | 2.46 | 95% | $0 | 06-30-2025 | $4.8M | $1.7M | $3.1M | $2.8M |
| December 2025 | $9.1M | Current | 4.08% | 2.19 | 2.45 | 95% | $0 | 09-30-2025 | $4.9M | $1.8M | $3.1M | $2.8M |
| January 2026 | $9.1M | Current | 4.08% | 2.19 | 2.45 | 95% | $0 | 09-30-2025 | $4.9M | $1.8M | $3.1M | $2.8M |
| February 2026 | $9.1M | Current | 4.08% | 2.19 | 2.45 | 95% | $0 | 09-30-2025 | $4.9M | $1.8M | $3.1M | $2.8M |
| March 2026 | $9.0M | Current | 4.08% | 2.18 | 2.44 | 95% | $0 | 12-31-2025 | $4.8M | $1.8M | $3.1M | $2.7M |
| April 2026 | $9.0M | Current | 4.08% | 2.18 | 2.44 | 95% | $0 | 12-31-2025 | $4.8M | $1.8M | $3.1M | $2.7M |
| May 2026 | $9.0M | Current | 4.08% | 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 | $9.0M | Current | 4.08% | 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 | $9.0M | Current | 4.08% | 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 | $9.0M | Current | 4.08% | 2.21 | 2.47 | 95% | $0 | 06-30-2026 | $4.9M | $1.8M | $3.1M | $2.8M |
| September 2026 | $9.0M | Current | 4.08% | 2.21 | 2.47 | 95% | $0 | 06-30-2026 | $4.9M | $1.8M | $3.1M | $2.8M |
| October 2026 | $0 | Current | 4.08% | 2.21 | 2.47 | 95% | $0 | 06-30-2026 | $4.9M | $1.8M | $3.1M | $2.8M |
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 |
|---|---|
| 2026-10-05 | Liquidated |
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: BMO 2022-C3 Mortgage Trust.
Sources: SEC Form ABS-EE asset-level reports for the deal. Definitions are in the methods note on the market page.