← BENCHMARK 2018-B2 Mortgage Trust · Loan annex · CMBS market
- Deal
- BENCHMARK 2018-B2 Mortgage Trust
- Current balance
- $22.6M (June 2025)
- Share of deal
- not yet reported
- Status
- 90+ days delinquent
- DSCR (latest)
- 0.66
- Occupancy (latest)
- 79%
- Scheduled maturity
- 2028-02-06
Property and terms
| Property | Village Green of Waterford |
| Address | 930 Village Green Lane; Waterford, MI 48328 |
| Property type | Multifamily |
| Units, beds or keys | 405 |
| Net rentable square feet | not yet reported |
| Year built | 1974 |
| Year last renovated | 2014 |
| Original balance | $23.6M |
| Current balance | $22.6M (June 2025) |
| Share of deal balance | not yet reported |
| Interest rate at origination | 5.03% |
| Current interest rate | 5.03% |
| Origination date | 01-10-2018 |
| Original term | 120 months |
| Amortization term | 360 months |
| Interest-only period | 36 months |
| Scheduled maturity | 2028-02-06 |
| Prepayment lockout end | 11-05-2027 |
| Yield maintenance end | not yet reported |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | Citi Real Estate Funding Inc. |
| Current status | 90+ days delinquent |
| Specially serviced now | Yes |
| Defeased | No |
Valuation
| Basis | Amount | Date | Source (as filed) |
|---|---|---|---|
| At securitization | $32.8M | 11-21-2019 | MAI |
| Most recent reported | $29.7M | 2017-11-21 | MAI |
Change from securitization to the most recent reported valuation: -9.5%.
Monthly history
| Month | Balance | Status | Rate | DSCR (NCF) | DSCR (NOI) | Occupancy | Advances | Financial period end | Revenue | Expenses | NOI | NCF |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| February 2018 | $23.6M | Matured balloon, performing | 5.03% | not yet reported | not yet reported | 97% | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| March 2018 | $23.6M | not yet reported | 5.03% | 0.00 | 0.00 | 0% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| April 2018 | $23.6M | not yet reported | 5.03% | 0.00 | 0.00 | 0% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| May 2018 | $23.6M | not yet reported | 5.03% | 0.00 | 0.00 | 0% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| June 2018 | $23.6M | not yet reported | 5.03% | 0.00 | 0.00 | 0% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| July 2018 | $23.6M | not yet reported | 5.03% | 0.00 | 0.00 | 0% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| August 2018 | $23.6M | not yet reported | 5.03% | 0.00 | 0.00 | 0% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| September 2018 | $23.6M | not yet reported | 5.03% | 0.00 | 0.00 | 0% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| October 2018 | $23.6M | not yet reported | 5.03% | 0.00 | 0.00 | 0% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| November 2018 | $23.6M | not yet reported | 5.03% | 0.00 | 0.00 | 0% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| December 2018 | $23.6M | not yet reported | 5.03% | 0.00 | 0.00 | 0% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| January 2019 | $23.6M | not yet reported | 5.03% | 0.00 | 0.00 | 0% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| February 2019 | $23.6M | Matured balloon, non-performing | 5.03% | 0.00 | 0.00 | 0% | $101,492 | not yet reported | $0 | $0 | $0 | $0 |
| March 2019 | $23.6M | not yet reported | 5.03% | 0.00 | 0.00 | 0% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| April 2019 | $23.6M | not yet reported | 5.03% | 0.36 | 0.45 | 86% | $0 | 09-30-2018 | $818,277 | $416,469 | $401,808 | $319,796 |
| May 2019 | $23.6M | not yet reported | 5.03% | 0.00 | 0.00 | 86% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| June 2019 | $23.6M | not yet reported | 5.03% | 0.00 | 0.00 | 86% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| July 2019 | $23.6M | not yet reported | 5.03% | 0.00 | 0.00 | 86% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| August 2019 | $23.6M | not yet reported | 5.03% | 0.00 | 0.00 | 86% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| September 2019 | $23.6M | not yet reported | 5.03% | 0.00 | 0.00 | 86% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| October 2019 | $23.6M | not yet reported | 5.03% | 0.00 | 0.00 | 86% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| November 2019 | $23.6M | not yet reported | 5.03% | 1.61 | 1.70 | 86% | $0 | 06-30-2019 | $1.7M | $714,037 | $1.0M | $963,842 |
| December 2019 | $23.6M | not yet reported | 5.03% | 1.61 | 1.70 | 86% | $0 | 06-30-2019 | $1.7M | $714,037 | $1.0M | $963,842 |
| January 2020 | $23.6M | not yet reported | 5.03% | 1.61 | 1.70 | 82% | $0 | 06-30-2019 | $1.7M | $714,037 | $1.0M | $963,842 |
| February 2020 | $23.6M | not yet reported | 5.03% | 1.52 | 1.61 | 82% | $0 | 09-30-2019 | $2.6M | $1.1M | $1.5M | $1.4M |
| March 2020 | $23.6M | not yet reported | 5.03% | 1.52 | 1.61 | 82% | $0 | 09-30-2019 | $2.6M | $1.1M | $1.5M | $1.4M |
| April 2020 | $23.6M | not yet reported | 5.03% | 0.00 | 0.00 | 73% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| May 2020 | $23.6M | not yet reported | 5.03% | 0.00 | 0.00 | 73% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| June 2020 | $23.6M | not yet reported | 5.03% | 0.00 | 0.00 | 73% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| July 2020 | $23.6M | not yet reported | 5.03% | 1.61 | 1.71 | 73% | $0 | 03-31-2020 | $874,571 | $362,951 | $511,621 | $484,283 |
| August 2020 | $23.6M | not yet reported | 5.03% | 1.61 | 1.71 | 67% | $0 | 03-31-2020 | $874,571 | $362,951 | $511,621 | $484,283 |
| September 2020 | $23.6M | not yet reported | 5.03% | 1.61 | 1.71 | 67% | $0 | 03-31-2020 | $874,571 | $362,951 | $511,621 | $484,283 |
| October 2020 | $23.6M | Matured balloon, non-performing | 5.03% | 1.75 | 1.84 | 74% | $98,218 | 06-30-2020 | $1.9M | $753,134 | $1.1M | $1.1M |
| November 2020 | $23.6M | 30-59 days delinquent | 5.03% | 1.75 | 1.84 | 74% | $199,710 | 06-30-2020 | $1.9M | $753,134 | $1.1M | $1.1M |
| December 2020 | $23.6M | Matured balloon, non-performing | 5.03% | 1.75 | 1.84 | 74% | $98,218 | 06-30-2020 | $1.9M | $753,134 | $1.1M | $1.1M |
| January 2021 | $23.6M | Matured balloon, non-performing | 5.03% | 1.77 | 1.86 | 74% | $101,492 | 09-30-2020 | $2.8M | $1.1M | $1.7M | $1.6M |
| February 2021 | $23.6M | Matured balloon, non-performing | 5.03% | 1.77 | 1.86 | 85% | $101,492 | 09-30-2020 | $2.8M | $1.1M | $1.7M | $1.6M |
| March 2021 | $23.6M | 30-59 days delinquent | 5.03% | 1.77 | 1.86 | 85% | $227,957 | 09-30-2020 | $2.8M | $1.1M | $1.7M | $1.6M |
| April 2021 | $23.6M | Matured balloon, non-performing | 5.03% | 1.77 | 1.86 | 85% | $126,395 | 09-30-2020 | $2.8M | $1.1M | $1.7M | $1.6M |
| May 2021 | $23.5M | not yet reported | 5.03% | 0.00 | 0.00 | 89% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| June 2021 | $23.5M | not yet reported | 5.03% | 0.00 | 0.00 | 89% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| July 2021 | $23.5M | Matured balloon, non-performing | 5.03% | 0.00 | 0.00 | 89% | $126,421 | not yet reported | $0 | $0 | $0 | $0 |
| August 2021 | $23.4M | not yet reported | 5.03% | 0.00 | 0.00 | 89% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| September 2021 | $23.4M | not yet reported | 5.03% | 1.61 | 1.70 | 86% | $0 | 03-31-2021 | $971,364 | $409,004 | $562,360 | $535,021 |
| October 2021 | $23.4M | Matured balloon, non-performing | 5.03% | 1.61 | 1.70 | 86% | $126,424 | 03-31-2021 | $971,364 | $409,004 | $562,360 | $535,021 |
| November 2021 | $23.4M | not yet reported | 5.03% | 1.61 | 1.70 | 86% | $0 | 03-31-2021 | $971,364 | $409,004 | $562,360 | $535,021 |
| December 2021 | $23.3M | not yet reported | 5.03% | 1.61 | 1.70 | 86% | $0 | 03-31-2021 | $971,364 | $409,004 | $562,360 | $535,021 |
| January 2022 | $23.3M | not yet reported | 5.03% | 1.61 | 1.70 | 86% | $0 | 03-31-2021 | $971,364 | $409,004 | $562,360 | $535,021 |
| February 2022 | $23.3M | not yet reported | 5.03% | 1.47 | 1.54 | 84% | $0 | 09-30-2021 | $3.0M | $1.3M | $1.7M | $1.6M |
| March 2022 | $23.2M | not yet reported | 5.03% | 1.47 | 1.54 | 84% | $0 | 09-30-2021 | $3.0M | $1.3M | $1.7M | $1.6M |
| April 2022 | $23.2M | not yet reported | 5.03% | 0.00 | 0.00 | 84% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| May 2022 | $23.2M | not yet reported | 5.03% | 0.00 | 0.00 | 84% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| June 2022 | $23.2M | not yet reported | 5.03% | 0.00 | 0.00 | 84% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| July 2022 | $23.2M | Matured balloon, non-performing | 5.03% | 0.00 | 0.00 | 84% | $126,431 | not yet reported | $0 | $0 | $0 | $0 |
| August 2022 | $23.1M | not yet reported | 5.03% | 0.00 | 0.00 | 84% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| September 2022 | $23.1M | not yet reported | 5.03% | 0.00 | 0.00 | 84% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| October 2022 | $23.0M | not yet reported | 5.03% | 1.35 | 1.42 | 84% | $0 | 06-30-2022 | $2.0M | $924,288 | $1.1M | $1.0M |
| November 2022 | $23.0M | not yet reported | 5.03% | 1.35 | 1.42 | 89% | $0 | 06-30-2022 | $2.0M | $924,288 | $1.1M | $1.0M |
| December 2022 | $23.0M | not yet reported | 5.03% | 1.35 | 1.42 | 89% | $0 | 06-30-2022 | $2.0M | $924,288 | $1.1M | $1.0M |
| January 2023 | $23.0M | not yet reported | 5.03% | 1.17 | 1.25 | 86% | $0 | 09-30-2022 | $3.0M | $1.6M | $1.4M | $1.3M |
| February 2023 | $22.9M | not yet reported | 5.03% | 1.17 | 1.25 | 86% | $0 | 09-30-2022 | $3.0M | $1.6M | $1.4M | $1.3M |
| March 2023 | $22.9M | Matured balloon, non-performing | 5.03% | 1.17 | 1.24 | 77% | $126,484 | 12-31-2022 | $3.9M | $2.0M | $1.9M | $1.8M |
| April 2023 | $22.9M | not yet reported | 5.03% | 0.00 | 0.00 | 73% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| May 2023 | $22.8M | not yet reported | 5.03% | 0.00 | 0.00 | 73% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| June 2023 | $22.8M | Matured balloon, non-performing | 5.03% | 0.00 | 0.00 | 73% | $126,418 | not yet reported | $0 | $0 | $0 | $0 |
| July 2023 | $22.8M | Matured balloon, non-performing | 5.03% | 1.17 | 1.24 | 70% | $126,442 | 03-31-2023 | $942,870 | $470,201 | $472,668 | $445,329 |
| August 2023 | $22.8M | Matured balloon, non-performing | 5.03% | 1.17 | 1.24 | 70% | $126,420 | 03-31-2023 | $942,870 | $470,201 | $472,668 | $445,329 |
| September 2023 | $22.7M | Matured balloon, non-performing | 5.03% | 1.17 | 1.24 | 72% | $126,421 | 03-31-2023 | $942,870 | $470,201 | $472,668 | $445,329 |
| October 2023 | $22.7M | Matured balloon, non-performing | 5.03% | 1.14 | 1.21 | 72% | $126,445 | 06-30-2023 | $1.9M | $966,039 | $922,394 | $867,716 |
| November 2023 | $22.7M | Matured balloon, non-performing | 5.03% | 1.14 | 1.21 | 72% | $126,423 | 06-30-2023 | $1.9M | $966,039 | $922,394 | $867,716 |
| December 2023 | $22.6M | Matured balloon, non-performing | 5.03% | 1.14 | 1.21 | 72% | $126,446 | 06-30-2023 | $1.9M | $966,039 | $922,394 | $867,716 |
| January 2024 | $22.6M | Matured balloon, non-performing | 5.03% | 0.66 | 0.73 | 68% | $126,425 | 09-30-2023 | $2.3M | $1.5M | $839,825 | $757,813 |
| February 2024 | $22.6M | Matured balloon, non-performing | 5.03% | 0.66 | 0.73 | 68% | $126,426 | 09-30-2023 | $2.3M | $1.5M | $839,825 | $757,813 |
| March 2024 | $22.6M | 30-59 days delinquent | 5.03% | 0.66 | 0.73 | 68% | $252,897 | 09-30-2023 | $2.3M | $1.5M | $839,825 | $757,813 |
| April 2024 | $22.6M | 60-89 days delinquent | 5.03% | 0.66 | 0.73 | 97% | $379,325 | 09-30-2023 | $2.3M | $1.5M | $839,825 | $757,813 |
| May 2024 | $22.6M | 90+ days delinquent | 5.03% | 0.66 | 0.73 | 97% | $505,776 | 09-30-2023 | $2.3M | $1.5M | $839,825 | $757,813 |
| June 2024 | $22.6M | 90+ days delinquent | 5.03% | 0.66 | 0.73 | 97% | $632,205 | 09-30-2023 | $2.3M | $1.5M | $839,825 | $757,813 |
| July 2024 | $22.6M | 90+ days delinquent | 5.03% | 0.66 | 0.73 | 97% | $758,658 | 09-30-2023 | $2.3M | $1.5M | $839,825 | $757,813 |
| August 2024 | $22.6M | 90+ days delinquent | 5.03% | 0.66 | 0.73 | 79% | $885,090 | 09-30-2023 | $2.3M | $1.5M | $839,825 | $757,813 |
| September 2024 | $22.6M | 90+ days delinquent | 5.03% | 0.66 | 0.73 | 79% | $1.0M | 09-30-2023 | $2.3M | $1.5M | $839,825 | $757,813 |
| October 2024 | $22.6M | 90+ days delinquent | 5.03% | 0.66 | 0.73 | 79% | $1.1M | 09-30-2023 | $2.3M | $1.5M | $839,825 | $757,813 |
| November 2024 | $22.6M | 90+ days delinquent | 5.03% | 0.66 | 0.73 | 79% | $1.3M | 09-30-2023 | $2.3M | $1.5M | $839,825 | $757,813 |
| December 2024 | $22.6M | 90+ days delinquent | 5.03% | 0.66 | 0.73 | 79% | $1.4M | 09-30-2023 | $2.3M | $1.5M | $839,825 | $757,813 |
| January 2025 | $22.6M | 90+ days delinquent | 5.03% | 0.66 | 0.73 | 79% | $1.5M | 09-30-2023 | $2.3M | $1.5M | $839,825 | $757,813 |
| February 2025 | $22.6M | 90+ days delinquent | 5.03% | 0.66 | 0.73 | 79% | $1.6M | 09-30-2023 | $2.3M | $1.5M | $839,825 | $757,813 |
| March 2025 | $22.6M | 90+ days delinquent | 5.03% | 0.66 | 0.73 | 79% | $1.8M | 09-30-2023 | $2.3M | $1.5M | $839,825 | $757,813 |
| April 2025 | $22.6M | 90+ days delinquent | 5.03% | 0.66 | 0.73 | 79% | $1.9M | 09-30-2023 | $2.3M | $1.5M | $839,825 | $757,813 |
| May 2025 | $22.6M | 90+ days delinquent | 5.03% | 0.66 | 0.73 | 79% | $2.0M | 09-30-2023 | $2.3M | $1.5M | $839,825 | $757,813 |
| June 2025 | $22.6M | 90+ days delinquent | 5.03% | 0.66 | 0.73 | 79% | $2.1M | 09-30-2023 | $2.3M | $1.5M | $839,825 | $757,813 |
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 |
|---|---|
| November 2020 | First reported 30 or more days delinquent |
| 2024-03-19 | Transferred to the special servicer |
Sources: SEC Form ABS-EE asset-level reports for the deal. Definitions are in the methods note on the market page.