← BENCHMARK 2018-B2 Mortgage Trust · Loan annex · CMBS market
- Deal
- BENCHMARK 2018-B2 Mortgage Trust
- Current balance
- $12.5M (October 2022)
- Share of deal
- not yet reported
- Status
- not yet reported
- DSCR (latest)
- 2.21
- Occupancy (latest)
- 76%
- Scheduled maturity
- 2023-01-06
Property and terms
| Property | Holiday Inn Express New Orleans |
| Address | 334 O'Keefe Avenue; New Orleans, LA 70112 |
| Property type | Lodging |
| Units, beds or keys | 129 |
| Net rentable square feet | not yet reported |
| Year built | 1999 |
| Year last renovated | 2015 |
| Original balance | $12.9M |
| Current balance | $12.5M (October 2022) |
| Share of deal balance | not yet reported |
| Interest rate at origination | 4.93% |
| Current interest rate | 4.93% |
| Origination date | 12-19-2017 |
| Original term | 60 months |
| Amortization term | 360 months |
| Interest-only period | 24 months |
| Scheduled maturity | 2023-01-06 |
| Prepayment lockout end | 03-05-2020 |
| Yield maintenance end | 10-05-2022 |
| Servicer | KeyBank Real Estate Capital |
| Loan servicer | not yet reported |
| Originator | Citi Real Estate Funding Inc. |
| Current status | not yet reported |
| Specially serviced now | No |
| Defeased | No |
Valuation
| Basis | Amount | Date | Source (as filed) |
|---|---|---|---|
| At securitization | $23.7M | 01-01-2019 | MAI |
| Most recent reported | $16.8M | 2020-10-07 | MAI |
Change from securitization to the most recent reported valuation: -29.1%.
Monthly history
| Month | Balance | Status | Rate | DSCR (NCF) | DSCR (NOI) | Occupancy | Advances | Financial period end | Revenue | Expenses | NOI | NCF |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| February 2018 | $12.9M | Current | 4.93% | not yet reported | not yet reported | 72% | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| March 2018 | $12.9M | not yet reported | 4.93% | 0.00 | 0.00 | 0% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| April 2018 | $12.9M | not yet reported | 4.93% | 0.00 | 0.00 | 0% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| May 2018 | $12.9M | not yet reported | 4.93% | 0.00 | 0.00 | 0% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| June 2018 | $12.9M | not yet reported | 4.93% | 0.00 | 0.00 | 0% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| July 2018 | $12.9M | not yet reported | 4.93% | 0.00 | 0.00 | 0% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| August 2018 | $12.9M | not yet reported | 4.93% | 0.00 | 0.00 | 0% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| September 2018 | $12.9M | not yet reported | 4.93% | 0.00 | 0.00 | 0% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| October 2018 | $12.9M | not yet reported | 4.93% | 0.00 | 0.00 | 0% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| November 2018 | $12.9M | not yet reported | 4.93% | 3.43 | 3.79 | 0% | $0 | 06-30-2018 | $2.9M | $1.6M | $1.2M | $1.1M |
| December 2018 | $12.9M | not yet reported | 4.93% | 3.43 | 3.79 | 0% | $0 | 06-30-2018 | $2.9M | $1.6M | $1.2M | $1.1M |
| January 2019 | $12.9M | not yet reported | 4.93% | 3.11 | 3.52 | 0% | $0 | 09-30-2018 | $3.9M | $2.2M | $1.7M | $1.5M |
| February 2019 | $12.9M | not yet reported | 4.93% | 3.11 | 3.52 | 0% | $0 | 09-30-2018 | $3.9M | $2.2M | $1.7M | $1.5M |
| March 2019 | $12.9M | not yet reported | 4.93% | 3.11 | 3.52 | 0% | $0 | 09-30-2018 | $3.9M | $2.2M | $1.7M | $1.5M |
| April 2019 | $12.9M | not yet reported | 4.93% | 0.00 | 0.00 | 0% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| May 2019 | $12.9M | not yet reported | 4.93% | 3.01 | 3.44 | 0% | $0 | 03-31-2019 | $5.5M | $3.3M | $2.2M | $1.9M |
| June 2019 | $12.9M | not yet reported | 4.93% | 3.10 | 3.44 | 0% | $0 | 03-31-2019 | $5.5M | $3.3M | $2.2M | $2.0M |
| July 2019 | $12.9M | not yet reported | 4.93% | 3.10 | 3.44 | 0% | $0 | 03-31-2019 | $5.5M | $3.3M | $2.2M | $2.0M |
| August 2019 | $12.9M | not yet reported | 4.93% | 3.10 | 3.44 | 0% | $0 | 03-31-2019 | $5.5M | $3.3M | $2.2M | $2.0M |
| September 2019 | $12.9M | not yet reported | 4.93% | 2.78 | 3.11 | 0% | $0 | 06-30-2019 | $5.3M | $3.3M | $2.0M | $1.8M |
| October 2019 | $12.9M | not yet reported | 4.93% | 2.78 | 3.11 | 0% | $0 | 06-30-2019 | $5.3M | $3.3M | $2.0M | $1.8M |
| November 2019 | $12.9M | not yet reported | 4.93% | 2.78 | 3.11 | 0% | $0 | 06-30-2019 | $5.3M | $3.3M | $2.0M | $1.8M |
| December 2019 | $12.9M | not yet reported | 4.93% | 2.78 | 3.11 | 0% | $0 | 06-30-2019 | $5.3M | $3.3M | $2.0M | $1.8M |
| January 2020 | $12.9M | not yet reported | 4.93% | 2.64 | 2.97 | 0% | $0 | 09-30-2019 | $5.3M | $3.4M | $1.9M | $1.7M |
| February 2020 | $12.9M | not yet reported | 4.93% | 2.64 | 2.97 | 0% | $0 | 09-30-2019 | $5.3M | $3.4M | $1.9M | $1.7M |
| March 2020 | $12.9M | not yet reported | 4.93% | 2.20 | 2.53 | 77% | $0 | 12-31-2019 | $5.2M | $3.6M | $1.6M | $1.4M |
| April 2020 | $12.9M | not yet reported | 4.93% | 2.64 | 2.97 | 77% | $0 | 09-30-2019 | $5.3M | $3.4M | $1.9M | $1.7M |
| May 2020 | $12.8M | not yet reported | 4.93% | 0.00 | 0.00 | 77% | $0 | not yet reported | $0 | $0 | $0 | $0 |
| June 2020 | $12.8M | Matured balloon, non-performing | 4.93% | 0.00 | 0.00 | 77% | $68,607 | not yet reported | $0 | $0 | $0 | $0 |
| July 2020 | $12.8M | 30-59 days delinquent | 4.93% | 0.00 | 0.00 | 77% | $137,217 | not yet reported | $0 | $0 | $0 | $0 |
| August 2020 | $12.8M | 60-89 days delinquent | 4.93% | 0.00 | 0.00 | 77% | $205,824 | not yet reported | $0 | $0 | $0 | $0 |
| September 2020 | $12.8M | 90+ days delinquent | 4.93% | 0.00 | 0.00 | 77% | $274,431 | not yet reported | $0 | $0 | $0 | $0 |
| October 2020 | $12.8M | 90+ days delinquent | 4.93% | 0.00 | 0.00 | 77% | $343,041 | not yet reported | $0 | $0 | $0 | $0 |
| November 2020 | $12.8M | 90+ days delinquent | 4.93% | 0.00 | 0.00 | 77% | $411,649 | not yet reported | $0 | $0 | $0 | $0 |
| December 2020 | $12.8M | 90+ days delinquent | 4.93% | 0.00 | 0.00 | 77% | $480,259 | not yet reported | $0 | $0 | $0 | $0 |
| January 2021 | $12.8M | 90+ days delinquent | 4.93% | 0.00 | 0.00 | 77% | $548,867 | not yet reported | $0 | $0 | $0 | $0 |
| February 2021 | $12.8M | 90+ days delinquent | 4.93% | 0.00 | 0.00 | 77% | $617,474 | not yet reported | $0 | $0 | $0 | $0 |
| March 2021 | $12.8M | 90+ days delinquent | 4.93% | 0.00 | 0.00 | 77% | $686,091 | not yet reported | $0 | $0 | $0 | $0 |
| April 2021 | $12.8M | 90+ days delinquent | 4.93% | 0.00 | 0.00 | 77% | $754,699 | not yet reported | $0 | $0 | $0 | $0 |
| May 2021 | $12.8M | 90+ days delinquent | 4.93% | 0.00 | 0.00 | 77% | $823,310 | not yet reported | $0 | $0 | $0 | $0 |
| June 2021 | $12.8M | 90+ days delinquent | 4.93% | 0.00 | 0.00 | 77% | $891,918 | not yet reported | $0 | $0 | $0 | $0 |
| July 2021 | $12.8M | 90+ days delinquent | 4.93% | 0.00 | 0.00 | 77% | $823,310 | not yet reported | $0 | $0 | $0 | $0 |
| August 2021 | $12.8M | 90+ days delinquent | 4.93% | 0.00 | 0.00 | 77% | $823,308 | not yet reported | $0 | $0 | $0 | $0 |
| September 2021 | $12.8M | Matured balloon, non-performing | 4.93% | 0.00 | 0.00 | 77% | $823,308 | not yet reported | $0 | $0 | $0 | $0 |
| October 2021 | $12.7M | not yet reported | 4.93% | 0.00 | 0.00 | 77% | $755,691 | not yet reported | $0 | $0 | $0 | $0 |
| November 2021 | $12.7M | not yet reported | 4.93% | 0.00 | 0.00 | 77% | $755,691 | not yet reported | $0 | $0 | $0 | $0 |
| December 2021 | $12.7M | not yet reported | 4.93% | 0.00 | 0.00 | 77% | $755,691 | not yet reported | $0 | $0 | $0 | $0 |
| January 2022 | $12.7M | not yet reported | 4.93% | 0.00 | 0.00 | 77% | $755,691 | not yet reported | $0 | $0 | $0 | $0 |
| February 2022 | $12.7M | not yet reported | 4.93% | 0.00 | 0.00 | 77% | $755,691 | not yet reported | $0 | $0 | $0 | $0 |
| March 2022 | $12.7M | not yet reported | 4.93% | 0.00 | 0.00 | 77% | $755,691 | not yet reported | $0 | $0 | $0 | $0 |
| April 2022 | $12.6M | not yet reported | 4.93% | 0.00 | 0.00 | 77% | $755,691 | not yet reported | $0 | $0 | $0 | $0 |
| May 2022 | $12.6M | not yet reported | 4.93% | 0.00 | 0.00 | 77% | $755,691 | not yet reported | $0 | $0 | $0 | $0 |
| June 2022 | $12.6M | not yet reported | 4.93% | 0.00 | 0.00 | 77% | $755,691 | not yet reported | $0 | $0 | $0 | $0 |
| July 2022 | $12.6M | not yet reported | 4.93% | 0.00 | 0.00 | 77% | $755,691 | not yet reported | $0 | $0 | $0 | $0 |
| August 2022 | $12.6M | not yet reported | 4.93% | 0.00 | 0.00 | 77% | $755,691 | not yet reported | $0 | $0 | $0 | $0 |
| September 2022 | $12.6M | not yet reported | 4.93% | 0.00 | 0.00 | 77% | $755,691 | not yet reported | $0 | $0 | $0 | $0 |
| October 2022 | $12.5M | not yet reported | 4.93% | 2.21 | 2.48 | 76% | $755,691 | 06-30-2022 | $5.6M | $3.6M | $2.0M | $1.8M |
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 |
|---|---|
| 2020-04-13 | Transferred to the special servicer |
| July 2020 | First reported 30 or more days delinquent |
| 2021-08-17 | Loan modified (rate after modification 0.00%; maturity after modification 2023-01-06; payment after modification $0) |
| 2021-10-14 | Returned to the master servicer |
| 2023-01-06 | Scheduled maturity passed; the loan is still reported, with status not yet reported in October 2022 |
Sources: SEC Form ABS-EE asset-level reports for the deal. Definitions are in the methods note on the market page.