← Benchmark 2021-B25 Mortgage Trust · Loan annex · CMBS market
- Deal
- Benchmark 2021-B25 Mortgage Trust
- Current balance
- $8.9M (September 2026)
- Share of deal
- 0.8%
- Status
- 90+ days delinquent
- DSCR (latest)
- not yet reported
- Occupancy (latest)
- not yet reported
- Scheduled maturity
- 2031-03-06
Property and terms
| Property | Morris Avenue Property (and 2 more properties) |
| Address | 2014 Morris Avenue 2013 1st Avenue North; 209 & 215 41st Street 4100-4120 3rd Avenue South; 1024 20th Street South; Brimingham, AL (and 2 more) 35203 |
| Property type | Multiple property types |
| Units, beds or keys | not yet reported |
| Net rentable square feet | not yet reported |
| Year built | not yet reported |
| Year last renovated | ["2017", "2018", "2018"] |
| Original balance | $10.3M |
| Current balance | $8.9M (September 2026) |
| Share of deal balance | 0.8% |
| Interest rate at origination | 4.42% |
| Current interest rate | 4.42% |
| Origination date | 03-02-2021 |
| Original term | 120 months |
| Amortization term | 360 months |
| Interest-only period | not yet reported |
| Scheduled maturity | 2031-03-06 |
| Prepayment lockout end | 12-05-2030 |
| Yield maintenance end | not yet reported |
| Servicer | Midland Loan Services |
| Loan servicer | not yet reported |
| Originator | DBR Investments Co. Limited |
| Current status | 90+ days delinquent |
| Specially serviced now | Yes |
| Defeased | No |
Valuation
| Basis | Amount | Date | Source (as filed) |
|---|---|---|---|
| At securitization | $15.2M | 02-03-2021 | not yet reported |
| Most recent reported | not yet reported | not yet reported | ["MAI", "MAI", "MAI"] |
Largest tenants
| Tenant | Square feet | Lease expiration |
|---|---|---|
| Avondale Brewing Company, LLC | not yet reported | ["08-18-2027", "07-31-2027", "03-31-2029"] |
| Black Mark 2, LLC | not yet reported | ["03-31-2034", "11-30-2024", "03-31-2029"] |
| Saw's II, LLC | not yet reported | ["11-30-2029", "11-30-2029", "03-31-2024"] |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| April 2021 | $10.3M | Current | 4.42% | 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 2021 | $10.3M | Current | 4.42% | 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 2021 | $10.3M | Current | 4.42% | 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 2021 | $10.2M | Current | 4.42% | 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 2021 | $10.2M | Current | 4.42% | 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 2021 | $10.2M | Current | 4.42% | 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 2021 | $10.2M | Current | 4.42% | 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 2021 | $10.2M | Current | 4.42% | 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 | $10.2M | Current | 4.42% | 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 | $10.2M | Current | 4.42% | 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 | $10.2M | Current | 4.42% | 0.55 | 0.61 | 94% | $0 | 09-30-2021 | $479,033 | $99,621 | $379,412 | $339,931 |
| March 2022 | $10.1M | Current | 4.42% | 1.69 | 1.76 | 94% | $0 | 09-30-2021 | $1.4M | $292,608 | $1.1M | $1.1M |
| April 2022 | $10.1M | Current | 4.42% | 1.27 | 1.33 | 94% | $0 | 12-31-2021 | $1.1M | $266,157 | $826,356 | $786,875 |
| May 2022 | $10.1M | Current | 4.42% | 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 | $10.1M | Current | 4.42% | 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 | $10.1M | Current | 4.42% | 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 | $10.1M | Current | 4.42% | 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 | $10.1M | Current | 4.42% | 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 2022 | $10.0M | Current | 4.42% | 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 2022 | $10.0M | Current | 4.42% | 1.56 | 1.62 | 88% | $0 | 06-30-2022 | $1.2M | $222,924 | $1.0M | $969,123 |
| December 2022 | $10.0M | Current | 4.42% | 1.56 | 1.62 | 88% | $0 | 06-30-2022 | $1.2M | $222,924 | $1.0M | $969,123 |
| January 2023 | $10.0M | Current | 4.42% | 1.56 | 1.62 | 88% | $0 | 06-30-2022 | $1.2M | $222,924 | $1.0M | $969,123 |
| February 2023 | $10.0M | Matured balloon, non-performing | 4.42% | 1.56 | 1.62 | 88% | $51,709 | 06-30-2022 | $1.2M | $222,924 | $1.0M | $969,123 |
| March 2023 | $10.0M | 30-59 days delinquent | 4.42% | 1.56 | 1.62 | 94% | $103,420 | 06-30-2022 | $1.2M | $222,924 | $1.0M | $969,123 |
| April 2023 | $10.0M | 30-59 days delinquent | 4.42% | 1.56 | 1.63 | 94% | $103,420 | 09-30-2022 | $1.2M | $217,886 | $1.0M | $969,624 |
| May 2023 | $9.9M | Current | 4.42% | 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 | $9.9M | Current | 4.42% | 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 | $9.9M | Matured balloon, non-performing | 4.42% | not yet reported | not yet reported | not yet reported | $51,710 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| August 2023 | $9.9M | Matured balloon, non-performing | 4.42% | 1.56 | 1.63 | 94% | $51,709 | 03-31-2023 | $320,788 | $68,205 | $252,583 | $242,713 |
| September 2023 | $9.9M | 30-59 days delinquent | 4.42% | not yet reported | not yet reported | not yet reported | $103,419 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| October 2023 | $9.9M | 30-59 days delinquent | 4.42% | 1.56 | 1.63 | 94% | $103,419 | 03-31-2023 | $320,788 | $68,205 | $252,583 | $242,713 |
| November 2023 | $9.9M | Matured balloon, non-performing | 4.42% | 1.56 | 1.63 | 94% | $51,709 | 03-31-2023 | $320,788 | $68,205 | $252,583 | $242,713 |
| December 2023 | $9.8M | Current | 4.42% | 1.56 | 1.63 | 94% | $0 | 03-31-2023 | $320,788 | $68,205 | $252,583 | $242,713 |
| January 2024 | $9.8M | Current | 4.42% | 1.56 | 1.63 | 94% | $0 | 03-31-2023 | $320,788 | $68,205 | $252,583 | $242,713 |
| February 2024 | $9.8M | Current | 4.42% | 1.50 | 1.56 | 94% | $0 | 09-30-2023 | $1.2M | $208,145 | $968,370 | $928,890 |
| March 2024 | $9.8M | Current | 4.42% | 1.50 | 1.56 | 94% | $0 | 09-30-2023 | $1.2M | $208,145 | $968,370 | $928,890 |
| April 2024 | $9.8M | Current | 4.42% | 1.50 | 1.56 | 94% | $0 | 09-30-2023 | $1.2M | $208,145 | $968,370 | $928,890 |
| May 2024 | $9.8M | Current | 4.42% | 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 | $9.7M | Current | 4.42% | 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 | $9.7M | Matured balloon, non-performing | 4.42% | not yet reported | not yet reported | not yet reported | $51,710 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| August 2024 | $9.7M | Current | 4.42% | 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 2024 | $9.7M | Current | 4.42% | 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 2024 | $9.7M | Matured balloon, non-performing | 4.42% | not yet reported | not yet reported | not yet reported | $51,710 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| November 2024 | $9.7M | 30-59 days delinquent | 4.42% | -0.64 | -0.58 | not yet reported | $103,420 | 06-30-2024 | $851,278 | $1.2M | $-357,787 | $-397,268 |
| December 2024 | $9.7M | 30-59 days delinquent | 4.42% | -0.64 | -0.58 | not yet reported | $103,420 | 06-30-2024 | $851,278 | $1.2M | $-357,787 | $-397,268 |
| January 2025 | $9.7M | 60-89 days delinquent | 4.42% | -0.64 | -0.58 | not yet reported | $155,130 | 06-30-2024 | $851,278 | $1.2M | $-357,787 | $-397,268 |
| February 2025 | $9.7M | 90+ days delinquent | 4.42% | -0.64 | -0.58 | not yet reported | $206,840 | 06-30-2024 | $851,278 | $1.2M | $-357,787 | $-397,268 |
| March 2025 | $9.7M | 90+ days delinquent | 4.42% | -0.64 | -0.58 | not yet reported | $248,093 | 06-30-2024 | $851,278 | $1.2M | $-357,787 | $-397,268 |
| April 2025 | $9.7M | 90+ days delinquent | 4.42% | -0.64 | -0.58 | not yet reported | $288,224 | 06-30-2024 | $851,278 | $1.2M | $-357,787 | $-397,268 |
| May 2025 | $9.7M | 90+ days delinquent | 4.42% | not yet reported | not yet reported | not yet reported | $328,729 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| June 2025 | $9.7M | 90+ days delinquent | 4.42% | not yet reported | not yet reported | not yet reported | $368,860 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| July 2025 | $9.7M | 90+ days delinquent | 4.42% | not yet reported | not yet reported | not yet reported | $409,365 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| August 2025 | $9.7M | 90+ days delinquent | 4.42% | not yet reported | not yet reported | not yet reported | $449,496 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| September 2025 | $8.9M | Current | 4.42% | 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 2025 | $8.9M | Matured balloon, non-performing | 4.42% | not yet reported | not yet reported | not yet reported | $40,506 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| November 2025 | $8.9M | 30-59 days delinquent | 4.42% | not yet reported | not yet reported | not yet reported | $80,639 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| December 2025 | $8.9M | 60-89 days delinquent | 4.42% | not yet reported | not yet reported | not yet reported | $119,927 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| January 2026 | $8.9M | 90+ days delinquent | 4.42% | not yet reported | not yet reported | not yet reported | $158,801 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| February 2026 | $8.9M | 90+ days delinquent | 4.42% | 0.40 | 0.40 | 46% | $197,674 | 09-30-2025 | $419,547 | $171,641 | $247,906 | $247,906 |
| March 2026 | $8.9M | 90+ days delinquent | 4.42% | 0.40 | 0.40 | 46% | $237,792 | 09-30-2025 | $419,547 | $171,641 | $247,906 | $247,906 |
| April 2026 | $8.9M | 90+ days delinquent | 4.42% | 0.40 | 0.40 | 46% | $276,666 | 09-30-2025 | $419,547 | $171,641 | $247,906 | $247,906 |
| May 2026 | $8.9M | 90+ days delinquent | 4.42% | not yet reported | not yet reported | not yet reported | $315,955 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| June 2026 | $8.9M | 90+ days delinquent | 4.42% | not yet reported | not yet reported | not yet reported | $354,828 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| July 2026 | $8.9M | 90+ days delinquent | 4.42% | not yet reported | not yet reported | not yet reported | $351,924 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| August 2026 | $8.9M | 90+ days delinquent | 4.42% | not yet reported | not yet reported | not yet reported | $389,055 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| September 2026 | $8.9M | 90+ days delinquent | 4.42% | not yet reported | not yet reported | not yet reported | $426,187 | 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 |
|---|---|
| March 2023 | First reported 30 or more days delinquent |
| 2023-08-10 | 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.