← Benchmark 2022-B32 Mortgage Trust · Loan annex · CMBS market
- Deal
- Benchmark 2022-B32 Mortgage Trust
- Current balance
- $125.0M (September 2026)
- Share of deal
- 7.1%
- Status
- Current
- DSCR (latest)
- 3.76
- Occupancy (latest)
- 76%
- Scheduled maturity
- 2029-01-01
Property and terms
| Property | First National Building (and 13 more properties) |
| Address | 660 Woodward Avenue; 611 Woodward Avenue; 719 Griswold Street 730 Shelby Street; 1001 Woodward Avenue; One Woodward Avenue; 1234 Library Street; 160 East Congress Street; 1505 Woodward Avenue 1515-1529 Woodward Avenue; 1001 Brush Street; 1700 W. Fort Street; 419 E. Fort Street; 600 Woodward Avenue; 1401 1st Street; 1520 Woodward Avenue; Detroit, MI (and 13 more) 48226 |
| Property type | Multiple property types |
| Units, beds or keys | ["1351", "1106", "1309", "32", "637", "21", "633"] |
| Net rentable square feet | not yet reported |
| Year built | not yet reported |
| Year last renovated | ["2010", "2011", "2013", "2013", "2013", "2016", "2016", "2018", "2016", "2019", "2016", "2018", "2017", "2018"] |
| Original balance | $125.0M |
| Current balance | $125.0M (September 2026) |
| Share of deal balance | 7.1% |
| Interest rate at origination | 3.78% |
| Current interest rate | 3.78% |
| Origination date | 12-28-2021 |
| Original term | 84 months |
| Amortization term | not yet reported |
| Interest-only period | 84 months |
| Scheduled maturity | 2029-01-01 |
| Prepayment lockout end | 02-29-2024 |
| Yield maintenance end | 09-30-2028 |
| Servicer | Midland |
| Loan servicer | not yet reported |
| Originator | JPMorgan Chase Bank, National Association |
| Current status | Current |
| Specially serviced now | No |
| Defeased | No |
Valuation
| Basis | Amount | Date | Source (as filed) |
|---|---|---|---|
| At securitization | $724.3M | not yet reported | not yet reported |
| Most recent reported | $92.8M | 2021-06-01 | MAI |
Change from securitization to the most recent reported valuation: -87.2%.
Largest tenants
| Tenant | Square feet | Lease expiration |
|---|---|---|
| Rocket Close LLC | not yet reported | ["01-31-2032", "07-31-2028", "08-31-2028", "04-30-2027", "03-31-2032", "04-30-2034", "05-31-2027", "03-31-2030", "05-31-2030"] |
| Honigman Miller Schwartz and Cohn LLP | not yet reported | ["11-30-2035", "05-31-2027", "08-31-2028", "10-31-2033", "12-31-2036", "01-31-2027"] |
| Board of Trustees of Michigan State University | not yet reported | ["09-30-2031", "06-30-2027", "08-31-2028", "05-31-2033", "10-31-2030", "01-31-2030", "08-31-2031", "08-31-2029"] |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| February 2022 | $125.0M | Current | 3.78% | 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 2022 | $125.0M | Current | 3.78% | 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 2022 | $125.0M | Current | 3.78% | 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 2022 | $125.0M | Current | 3.78% | 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 | $125.0M | Current | 3.78% | 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 | $125.0M | Current | 3.78% | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| August 2022 | $125.0M | Current | 3.78% | 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 | $125.0M | Current | 3.78% | 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 | $125.0M | Current | 3.78% | 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 | $125.0M | Current | 3.78% | 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 | $125.0M | Current | 3.78% | 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 | $125.0M | Current | 3.78% | 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 2023 | $125.0M | Current | 3.78% | 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 | $125.0M | Current | 3.78% | 6.28 | 6.75 | 93% | $0 | 03-31-2022 | $97.6M | $40.1M | $57.5M | $53.5M |
| April 2023 | $125.0M | Current | 3.78% | 4.07 | 4.39 | 93% | $0 | 06-30-2022 | $189.4M | $76.6M | $112.8M | $104.6M |
| May 2023 | $125.0M | Current | 3.78% | 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 | $125.0M | Current | 3.78% | 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 | $125.0M | Current | 3.78% | 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 | $125.0M | Current | 3.78% | 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 | $125.0M | Current | 3.78% | 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 | $125.0M | Current | 3.78% | 3.27 | 3.27 | not yet reported | $0 | 06-30-2023 | $96.3M | $42.5M | $53.7M | $53.7M |
| November 2023 | $125.0M | Current | 3.78% | 3.27 | 3.27 | not yet reported | $0 | 06-30-2023 | $96.3M | $42.5M | $53.7M | $53.7M |
| December 2023 | $59.1M | Current | 3.13% | 4.28 | 4.74 | 100% | $0 | 06-30-2023 | $12.9M | $4.0M | $8.9M | $8.0M |
| January 2024 | $125.0M | Current | 3.78% | 2.96 | 3.20 | not yet reported | $0 | 09-30-2023 | $128.0M | $57.6M | $70.4M | $65.1M |
| February 2024 | $125.0M | Current | 3.78% | 2.96 | 3.20 | not yet reported | $0 | 09-30-2023 | $128.0M | $57.6M | $70.4M | $65.1M |
| March 2024 | $125.0M | Current | 3.78% | 2.96 | 3.20 | not yet reported | $0 | 09-30-2023 | $128.0M | $57.6M | $70.4M | $65.1M |
| April 2024 | $125.0M | Current | 3.78% | 3.78 | 4.02 | not yet reported | $0 | 12-31-2023 | $94.4M | $42.2M | $52.2M | $49.2M |
| May 2024 | $125.0M | Current | 3.78% | 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 | $125.0M | Current | 3.78% | 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 | $125.0M | Current | 3.78% | 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 | $125.0M | Current | 3.78% | 3.89 | 4.20 | not yet reported | $0 | 03-31-2024 | $97.7M | $43.3M | $54.4M | $50.4M |
| September 2024 | $125.0M | Current | 3.78% | 3.89 | 4.20 | not yet reported | $0 | 03-31-2024 | $97.7M | $43.3M | $54.4M | $50.4M |
| October 2024 | $125.0M | Current | 3.78% | 3.89 | 4.20 | not yet reported | $0 | 03-31-2024 | $97.7M | $43.3M | $54.4M | $50.4M |
| November 2024 | $125.0M | Current | 3.78% | 3.81 | 4.12 | 93% | $0 | 06-30-2024 | $95.8M | $42.6M | $53.2M | $49.2M |
| December 2024 | $125.0M | Current | 3.78% | 3.81 | 4.12 | 93% | $0 | 06-30-2024 | $95.8M | $42.6M | $53.2M | $49.2M |
| January 2025 | $125.0M | Current | 3.78% | 4.13 | 4.13 | 78% | $0 | 09-30-2024 | $128.0M | $56.6M | $71.4M | $71.4M |
| February 2025 | $125.0M | Current | 3.78% | 3.82 | 4.13 | 78% | $0 | 09-30-2024 | $128.0M | $56.6M | $71.4M | $66.1M |
| March 2025 | $125.0M | Current | 3.78% | 3.82 | 4.13 | 78% | $0 | 09-30-2024 | $128.0M | $56.6M | $71.4M | $66.1M |
| April 2025 | $125.0M | Current | 3.78% | 3.82 | 4.13 | 78% | $0 | 09-30-2024 | $96.0M | $42.4M | $53.6M | $49.6M |
| May 2025 | $125.0M | Current | 3.78% | 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 | $125.0M | Current | 3.78% | 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 | $125.0M | Current | 3.78% | 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 | $125.0M | Current | 3.78% | 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 2025 | $125.0M | Current | 3.78% | 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 | $125.0M | Current | 3.78% | 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 2025 | $125.0M | Current | 3.78% | 3.96 | 4.27 | 76% | $0 | 06-30-2025 | $96.8M | $41.9M | $54.9M | $50.9M |
| December 2025 | $125.0M | Current | 3.78% | 3.96 | 4.27 | 76% | $0 | 06-30-2025 | $96.8M | $41.9M | $54.9M | $50.9M |
| January 2026 | $125.0M | Current | 3.78% | 4.07 | 4.38 | 76% | $0 | 09-30-2025 | $98.1M | $41.5M | $56.6M | $52.6M |
| February 2026 | $125.0M | Current | 3.78% | 4.07 | 4.38 | 76% | $0 | 09-30-2025 | $98.1M | $41.5M | $56.6M | $52.6M |
| March 2026 | $125.0M | Current | 3.78% | 4.07 | 4.38 | 76% | $0 | 09-30-2025 | $98.1M | $41.5M | $56.6M | $52.6M |
| April 2026 | $125.0M | Current | 3.78% | 3.85 | 4.16 | 76% | $0 | 12-31-2025 | $96.8M | $42.7M | $54.1M | $50.1M |
| May 2026 | $125.0M | Current | 3.78% | 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 | $125.0M | Current | 3.78% | 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 | $125.0M | Current | 3.78% | 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 | $125.0M | Current | 3.78% | 3.76 | 4.07 | 76% | $0 | 03-31-2026 | $98.1M | $45.9M | $52.2M | $48.2M |
| September 2026 | $125.0M | Current | 3.78% | 3.76 | 4.07 | 76% | $0 | 03-31-2026 | $98.1M | $45.9M | $52.2M | $48.2M |
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.
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: BBCMS Mortgage Trust 2022-C15; Benchmark 2022-B33 Mortgage Trust; Benchmark 2022-B34 Mortgage Trust; Benchmark 2022-B34 Mortgage Trust; Morgan Stanley Capital I Trust 2022-L8.
Sources: SEC Form ABS-EE asset-level reports for the deal. Definitions are in the methods note on the market page.