← Benchmark 2022-B32 Mortgage Trust · Loan annex · CMBS market
- Deal
- Benchmark 2022-B32 Mortgage Trust
- Current balance
- $24.5M (September 2026)
- Share of deal
- 1.4%
- Status
- 90+ days delinquent
- DSCR (latest)
- 2.99
- Occupancy (latest)
- 100%
- Scheduled maturity
- 2032-01-06
Property and terms
| Property | 45 Liberty Boulevard |
| Address | 11 and 45 Liberty Blvd; Malvern, PA 19355 |
| Property type | Office |
| Units, beds or keys | not yet reported |
| Net rentable square feet | 137,178 |
| Year built | 1999 |
| Year last renovated | 2020 |
| Original balance | $24.5M |
| Current balance | $24.5M (September 2026) |
| Share of deal balance | 1.4% |
| Interest rate at origination | 3.57% |
| Current interest rate | 3.57% |
| Origination date | 12-10-2021 |
| Original term | 120 months |
| Amortization term | 360 months |
| Interest-only period | 60 months |
| Scheduled maturity | 2032-01-06 |
| Prepayment lockout end | 10-05-2031 |
| Yield maintenance end | not yet reported |
| Servicer | Midland Loan Services |
| 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 | $37.0M | 10-19-2021 | MAI |
| Most recent reported | $37.0M | 2021-10-19 | MAI |
Change from securitization to the most recent reported valuation: 0.0%.
Largest tenants
| Tenant | Square feet | Lease expiration |
|---|---|---|
| The Vanguard Group, Inc. | 87,652 | 06-30-2026 |
| Microsoft Corporation | 42,607 | 02-29-2028 |
| Wisler Pearlstine, LLP | 6,919 | 07-01-2032 |
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 | $24.5M | Current | 3.57% | 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 | $24.5M | Current | 3.57% | 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 | $24.5M | Current | 3.57% | 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 | $24.5M | Current | 3.57% | 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 | $24.5M | Current | 3.57% | 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 | $24.5M | Current | 3.57% | 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 | $24.5M | Current | 3.57% | 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 | $24.5M | Current | 3.57% | 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 | $24.5M | Current | 3.57% | 2.22 | 2.53 | not yet reported | $0 | 06-30-2022 | $4.4M | $2.1M | $2.2M | $2.0M |
| November 2022 | $24.5M | Current | 3.57% | 2.22 | 2.53 | not yet reported | $0 | 06-30-2022 | $4.4M | $2.1M | $2.2M | $2.0M |
| December 2022 | $24.5M | Current | 3.57% | 2.22 | 2.53 | not yet reported | $0 | 06-30-2022 | $4.4M | $2.1M | $2.2M | $2.0M |
| January 2023 | $24.5M | Current | 3.57% | 2.40 | 2.71 | 95% | $0 | 09-30-2022 | $4.7M | $2.3M | $2.4M | $2.1M |
| February 2023 | $24.5M | Current | 3.57% | 2.43 | 2.74 | 95% | $0 | 12-31-2022 | $4.7M | $2.3M | $2.4M | $2.2M |
| March 2023 | $24.5M | Current | 3.57% | 2.43 | 2.74 | 95% | $0 | 12-31-2022 | $4.7M | $2.3M | $2.4M | $2.2M |
| April 2023 | $24.5M | Current | 3.57% | 2.43 | 2.74 | 95% | $0 | 12-31-2022 | $4.7M | $2.3M | $2.4M | $2.2M |
| May 2023 | $24.5M | Current | 3.57% | 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 | $24.5M | Current | 3.57% | 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 | $24.5M | Current | 3.57% | 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 | $24.5M | Current | 3.57% | 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 | $24.5M | Current | 3.57% | 2.51 | 2.82 | 100% | $0 | 06-30-2023 | $4.6M | $2.1M | $2.5M | $2.2M |
| October 2023 | $24.5M | Current | 3.57% | 2.51 | 2.82 | 100% | $0 | 06-30-2023 | $4.6M | $2.1M | $2.5M | $2.2M |
| November 2023 | $24.5M | Current | 3.57% | 2.51 | 2.82 | 100% | $0 | 06-30-2023 | $4.6M | $2.1M | $2.5M | $2.2M |
| December 2023 | $22.5M | Current | 3.77% | not yet reported | not yet reported | not yet reported | $0 | ["06-30-2023", "06-30-2023", "06-30-2023", "06-30-2023", "06-30-2023", "06-30-2023", "06-30-2023"] | not yet reported | not yet reported | not yet reported | not yet reported |
| January 2024 | $24.5M | Current | 3.57% | 2.67 | 2.98 | 100% | $0 | 09-30-2023 | $4.7M | $2.0M | $2.6M | $2.4M |
| February 2024 | $24.5M | Current | 3.57% | 2.67 | 2.98 | 100% | $0 | 09-30-2023 | $4.7M | $2.0M | $2.6M | $2.4M |
| March 2024 | $24.5M | Current | 3.57% | 2.67 | 2.98 | 100% | $0 | 09-30-2023 | $4.7M | $2.0M | $2.6M | $2.4M |
| April 2024 | $24.5M | Current | 3.57% | 2.68 | 2.99 | 100% | $0 | 12-31-2023 | $4.7M | $2.0M | $2.7M | $2.4M |
| May 2024 | $24.5M | Current | 3.57% | 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 | $24.5M | Current | 3.57% | 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 | $24.5M | Current | 3.57% | 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 | $24.5M | Current | 3.57% | 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 | $24.5M | Current | 3.57% | 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 | $24.5M | Matured balloon, non-performing | 3.57% | 2.84 | 3.14 | 100% | $72,844 | 06-30-2024 | $4.9M | $2.1M | $2.8M | $2.5M |
| November 2024 | $24.5M | Current | 3.57% | 2.84 | 3.14 | 100% | $0 | 06-30-2024 | $4.9M | $2.1M | $2.8M | $2.5M |
| December 2024 | $24.5M | Current | 3.57% | 2.84 | 3.14 | 100% | $0 | 06-30-2024 | $4.9M | $2.1M | $2.8M | $2.5M |
| January 2025 | $24.5M | Current | 3.57% | 2.84 | 3.14 | 100% | $0 | 06-30-2024 | $4.9M | $2.1M | $2.8M | $2.5M |
| February 2025 | $24.5M | Matured balloon, non-performing | 3.57% | 2.84 | 3.14 | 100% | $0 | 06-30-2024 | $4.9M | $2.1M | $2.8M | $2.5M |
| March 2025 | $24.5M | Current | 3.57% | 2.84 | 3.14 | 100% | $0 | 06-30-2024 | $4.9M | $2.1M | $2.8M | $2.5M |
| April 2025 | $24.5M | Current | 3.57% | 2.84 | 3.14 | 95% | $0 | 06-30-2024 | $4.9M | $2.1M | $2.8M | $2.5M |
| May 2025 | $24.5M | Current | 3.57% | 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 | $24.5M | Current | 3.57% | 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 | $24.5M | Current | 3.57% | 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 | $24.5M | Current | 3.57% | 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 | $24.5M | Current | 3.57% | 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 | $24.5M | Current | 3.57% | 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 | $24.5M | Current | 3.57% | 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 2025 | $24.5M | Current | 3.57% | 2.48 | 2.79 | 95% | $0 | 09-30-2025 | $5.0M | $2.5M | $2.5M | $2.2M |
| January 2026 | $24.5M | Current | 3.57% | 2.48 | 2.79 | 95% | $0 | 09-30-2025 | $5.0M | $2.5M | $2.5M | $2.2M |
| February 2026 | $24.5M | Current | 3.57% | 2.48 | 2.79 | 95% | $0 | 09-30-2025 | $5.0M | $2.5M | $2.5M | $2.2M |
| March 2026 | $24.5M | Current | 3.57% | 2.48 | 2.79 | 100% | $0 | 09-30-2025 | $5.0M | $2.5M | $2.5M | $2.2M |
| April 2026 | $24.5M | Current | 3.57% | 2.55 | 2.86 | 100% | $0 | 12-31-2025 | $5.0M | $2.5M | $2.5M | $2.3M |
| May 2026 | $24.5M | Current | 3.57% | 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 | $24.5M | Matured balloon, non-performing | 3.57% | 2.99 | 3.29 | 100% | $75,272 | 03-31-2026 | $1.3M | $588,401 | $730,264 | $662,351 |
| July 2026 | $24.5M | 30-59 days delinquent | 3.57% | 2.99 | 3.29 | 100% | $148,116 | 03-31-2026 | $1.3M | $588,401 | $730,264 | $662,351 |
| August 2026 | $24.5M | 60-89 days delinquent | 3.57% | 2.99 | 3.29 | 100% | $223,388 | 03-31-2026 | $1.3M | $588,401 | $730,264 | $662,351 |
| September 2026 | $24.5M | 90+ days delinquent | 3.57% | 2.99 | 3.29 | 100% | $298,660 | 03-31-2026 | $1.3M | $588,401 | $730,264 | $662,351 |
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 |
|---|---|
| 2026-05-15 | Transferred to the special servicer |
| July 2026 | First reported 30 or more days delinquent |
Sources: SEC Form ABS-EE asset-level reports for the deal. Definitions are in the methods note on the market page.