← Benchmark 2022-B32 Mortgage Trust · Loan annex · CMBS market
- Deal
- Benchmark 2022-B32 Mortgage Trust
- Current balance
- $73.0M (September 2026)
- Share of deal
- 4.2%
- Status
- Current
- DSCR (latest)
- 3.51
- Occupancy (latest)
- 99%
- Scheduled maturity
- 2032-01-06
Property and terms
| Property | 39 Plaza La Prensa (and 39 more properties) |
| Address | 39 Plaza La Prensa; 1711 Randolph Road SE; 445 Camino Del Rey SW; 1920 Fifth Street; 3280 Bridge Boulevard SW; 37 Plaza La Prensa; 4363 Jager Way NE; 655 Utah Avenue; 2536 Ridge Runner Road; 653 Utah Avenue; 4359 Jager Way NE; 221 Llano Estacado; 1308 Gusdorf; 2540 Camino Edward Ortiz; 5500 San Antonio Drive NE; 2121 Summit Ctr; 2732 N Wilshire Boulevard; 41 Plaza La Prensa; 2800 Farmington Avenue; 1710 E. Aztec; 5200 Oakland Avenue NE; 3316 N Main Street; 2141 Summit Ctr; 1014 N California Street; 912 Railroad Avenue; 1922 Fifth Street; 1017 E. Roosevelt; 145 Roy Road; 1800 E. 30th Street; 5205 Quail Road NW; 501 E Bender Boulevard; 1233 Whittier St.; 2520 Ridge Runner Road; 26387 US Highway 70; 475 Courthouse Road; 7905 Marble Avenue NE; 2215 W Main Street; 2522 Ridge Runner Road; 1710 Rio Bravo Boulevard SW; 312 E. Nizhoni Boulevard; Santa Fe, NM (and 39 more) 87507 |
| Property type | Office |
| Units, beds or keys | not yet reported |
| Net rentable square feet | not yet reported |
| Year built | not yet reported |
| Year last renovated | not yet reported |
| Original balance | $78.5M |
| Current balance | $73.0M (September 2026) |
| Share of deal balance | 4.2% |
| Interest rate at origination | 3.81% |
| Current interest rate | 3.81% |
| Origination date | 01-05-2022 |
| Original term | 120 months |
| Amortization term | not yet reported |
| Interest-only period | 120 months |
| Scheduled maturity | 2032-01-06 |
| Prepayment lockout end | 09-05-2031 |
| Yield maintenance end | not yet reported |
| Servicer | Midland Loan Services |
| Loan servicer | not yet reported |
| Originator | DBR Investments Co. Limited |
| Current status | Current |
| Specially serviced now | No |
| Defeased | No |
Valuation
| Basis | Amount | Date | Source (as filed) |
|---|---|---|---|
| At securitization | $120.9M | 10-20-2021 | not yet reported |
| Most recent reported | $105.1M | 2021-05-11 | MAI |
Change from securitization to the most recent reported valuation: -13.1%.
Largest tenants
| Tenant | Square feet | Lease expiration |
|---|---|---|
| Health Care Authority | not yet reported | ["09-30-2028", "07-31-2027", "02-28-2027", "01-31-2035", "11-30-2027", "08-31-2028", "05-31-2028", "06-30-2026", "08-31-2029", "10-31-2027", "12-31-2027", "11-30-2032", "08-31-2030", "08-14-2029", "05-31-2026", "09-30-2033", "11-30-2040", "07-31-2028", "07-31-2030", "04-30-2032", "02-28-2030", "08-31-2026", "02-17-2036", "09-30-2033", "03-31-2032", "01-31-2029", "05-31-2044", "09-30-2026", "03-31-2030", "12-31-2029", "11-30-2032", "06-30-2045", "02-26-2030", "09-30-2029", "11-30-2028", "01-31-2029", "05-31-2026", "05-31-2044", "10-30-2031", "08-31-2029"] |
| Valencia Shelter Services | not yet reported | ["08-31-2026", "10-31-2027", "09-30-2028", "05-31-2027", "12-31-2029", "09-30-2035", "02-28-2033", "07-31-2027", "09-30-2032", "05-31-2028", "02-28-2029", "03-31-2030", "06-30-2026", "12-31-2029", "12-31-2030"] |
| Division of Vocational Rehab | not yet reported | ["05-31-2030", "12-31-2027", "08-31-2029", "04-30-2032", "09-30-2028", "01-31-2033", "06-30-2029", "12-31-2028", "09-30-2029"] |
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 | $78.5M | Current | 3.81% | 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 | $78.5M | Current | 3.81% | 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 | $78.5M | Current | 3.81% | 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 | $78.5M | Current | 3.81% | 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 | $78.5M | Current | 3.81% | 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 | $78.5M | Current | 3.81% | 2.95 | 2.99 | 100% | $0 | 03-31-2022 | $3.3M | $994,738 | $2.3M | $2.2M |
| August 2022 | $78.5M | Current | 3.81% | 2.95 | 2.99 | 100% | $0 | 03-31-2022 | $3.3M | $994,738 | $2.3M | $2.2M |
| September 2022 | $78.5M | Current | 3.81% | 2.95 | 2.99 | 99% | $0 | 03-31-2022 | $3.3M | $994,738 | $2.3M | $2.2M |
| October 2022 | $78.5M | Current | 3.81% | 2.98 | 3.07 | 99% | $0 | 06-30-2022 | $13.4M | $4.1M | $9.3M | $9.0M |
| November 2022 | $78.5M | Current | 3.81% | 2.98 | 3.07 | 99% | $0 | 06-30-2022 | $13.4M | $4.1M | $9.3M | $9.0M |
| December 2022 | $78.5M | Current | 3.81% | 2.98 | 3.07 | 100% | $0 | 06-30-2022 | $13.4M | $4.1M | $9.3M | $9.0M |
| January 2023 | $78.5M | Current | 3.81% | 3.33 | 3.41 | 100% | $0 | 09-30-2022 | $13.6M | $3.2M | $10.3M | $10.1M |
| February 2023 | $78.5M | Current | 3.81% | 3.33 | 3.41 | 100% | $0 | 09-30-2022 | $13.6M | $3.2M | $10.3M | $10.1M |
| March 2023 | $78.5M | Current | 3.81% | 3.33 | 3.41 | 100% | $0 | 09-30-2022 | $13.6M | $3.2M | $10.3M | $10.1M |
| April 2023 | $78.5M | Current | 3.81% | 3.33 | 3.41 | 99% | $0 | 09-30-2022 | $13.6M | $3.2M | $10.3M | $10.1M |
| May 2023 | $78.5M | Current | 3.81% | 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 | $78.5M | Current | 3.81% | 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 | $78.5M | Current | 3.81% | 3.19 | 3.28 | 98% | $0 | 03-31-2023 | $3.5M | $1.1M | $2.5M | $2.4M |
| August 2023 | $78.5M | Current | 3.81% | 3.19 | 3.28 | 98% | $0 | 03-31-2023 | $3.5M | $1.1M | $2.5M | $2.4M |
| September 2023 | $78.5M | Current | 3.81% | 3.19 | 3.28 | 99% | $0 | 03-31-2023 | $3.5M | $1.1M | $2.5M | $2.4M |
| October 2023 | $78.5M | Current | 3.81% | 3.34 | 3.43 | 99% | $0 | 06-30-2023 | $14.3M | $3.9M | $10.4M | $10.1M |
| November 2023 | $78.5M | Current | 3.81% | 3.34 | 3.43 | 99% | $0 | 06-30-2023 | $14.3M | $3.9M | $10.4M | $10.1M |
| December 2023 | $40.0M | Current | 3.50% | 2.67 | 2.86 | 100% | $0 | 06-30-2023 | $6.4M | $2.3M | $4.1M | $3.8M |
| January 2024 | $78.5M | Current | 3.81% | 3.30 | 3.38 | 99% | $0 | 09-30-2023 | $14.2M | $3.9M | $10.3M | $10.0M |
| February 2024 | $78.5M | Current | 3.81% | 3.30 | 3.38 | 99% | $0 | 09-30-2023 | $14.2M | $3.9M | $10.3M | $10.0M |
| March 2024 | $78.5M | Current | 3.81% | 3.30 | 3.38 | 99% | $0 | 09-30-2023 | $14.2M | $3.9M | $10.3M | $10.0M |
| April 2024 | $78.5M | Current | 3.81% | 3.30 | 3.38 | 99% | $0 | 09-30-2023 | $14.2M | $3.9M | $10.3M | $10.0M |
| May 2024 | $78.5M | Current | 3.81% | 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 | $78.5M | Current | 3.81% | 3.37 | 3.46 | 99% | $0 | 03-31-2024 | $3.5M | $902,195 | $2.6M | $2.6M |
| July 2024 | $78.5M | Current | 3.81% | 3.37 | 3.46 | 99% | $0 | 03-31-2024 | $3.5M | $902,195 | $2.6M | $2.6M |
| August 2024 | $78.5M | Current | 3.81% | 3.37 | 3.46 | 99% | $0 | 03-31-2024 | $3.5M | $902,195 | $2.6M | $2.6M |
| September 2024 | $78.5M | Current | 3.81% | 3.43 | 3.51 | 99% | $0 | 06-30-2024 | $14.1M | $3.5M | $10.7M | $10.4M |
| October 2024 | $78.5M | Current | 3.81% | 3.43 | 3.51 | 99% | $0 | 06-30-2024 | $14.1M | $3.5M | $10.7M | $10.4M |
| November 2024 | $78.5M | Current | 3.81% | 3.43 | 3.51 | 99% | $0 | 06-30-2024 | $14.1M | $3.5M | $10.7M | $10.4M |
| December 2024 | $78.5M | Current | 3.81% | 3.43 | 3.51 | 99% | $0 | 06-30-2024 | $14.1M | $3.5M | $10.7M | $10.4M |
| January 2025 | $78.5M | Current | 3.81% | 3.43 | 3.51 | 99% | $0 | 06-30-2024 | $14.1M | $3.5M | $10.7M | $10.4M |
| February 2025 | $78.5M | Current | 3.81% | 3.43 | 3.51 | 99% | $0 | 06-30-2024 | $14.1M | $3.5M | $10.7M | $10.4M |
| March 2025 | $78.5M | Current | 3.81% | 3.42 | 3.51 | 99% | $0 | 09-30-2024 | $14.2M | $3.5M | $10.6M | $10.4M |
| April 2025 | $78.5M | Current | 3.81% | 3.42 | 3.51 | 100% | $0 | 09-30-2024 | $14.2M | $3.5M | $10.6M | $10.4M |
| May 2025 | $78.5M | Current | 3.81% | 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 | $78.5M | Current | 3.81% | 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 | $78.5M | Current | 3.81% | 3.42 | 3.51 | 99% | $0 | 03-31-2025 | $3.6M | $927,812 | $2.7M | $2.6M |
| August 2025 | $78.5M | Current | 3.81% | 3.42 | 3.51 | 99% | $0 | 03-31-2025 | $3.6M | $927,812 | $2.7M | $2.6M |
| September 2025 | $78.5M | Current | 3.81% | 3.42 | 3.51 | 100% | $0 | 03-31-2025 | $3.6M | $927,812 | $2.7M | $2.6M |
| October 2025 | $78.5M | Current | 3.81% | 3.43 | 3.52 | 100% | $0 | 06-30-2025 | $14.6M | $3.9M | $10.7M | $10.4M |
| November 2025 | $78.5M | Current | 3.81% | 3.43 | 3.52 | 100% | $0 | 06-30-2025 | $14.6M | $3.9M | $10.7M | $10.4M |
| December 2025 | $78.5M | Current | 3.81% | 3.26 | 3.52 | 99% | $0 | 09-30-2025 | $14.6M | $3.9M | $10.7M | $9.9M |
| January 2026 | $78.5M | Current | 3.81% | 3.26 | 3.52 | 99% | $0 | 09-30-2025 | $14.6M | $3.9M | $10.7M | $9.9M |
| February 2026 | $78.5M | Current | 3.81% | 3.26 | 3.52 | 99% | $0 | 09-30-2025 | $14.6M | $3.9M | $10.7M | $9.9M |
| March 2026 | $78.5M | Current | 3.81% | 3.26 | 3.52 | 99% | $0 | 09-30-2025 | $14.6M | $3.9M | $10.7M | $9.9M |
| April 2026 | $78.5M | Current | 3.81% | 3.39 | 3.65 | 99% | $0 | 12-31-2025 | $14.7M | $3.7M | $11.1M | $10.3M |
| May 2026 | $78.5M | Current | 3.81% | 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 | $78.5M | Current | 3.81% | 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 | $73.0M | Current | 3.81% | 3.51 | 3.77 | 99% | $0 | 03-31-2026 | $3.8M | $940,104 | $2.9M | $2.7M |
| August 2026 | $73.0M | Current | 3.81% | 3.51 | 3.77 | 99% | $0 | 03-31-2026 | $3.8M | $940,104 | $2.9M | $2.7M |
| September 2026 | $73.0M | Current | 3.81% | 3.51 | 3.77 | 99% | $0 | 03-31-2026 | $3.8M | $940,104 | $2.9M | $2.7M |
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 |
|---|---|
| 2026-07-02 | Loan modified (rate after modification 0.00%; maturity after modification 2032-01-06; payment after modification $0) |
Sources: SEC Form ABS-EE asset-level reports for the deal. Definitions are in the methods note on the market page.