← Morgan Stanley Capital I Trust 2021-L7 · Loan annex · CMBS market
- Deal
- Morgan Stanley Capital I Trust 2021-L7
- Current balance
- $80.0M (May 2022)
- Share of deal
- not yet reported
- Status
- Current
- DSCR (latest)
- not yet reported
- Occupancy (latest)
- not yet reported
- Scheduled maturity
- 2032-01-09
Property and terms
| Property | 601 Lexington Avenue |
| Address | 601 Lexington Avenue; New York, NY 10022 |
| Property type | Office |
| Units, beds or keys | not yet reported |
| Net rentable square feet | 1,675,659 |
| Year built | 1977 |
| Year last renovated | 2021 |
| Original balance | $80.0M |
| Current balance | $80.0M (May 2022) |
| Share of deal balance | not yet reported |
| Interest rate at origination | 2.79% |
| Current interest rate | 2.79% |
| Origination date | 12-10-2021 |
| Original term | 120 months |
| Amortization term | not yet reported |
| Interest-only period | 120 months |
| Scheduled maturity | 2032-01-09 |
| Prepayment lockout end | 07-08-2031 |
| Yield maintenance end | not yet reported |
| Servicer | Wells Fargo Bank |
| Loan servicer | not yet reported |
| Originator | DBR Investments Co. Limited, Citi Real Estate Funding Inc. |
| Current status | Current |
| Specially serviced now | No |
| Defeased | No |
Valuation
| Basis | Amount | Date | Source (as filed) |
|---|---|---|---|
| At securitization | $1.70B | 10-01-2021 | MAI |
| Most recent reported | $1.70B | 2021-10-01 | MAI |
Change from securitization to the most recent reported valuation: 0.0%.
Largest tenants
| Tenant | Square feet | Lease expiration |
|---|---|---|
| Kirkland and Ellis | 616,139 | 02-28-2039 |
| Citibank | 216,256 | 04-30-2032 |
| NYU | 195,326 | 10-31-2049 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| October 2021 | $51.8M | Current | 2.72% | 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 | $80.0M | Current | 2.79% | 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 |
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: Bank 2022-BNK39; Bank 2022-BNK40; Bank 2022-BNK41; Benchmark 2022-B32 Mortgage Trust; Benchmark 2022-B33 Mortgage Trust; Benchmark 2022-B34 Mortgage Trust; Benchmark 2022-B34 Mortgage Trust; Benchmark 2022-B34 Mortgage Trust; Benchmark 2022-B35 Mortgage Trust; Benchmark 2022-B35 Mortgage Trust.
Sources: SEC Form ABS-EE asset-level reports for the deal. Definitions are in the methods note on the market page.