← Norwest Asset Sec Corp Mort Ps Thr Cert Ser 1998-1 Trust · Loan annex · CMBS market
- Deal
- Norwest Asset Sec Corp Mort Ps Thr Cert Ser 1998-1 Trust
- Current balance
- $5.7M (September 2021)
- Share of deal
- 0.6%
- Status
- Matured balloon, non-performing
- DSCR (latest)
- 1.51
- Occupancy (latest)
- 99%
- Scheduled maturity
- 2028-04-06
Property and terms
| Property | Gateway Airport Crossing |
| Address | 5221-5229 South Power Road; Mesa, AZ 85212 |
| Property type | Retail |
| Units, beds or keys | 11 |
| Net rentable square feet | 32,346 |
| Year built | 2007 |
| Year last renovated | not yet reported |
| Original balance | $6.0M |
| Current balance | $5.7M (September 2021) |
| Share of deal balance | 0.6% |
| Interest rate at origination | 4.94% |
| Current interest rate | 4.94% |
| Origination date | 03-16-2018 |
| Original term | 120 months |
| Amortization term | 360 months |
| Interest-only period | not yet reported |
| Scheduled maturity | 2028-04-06 |
| Prepayment lockout end | 01-05-2028 |
| Yield maintenance end | not yet reported |
| Servicer | Midland |
| Loan servicer | not yet reported |
| Originator | Citi Real Estate Funding Inc. |
| Current status | Matured balloon, non-performing |
| Specially serviced now | No |
| Defeased | No |
Valuation
| Basis | Amount | Date | Source (as filed) |
|---|---|---|---|
| At securitization | $8.3M | 01-25-2018 | MAI |
| Most recent reported | $8.3M | 2018-01-25 | MAI |
Change from securitization to the most recent reported valuation: 0.0%.
Largest tenants
| Tenant | Square feet | Lease expiration |
|---|---|---|
| Gateway Fit | 5,497 | 08-31-2028 |
| Comerica Bank | 5,270 | 09-30-2022 |
| Big Wings II, Inc | 4,425 | 10-31-2026 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September 2021 | $5.7M | Matured balloon, non-performing | 4.94% | 1.51 | 1.61 | 99% | $31,965 | 06-30-2021 | $786,259 | $170,058 | $616,201 | $580,714 |
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 |
|---|---|
| 2020-05-01 | Transferred to the special servicer |
| 2020-10-01 | Returned to the master servicer |
Sources: SEC Form ABS-EE asset-level reports for the deal. Definitions are in the methods note on the market page.