Office · King of Prussia, Pennsylvania
150 South Warner
150 South Warner is financed with a $19.9M CMBS loan at 7.69% that reaches maturity on July 6, 2028, in 20 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $19,936,290
- Original balance (same notes)
- $20,475,000
- Interest rate
- 7.69% fixed
- Originated
- June 14, 2023
- Maturity
- July 6, 2028
- Payments
- Amortizing over 30 years
- Prepayment lockout ended
- October 5, 2023
- Prepayment premium ends
- January 5, 2028 (yield maintenance)
- Master servicer
- Midland Loan Services
- Originator
- Citi Real Estate Funding Inc.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 150 South Warner, King of Prussia, PA 19406
- Metro
- Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
- Rentable area
- 153,081 sq ft
- Built
- 1986, renovated 2022
- Largest tenants
- CLIFTONLARSO King of Prussia, PA NALLEN LLP ( ) (t0070307); Truist Bank King of Prussia, PA (t0013598) (04216900; MARSH & King of Prussia, PA MCLENNAN AGENCY LLC (t0091032)
- Value at securitization
- $32.7M (Feb 2023)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.51x | 1.18x |
| Occupancy | 84% | 68% |
| Net operating income | $2.6M | $2.1M |
| Debt yield | 10.4% |
Debt yield here is the latest NOI divided by the balance held in the trusts below. If part of the loan sits outside them, the true figure is lower.
Watch flags
Computed from the Benchmark 2023-V3 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- NOI down 20% or more from securitization
cmbs.news's own rule-based labels on the filed fields (definitions), not a credit rating, a prediction or a view of the borrower.
What the filing shows
- Occupancy has fallen from 84% when the loan was securitized to 68%.
- Net operating income is 21% below the underwritten figure ($2.1M a year against $2.6M).
- Debt service coverage moved from 1.51x at securitization to 1.18x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $19.9M | Current | No | 1.18x | 68% |
| August 2026 | $20.0M | Current | No | 1.18x | 68% |
| July 2026 | $20.0M | Current | No | n/a | n/a |
| June 2026 | $20.0M | Current | No | n/a | n/a |
| May 2026 | $20.0M | Current | No | n/a | n/a |
| April 2026 | $20.0M | Current | No | 1.16x | 69% |
| March 2026 | $20.0M | Current | No | 1.16x | 69% |
| February 2026 | $20.1M | Current | No | 1.16x | 69% |
| January 2026 | $20.1M | Current | No | 1.16x | 72% |
| December 2025 | $20.1M | Current | No | 1.16x | 72% |
| November 2025 | $20.1M | Current | No | 1.16x | 72% |
| October 2025 | $20.1M | Current | No | 1.13x | 72% |
From each trust's ABS-EE filing for that month. Coverage and occupancy change only when the servicer reports new statements. If one trust holding a piece of the loan skipped a month, that month's balance reads low.
Where the loan sits
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Benchmark 2023-V3 Mortgage Trust | 20 | $19,936,290 | Sep 2026 | SEC filing, September 28, 2026 |
Other Philadelphia-Camden-Wilmington loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Christiana Mall | Newark, DE | Retail | $265.7M | 4.277% | Aug 2028 | 1.75x | 97% | Current |
| One & Two Commerce Square | Philadelphia, PA | Office | $207.5M | 7.787% | Jun 2028 | 1.82x | 90% | Current |
| Philadelphia Marriott Downtown | Philadelphia, PA | Hotel | $205.0M | 8.705% | Nov 2028 | 1.24x | 65% | Current |
| Piazza Alta | Philadelphia, PA | Multifamily | $185.9M | 4.676% | Oct 2028 | 0.83x | 88% | Current |
| Rittenhouse Hill | Philadelphia, PA | Multifamily | $113.0M | 4.713% | May 2028 | 1.54x | 92% | Current |
| Three Bala Plaza | Bala Cynwyd, PA | Office | $88.0M | 8.71% | Nov 2028 | n/a | n/a | Current |
| 425 Old Morehall Road | Malvern, PA | Office | $59.8M | 4.86% | Nov 2028 | n/a | n/a | Current |
| Vanguard Portfolio | Malvern, PA | Office | $57.0M | 4.86% | Nov 2028 | 2.10x | 100% | Current |
All loans maturing in 2028 · All Philadelphia-Camden-Wilmington loans
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting period ending September 11, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.