Office · Shelton, Connecticut
2&4 Armstrong Road
2&4 Armstrong Road is financed with a $14.6M CMBS loan at 4.90% that reaches maturity on February 6, 2029, in 2 years and 3 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $14,595,169
- Original balance (same notes)
- $15,750,000
- Interest rate
- 4.90% fixed
- Originated
- February 1, 2019
- Maturity
- February 6, 2029
- Payments
- Interest only for 36 months, then amortizing
- Prepayment lockout ends
- November 5, 2028
- Originator
- AREF
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 2-4 Armstrong Road, Shelton, CT 06484
- Rentable area
- 154,339 sq ft
- Built
- 1987, renovated 2018
- Largest tenants
- IAC, Inc.; Lanxess Corporation; Red Barn Dog Holdings
- Value at securitization
- $22.2M (Dec 2018)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.71x | 1.44x |
| Occupancy | 90% | 71% |
| Net operating income (annualized from 6 months) | $1.7M | $2.9M |
| Debt yield | 20.0% |
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 Morgan Stanley Capital I Trust 2019-L2 filing for the reporting period ending September 11, 2026, filed with the SEC October 2, 2026.
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points 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 90% when the loan was securitized to 71%.
- Net operating income is 69% above the underwritten figure ($2.9M a year against $1.7M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.71x at securitization to 1.44x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $14.6M | Current | No | 1.44x | 71% |
| August 2026 | $14.6M | Current | No | 1.35x | 71% |
| July 2026 | $14.6M | Current | No | 1.35x | 71% |
| June 2026 | $14.7M | Late payment but less than 30 days delinquent | No | 1.35x | 71% |
| May 2026 | $14.7M | Current | No | n/a | n/a |
| April 2026 | $14.7M | Current | No | 2.02x | 74% |
| March 2026 | $14.7M | Current | No | 2.03x | 92% |
| February 2026 | $14.8M | Current | No | 2.03x | 92% |
| January 2026 | $14.8M | Current | No | 2.03x | 92% |
| December 2025 | $14.8M | Current | No | 2.05x | 92% |
| November 2025 | $14.8M | Current | No | 2.05x | 92% |
| October 2025 | $14.8M | Current | No | n/a | n/a |
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 |
|---|---|---|---|---|
| Morgan Stanley Capital I Trust 2019-L2 | 26 | $14,595,169 | Sep 2026 | SEC filing, October 2, 2026 |
Other Connecticut loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| iPark Norwalk | Norwalk, CT | Mixed use | $95.0M | 6.589% | Jun 2029 | n/a | n/a | Late, less than 30 days |
| One Financial Plaza | Hartford, CT | Office | $45.8M | 4.39% | Jun 2029 | 0.71x | 63% | Current |
| Marriott Hartford Windsor Airport | Windsor, CT | Hotel | $27.0M | 7.26% | Jul 2029 | 2.71x | 57% | Current |
| 1732 Derby Milford Road | Derby, CT | Self storage | $22.1M | 6.54% | Sep 2029 | n/a | n/a | Current |
| Stop and Shop Manchester | Manchester, CT | Retail | $10.5M | 5.28% | Jan 2029 | n/a | n/a | Current |
| 249 Legion Avenue | New Haven, CT | Retail | $10.2M | 4.78% | Jan 2029 | -0.14x | 41% | With the special servicer and 90+ days delinquent |
| Elm Street Plaza | Rocky Hill, CT | Retail | $9.5M | 7.14% | Mar 2029 | 2.07x | 100% | Current |
| Concord Hills | Hartford, CT | Multifamily | $9.4M | 7.86% | Jun 2029 | 1.08x | 86% | Current |
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.