Office · New York, New York
22 W 38th Street
22 W 38th Street is financed with a $34.8M CMBS loan at 5.05% that reaches maturity on March 6, 2028, in 16 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is with the special servicer and 90+ days delinquent.
The loan
- Balance in tracked trusts
- $34,750,000
- Original balance (same notes)
- $34,750,000
- Interest rate
- 5.05% fixed
- Originated
- February 9, 2018
- Maturity
- March 6, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ends
- December 5, 2027
- Master servicer
- Midland
- Originator
- LCF
Status
- Payment status
- 90+ days delinquent (code 3)
- Special servicing
- Transferred May 18, 2020
- Workout strategy
- REO
- Advancing
- The servicer has stopped advancing on this loan (non-recoverable)
- Defeasance
- None reported
The property
- Address
- 22 West 38Th Street, New York, NY 10018
- Metro
- New York-Newark-Jersey City, NY-NJ
- Rentable area
- 69,026 sq ft
- Built
- 1912, renovated 2017
- Largest tenants
- Prudent Financial Solutions, Inc.; Real -Time Technology Solutions, Inc.; Reliant Fund Services, LLC
- Value at securitization
- $69.0M (Jan 2018)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.48x | -0.66x |
| Occupancy | 100% | n/a |
| Net operating income (annualized from 3 months) | $2.6M | $-1.2M |
| Debt yield | -3.4% |
Debt yield here is the latest NOI divided by the balance held in the trusts below. If part of the loan sits outside them, the true figure is lower.
Watch flags
Computed from the UBS Commercial Mortgage Trust 2018-C9 filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
- With the special servicer
- 30+ days delinquent or matured unpaid
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- NOI down 20% or more from securitization
- Servicer stopped advancing
On the cmbs.news watch list in all 12 monthly reports we hold (October 2025 to September 2026).
cmbs.news's own rule-based labels on the filed fields (definitions), not a credit rating, a prediction or a view of the borrower.
What the filing shows
- Net operating income is 145% below the underwritten figure ($-1.2M a year against $2.6M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 1.48x at securitization to -0.66x on the latest statements.
- At -0.66x, the property's reported NOI does not cover its debt service.
- The most recent valuation in the filing is $17.9M (January 29, 2026), against $69.0M at securitization.
- The filing gives Dec 2025 as the lease end date for the largest tenant (Prudent Financial Solutions, Inc.), before the loan matures. Lenders look hard at that rollover.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $34.8M | 90+ days delinquent | Yes | -0.66x | n/a |
| August 2026 | $34.8M | 90+ days delinquent | Yes | n/a | n/a |
| July 2026 | $34.8M | 90+ days delinquent | Yes | n/a | n/a |
| June 2026 | $34.8M | 90+ days delinquent | Yes | n/a | n/a |
| May 2026 | $34.8M | 90+ days delinquent | Yes | n/a | n/a |
| April 2026 | $34.8M | 90+ days delinquent | Yes | 0.17x | n/a |
| March 2026 | $34.8M | 90+ days delinquent | Yes | 0.17x | n/a |
| February 2026 | $34.8M | 90+ days delinquent | Yes | 0.17x | n/a |
| January 2026 | $34.8M | 90+ days delinquent | Yes | 0.17x | n/a |
| December 2025 | $34.8M | 90+ days delinquent | Yes | 0.17x | n/a |
| November 2025 | $34.8M | 90+ days delinquent | Yes | 0.17x | n/a |
| October 2025 | $34.8M | 90+ days delinquent | Yes | 0.28x | 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.
Special-servicing history
- Transferred to the special servicer May 18, 2020, still there.
Transfer and return dates as reported in the filings of the past year; an earlier episode shows here only if a filing in that year still reports it.
Where the loan sits
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| UBS Commercial Mortgage Trust 2018-C9 | 7 | $34,750,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other New York-Newark-Jersey City loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| One SoHo Square | New York, NY | Office | $469.0M | 2.725% | Aug 2028 | 1.78x | 85% | With the special servicer |
| 11 West 42nd Street | New York, NY | Office | $274.0M | 7.44% | Jul 2028 | 1.27x | 99% | Current |
| Harborside 2-3 | Jersey City, NJ | Office | $225.0M | 5.84% | Apr 2028 | 2.29x | 76% | Current |
| 3 Park Avenue | New York, NY | Office | $182.0M | 4.75% | Dec 2028 | 0.61x | 47% | Current |
| Gateway Center South | Brooklyn, NY | Retail | $162.5M | 6.873% | Jun 2028 | 1.69x | 98% | Current |
| 685 Fifth Avenue Retail | New York, NY | Retail | $160.0M | 3.871% | Jul 2028 | 3.13x | 100% | With the special servicer |
| 1745 Broadway | New York, NY | Office | $144.0M | 3.768% | Jun 2028 | 2.52x | 88% | Current |
| 65 Broadway, New York (2028 maturity), loan 4Sb in CF 2019-CF1 Mortgage Trust | New York, NY | Office | $136.0M | 4.935% | Dec 2028 | n/a | n/a | Current |
All loans maturing in 2028 · All New York-Newark-Jersey City 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.