Retail · New Haven, Connecticut
249 Legion Avenue
249 Legion Avenue is financed with a $10.2M CMBS loan at 4.78% that reaches maturity on January 1, 2029, in 2 years and 2 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
- $10,200,000
- Original balance (same notes)
- $10,200,000
- Interest rate
- 4.78% fixed
- Originated
- December 6, 2018
- Maturity
- January 1, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ends
- December 31, 2027
- Master servicer
- Trimont LLC
- Originator
- Morgan Stanley Bank, N.A.
Status
- Payment status
- 90+ days delinquent (code 3)
- Special servicing
- Transferred September 8, 2025
- Workout strategy
- Foreclosure
- Defeasance
- None reported
The property
- Address
- 249 Legion Avenue, New Haven, CT 06519
- Rentable area
- 24,611 sq ft
- Built
- 2016
- Largest tenants
- The Learning Experience; THE LEARNING EXPERIENCE
- Value at securitization
- $15.2M (Sep 2018)
Performance
| At securitization | Latest (Mar 2025) | |
|---|---|---|
| DSCR (NOI) | 1.87x | -0.14x |
| Occupancy | 100% | 41% |
| Net operating income (annualized from 3 months) | $922K | $-69K |
| Debt yield | -0.7% |
Debt yield here is the latest NOI divided by the balance held in the trusts below. If part of the loan sits outside them, the true figure is lower.
Watch flags
Computed from the BANK 2019-BNK16 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- With the special servicer
- 30+ days delinquent or matured unpaid
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- NOI down 20% or more from securitization
On the cmbs.news watch list in every report since May 2026.
cmbs.news's own rule-based labels on the filed fields (definitions), not a credit rating, a prediction or a view of the borrower.
What the filing shows
- Occupancy has fallen from 100% when the loan was securitized to 41%.
- Net operating income is 107% below the underwritten figure ($-69K a year against $922K; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 1.87x at securitization to -0.14x on the latest statements.
- At -0.14x, the property's reported NOI does not cover its debt service.
- The most recent valuation in the filing is $6.9M (December 4, 2025), against $15.2M at securitization.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $10.2M | 90+ days delinquent | Yes | -0.14x | 41% |
| August 2026 | $10.2M | 90+ days delinquent | Yes | -0.14x | 41% |
| July 2026 | $10.2M | 90+ days delinquent | Yes | -0.14x | 41% |
| June 2026 | $10.2M | 90+ days delinquent | Yes | -0.14x | 41% |
| May 2026 | $10.2M | 90+ days delinquent | Yes | -0.14x | 41% |
| April 2026 | $6.3M | Current | No | 2.39x | 93% |
| March 2026 | $10.2M | 90+ days delinquent | Yes | -0.14x | 41% |
| February 2026 | $10.2M | 90+ days delinquent | Yes | -0.14x | 41% |
| January 2026 | $10.2M | 90+ days delinquent | Yes | -0.14x | 41% |
| December 2025 | $10.2M | 90+ days delinquent | Yes | -0.14x | 41% |
| November 2025 | $10.2M | 90+ days delinquent | Yes | -0.14x | 41% |
| October 2025 | $10.2M | 90+ days delinquent | Yes | -0.14x | 41% |
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 September 8, 2025, 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 |
|---|---|---|---|---|
| BANK 2019-BNK16 | 28 | $10,200,000 | Sep 2026 | SEC filing, September 29, 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 |
| 2&4 Armstrong Road | Shelton, CT | Office | $14.6M | 4.90% | Feb 2029 | 1.44x | 71% | Current |
| Stop and Shop Manchester | Manchester, CT | Retail | $10.5M | 5.28% | Jan 2029 | n/a | n/a | Current |
| 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.