Office · Princeton, New Jersey
3 Independence Way
3 Independence Way, Princeton, NJ · Google Maps
3 Independence Way is financed with a $12.9M CMBS loan at 4.78% that reaches maturity on May 6, 2029, in 2 years and 6 months. As of the Oct 2026 servicer report its status is with the special servicer.
What the special servicer reports
- Special servicer
- Argentic Services Company LP
- Transferred
- March 12, 2026
- Transfer reason given
- Monetary default
- Resolution strategy
- Pending return to master servicer
- Comment dated
- October 13, 2026
- Receiver
- Foreclosure
- Modification
The Loan was transferred to the Special Servicer, ASC, on 3/12/2026, due to Payment Default. Borrower and Lender entered into a loan reinstatement and modification agreement on 7/6/2026.
The loan
- Balance in tracked trusts
- $12,917,745
- Original balance (same notes)
- $15,000,000
- Interest rate
- 4.78% fixed
- Originated
- April 22, 2019
- Maturity
- May 6, 2029
- Payments
- Amortizing over 30 years
- Prepayment lockout ends
- February 5, 2029
- Master servicer
- Midland
- Originator
- Argentic Real Estate Finance LLC
Status
- Payment status
- Current (code 0)
- Special servicing
- Transferred March 12, 2026
- Workout strategy
- Pending return to master servicer
- Modified
- Yes, most recently July 6, 2026
- Defeasance
- None reported
The property
- Address
- 3 Independence Way, Princeton, NJ 8540
- Metro
- New York-Newark-Jersey City, NY-NJ
- Rentable area
- 114,004 sq ft
- Built
- 1983, renovated 2018
- Largest tenants
- Hitachi Energy USA inc; AETNA LIFE INSURANCE COMPAN`; SERVION GLOBAL SOLUTIONS INC
- Value at securitization
- $22.9M (Dec 2018)
Performance
| Measure | At securitization | Latest |
|---|---|---|
| DSCR (NOI) | 1.58x | n/a |
| Occupancy | 90% | n/a |
| Net operating income | $1.5M | n/a |
Comparable loans: office properties in New York-Newark-Jersey City, NY-NJ, with NOI, occupancy and value.
Watch flags
Computed from the Morgan Stanley Capital I Trust 2019-H7 filing for the reporting period ending October 13, 2026, filed with the SEC October 30, 2026.
- With the special servicer
- Largest tenant's lease ends within 12 months
- Modified
On the cmbs.news watch list in all 12 monthly reports we hold (November 2025 to October 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
- The most recent valuation in the filing is $6.1M (April 27, 2026), against $22.9M at securitization.
- The filing gives Dec 2026 as the lease end date for the largest tenant (Hitachi Energy USA inc), before the loan matures. Lenders look hard at that rollover.
Who is behind this loan
- Non-recourse carveout guarantor and sponsor
- Shown with Pro
- Parties and contacts named by the trust
- Shown with Pro
Source: SEC Form 424B2 prospectus, Annex A-1, filed Jul 2019.
Source: SEC Form 10-D, Exhibit 99.1 distribution statement, filed Oct 2026.
Appraisal reduction and advances
- Appraisal reduction
- $5,696,277, May 11, 2026
- Cumulative ASER
- $22,666 (interest the servicer stopped advancing because of the reduction)
From the trust's monthly trustee report. An appraisal reduction cuts how much interest the servicer advances to bondholders when a loan's new appraisal falls short.
Operating statement
| Annual | At securitization | Latest | Per sq ft |
|---|---|---|---|
| Revenue | $2.6M | n/a | |
| Operating expenses | $1.1M | n/a | |
| Net operating income | $1.5M | n/a | |
| Net cash flow | $1.4M | n/a | |
| Expense ratio | 42.4% | n/a |
From the servicer's Schedule AL report; 114,004 sq ft; renovated 2018.
Largest tenants
| Tenant | Sq ft | Share of building | Lease ends |
|---|---|---|---|
| Hitachi Energy USA inc | 8,863 | 8% | Dec 2026 |
| AETNA LIFE INSURANCE COMPAN` | 7,116 | 6% | Nov 2027 |
| SERVION GLOBAL SOLUTIONS INC | 4,656 | 4% | Oct 2028 |
Red: the lease ends before the loan matures.
Refinance and early payoff, at today's rates
This estimate uses today's Treasury curve and needs JavaScript.
Rough estimates, not quotes. New loan: the filed NOI divided by the coverage you set, at the Treasury yield for the term plus your spread. Early payoff: the present value of the remaining scheduled payments to the open date at today's Treasury yields, less the balance, which is roughly what defeasance or yield maintenance costs. Loan documents, fees and the securities bought change the real number. Treasury yields: U.S. Treasury daily par curve.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| October 2026 | $12.9M | Current | Yes | n/a | n/a |
| September 2026 | $12.9M | Current | Yes | n/a | n/a |
| August 2026 | $13.1M | Current | Yes | n/a | n/a |
| July 2026 | $13.3M | 90+ days delinquent | Yes | n/a | n/a |
| June 2026 | $13.3M | 90+ days delinquent | Yes | n/a | n/a |
| May 2026 | $13.3M | 90+ days delinquent | Yes | n/a | n/a |
| April 2026 | $13.3M | 90+ days delinquent | Yes | 0.09x | 39% |
| March 2026 | $13.3M | 60-89 days delinquent | No | 0.09x | 39% |
| February 2026 | $13.3M | 30-59 days delinquent | No | 0.09x | 39% |
| January 2026 | $13.3M | Late payment but less than 30 days delinquent | No | 0.09x | 39% |
| December 2025 | $13.4M | Late payment but less than 30 days delinquent | No | 0.09x | 39% |
| November 2025 | $13.4M | Late payment but less than 30 days delinquent | No | 0.09x | 39% |
From each trust's ABS-EE filing for that month. Coverage and occupancy change only when the servicer reports new statements.
Full history back to July 2019. See it with Pro.
Special-servicing history
- Transferred to the special servicer March 12, 2026, 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 | Asset no. in that trust | Balance | Report period | Source |
|---|---|---|---|---|
| Morgan Stanley Capital I Trust 2019-H7 | 17 | $12,917,745 | Oct 2026 | SEC filing, October 30, 2026 |
Other New York-Newark-Jersey City loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 1633 Broadway | New York, NY | Office | $850.0M | 2.99% | Dec 2029 | 2.87x | 76% | Current |
| 650 Madison Avenue | New York, NY | Mixed use | $545.8M | 3.486% | Dec 2029 | 1.25x | 62% | Current |
| Queens Center | Elmhurst, NY | Retail | $525.0M | 5.37% | Nov 2029 | 1.94x | 93% | Current |
| 3 Columbus Circle | New York, NY | Office | $490.0M | 3.914% | Mar 2029 | 2.80x | 90% | Current |
| 30 Hudson Yards | New York, NY | Office | $422.0M | 3.11% | Jul 2029 | 2.29x | 100% | Current |
| 55 Hudson Yards | New York, NY | Office | $400.1M | 2.95% | Dec 2029 | 2.47x | 100% | Current |
| Gateway Center North | Brooklyn, NY | Retail | $300.0M | 6.827% | Nov 2029 | 1.28x | 100% | Current |
| 640 5th Avenue | New York, NY | Mixed use | $288.2M | 6.129% | Jul 2029 | 2.35x | 90% | Current |
All loans maturing in 2029 · 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 October 13, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.