Office · Trevose, Pennsylvania
3600 Horizon
3600 Horizon is financed with a $15.0M CMBS loan at 3.533% that reaches maturity on June 5, 2031, in 4 years and 7 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is with the special servicer.
The loan
- Balance in tracked trusts
- $15,022,477
- Original balance (same notes)
- $16,000,000
- Interest rate
- 3.533%
- Originated
- n/a
- Maturity
- June 5, 2031
- Payments
- Amortizing over 30 years
- Master servicer
- KeyBank Real Estate Capital
- Originator
- SGFC
Status
- Payment status
- Late payment but less than 30 days delinquent (code B)
- Special servicing
- Transferred February 19, 2026
- Workout strategy
- REO
- Defeasance
- None reported
The property
- Address
- 3600 Horizon Boulevard, Trevose, PA 19053
- Metro
- Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
- Rentable area
- 129,672 sq ft
- Built
- 2005, renovated 2015
- Largest tenants
- International SOS; Suez Wts USA Inc
- Value at securitization
- $25.3M (May 2021)
Performance
| At securitization | Latest (Sep 2025) | |
|---|---|---|
| DSCR (NOI) | n/a | 2.27x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 9 months) | n/a | $2.0M |
| Debt yield | 13.1% |
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 BBCMS Mortgage Trust 2021-C10 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- With the special servicer
On the cmbs.news watch list in every report since February 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 filing gives Dec 2025 as the lease end date for the largest tenant (International SOS), 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 | $15.0M | Late payment but less than 30 days delinquent | Yes | 2.27x | 100% |
| August 2026 | $15.0M | Not reported | Yes | 2.27x | 100% |
| July 2026 | $15.0M | Not reported | Yes | 2.27x | 100% |
| June 2026 | $15.1M | Not reported | Yes | 2.27x | 100% |
| May 2026 | $15.1M | Not reported | Yes | 2.27x | 100% |
| April 2026 | $15.2M | 30-59 days delinquent | Yes | 2.27x | 100% |
| March 2026 | $15.2M | 60-89 days delinquent | Yes | 2.27x | 100% |
| February 2026 | $15.2M | 30-59 days delinquent | No | 2.27x | 100% |
| January 2026 | $15.2M | Late payment but less than 30 days delinquent | No | 2.18x | 100% |
| December 2025 | $15.2M | Not reported | No | 2.18x | 100% |
| November 2025 | $15.3M | 30-59 days delinquent | No | 2.18x | 100% |
| October 2025 | $15.3M | Late payment but less than 30 days delinquent | No | 2.18x | 100% |
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 February 19, 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 | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BBCMS Mortgage Trust 2021-C10 | 18 | $15,022,477 | Sep 2026 | SEC filing, September 29, 2026 |
Other Philadelphia-Camden-Wilmington loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| The Atlantic | Philadelphia, PA | Multifamily | $125.0M | 3.456% | Feb 2031 | 1.26x | 95% | Current |
| Deptford Mall | Deptford, NJ | Retail | $115.0M | 6.95% | May 2031 | n/a | n/a | Current |
| 400 Arcola Road | Collegeville, PA | Mixed use | $110.0M | 6.781% | Mar 2031 | n/a | n/a | Current |
| Velocity Industrial Portfolio | Lansdale, PA | Industrial | $75.0M | 3.23% | Jul 2031 | 3.29x | 90% | Current |
| Two Penn Center | Philadelphia, PA | Office | $67.9M | 3.268% | Apr 2031 | 2.07x | 74% | Current |
| 300 Four Falls | Conshohocken, PA | Office | $57.6M | 6.846% | Jan 2031 | 0.96x | 89% | Current |
| Wessex House | Wayne, PA | Multifamily | $57.5M | 5.72% | Mar 2031 | n/a | n/a | Current |
| The Court at Oxford Valley | Fairless Hills, PA | Retail | $52.6M | 3.20% | Jul 2031 | 2.23x | 92% | Current |
All loans maturing in 2031 · 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.