Office · Feasterville-Trevose, Pennsylvania
3800 Horizon Blvd
Public CMBS trusts hold $21.7M of the loan on 3800 Horizon Blvd at 6.99% that reaches maturity on April 6, 2033, in 6 years and 5 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $21,713,632
- Original balance (same notes)
- $22,000,000
- Interest rate
- 6.99% fixed
- Originated
- March 27, 2023
- Maturity
- April 6, 2033
- Payments
- Interest only for the full term
- Prepayment lockout ends
- January 5, 2033
- Master servicer
- Trimont LLC
- Originator
- AREF 2
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 3800 Horizon Boulevard, Feasterville-Trevose, PA 19053
- Metro
- Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
- Rentable area
- 214,750 sq ft
- Built
- 2009
- Largest tenants
- Comcast of Southeast Penns; EPICOR SOFTWARE CORPORATIO; Bank
- Value at securitization
- $45.0M (Mar 2023)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.53x | 0.80x |
| Occupancy | 74% | 57% |
| Net operating income (annualized from 6 months) | $3.3M | $1.7M |
| Debt yield | 8.0% |
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 MSWF Commercial Mortgage Trust 2023-1 filing for the reporting period ending September 11, 2026, filed with the SEC October 2, 2026.
- 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 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
- Occupancy has fallen from 74% when the loan was securitized to 57%.
- Net operating income is 48% below the underwritten figure ($1.7M a year against $3.3M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.53x at securitization to 0.80x on the latest statements.
- At 0.80x, the property's reported NOI does not cover its debt service.
- The filing gives Feb 2029 as the lease end date for the largest tenant (Comcast of Southeast Penns), 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 | $21.7M | Current | No | 0.80x | 57% |
| August 2026 | $21.7M | Current | No | 0.56x | 57% |
| July 2026 | $21.7M | Current | No | 0.93x | 57% |
| June 2026 | $21.8M | Current | No | 0.93x | 57% |
| May 2026 | $21.8M | Current | No | 0.93x | 57% |
| April 2026 | $21.8M | Current | No | 0.93x | 57% |
| March 2026 | $21.8M | Current | No | 0.94x | 61% |
| February 2026 | $21.8M | Current | No | 0.94x | 61% |
| January 2026 | $21.9M | Current | No | 0.94x | 61% |
| December 2025 | $21.9M | Current | No | 0.94x | 61% |
| November 2025 | $21.9M | Current | No | 0.90x | 61% |
| October 2025 | $21.9M | Current | No | 0.90x | 61% |
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
The loan is split into 2 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| MSWF Commercial Mortgage Trust 2023-1 | 14 | $11,843,799 | Sep 2026 | SEC filing, October 2, 2026 |
| MSWF Commercial Mortgage Trust 2023-1 | 14A | $9,869,833 | Sep 2026 | SEC filing, October 2, 2026 |
Other Philadelphia-Camden-Wilmington loans due in 2033
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Gloucester Premium Outlets | Blackwood, NJ | Retail | $75.0M | 6.124% | Mar 2033 | 2.66x | 80% | Current |
| Marriott Philadelphia West | West Conshohocken, PA | Hotel | $37.8M | 7.154% | Jul 2033 | 2.10x | 56% | Current |
| Adare Dungan | Philadelphia, PA | Industrial | $23.0M | 6.16% | May 2033 | n/a | n/a | Current |
| 1027 Filbert Street (Gallery Garage) | Philadelphia, PA | Mixed use | $15.0M | 7.12% | Apr 2033 | n/a | n/a | Current |
| Union Square | New Hope, PA | Mixed use | $13.3M | 6.748% | Jun 2033 | 1.97x | 98% | Current |
| 801 Bridgeboro Road | Edgewater Park, NJ | Industrial | $13.0M | 6.97% | Jun 2033 | n/a | n/a | Current |
| Rittenhouse Multifamily | Philadelphia, PA | Multifamily | $6.3M | 6.583% | May 2033 | 1.43x | 100% | Current |
| 3800 Horizon Boulevard | Feasterville-Trevose, PA | Office | $4.9M | 6.99% | Apr 2033 | 0.80x | 57% | 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.