Office portfolio, 4 properties · Malvern, Pennsylvania
425 Old Morehall Road
Public CMBS trusts hold $59.8M of the loan on this portfolio at 4.86% that reaches maturity on November 7, 2028, in 2 years. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $59,825,000
- Original balance (same notes)
- $59,825,000
- Interest rate
- 4.86% fixed
- Originated
- November 7, 2018
- Maturity
- November 7, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ends
- September 6, 2028
- Originator
- Natixis Real Estate Capital LLC
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 425 Old Morehall Road, Malvern, PA 19355
- Metro
- Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
- Value at securitization
- $189.2M
Performance
| At securitization | Latest | |
|---|---|---|
| DSCR (NOI) | n/a | n/a |
| Occupancy | n/a | n/a |
| Net operating income (annualized from 3 months) | $11.7M | $13.0M |
| Debt yield | 21.8% |
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 2019-C5 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
None this month. No flag in the cmbs.news screen applies to this loan.
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 11% above the underwritten figure ($13.0M a year against $11.7M; the latest statement covers 3 months, annualized).
Properties securing the loan
| Property | Location | Type | Occupancy | DSCR |
|---|---|---|---|---|
| 425 Old Morehall Road | Malvern, PA | Office | 100% | 2.10x |
| 1001 Cedar Hollow Road | Malvern, PA | Office | n/a | n/a |
| 50 Morehall Road | Malvern, PA | Office | n/a | n/a |
| 60 Morehall Road | Malvern, PA | Office | n/a | n/a |
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $59.8M | Current | No | 2.10x | 100% |
| August 2026 | $59.8M | 30-59 days delinquent | No | 2.10x | 100% |
| July 2026 | $59.8M | Late payment but less than 30 days delinquent | No | 2.10x | 100% |
| June 2026 | $59.8M | Current | No | 1.82x | 100% |
| May 2026 | $59.8M | Current | No | 1.82x | 100% |
| April 2026 | $59.8M | Current | No | 2.06x | 100% |
| March 2026 | $59.8M | Current | No | 2.09x | 100% |
| February 2026 | $59.8M | Current | No | 2.09x | 100% |
| January 2026 | $59.8M | Current | No | 2.09x | 100% |
| December 2025 | $59.8M | Current | No | 2.04x | 100% |
| November 2025 | $59.8M | Current | No | 2.04x | 100% |
| October 2025 | $59.8M | Current | No | 2.04x | 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.
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 |
|---|---|---|---|---|
| BBCMS Mortgage Trust 2019-C3 | 2 | $55,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BBCMS Mortgage Trust 2019-C5 | 49-A6 | $4,825,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other Philadelphia-Camden-Wilmington loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Christiana Mall | Newark, DE | Retail | $265.7M | 4.277% | Aug 2028 | 1.75x | 97% | Current |
| One & Two Commerce Square | Philadelphia, PA | Office | $207.5M | 7.787% | Jun 2028 | 1.82x | 90% | Current |
| Philadelphia Marriott Downtown | Philadelphia, PA | Hotel | $205.0M | 8.705% | Nov 2028 | 1.24x | 65% | Current |
| Piazza Alta | Philadelphia, PA | Multifamily | $185.9M | 4.676% | Oct 2028 | 0.83x | 88% | Current |
| Rittenhouse Hill | Philadelphia, PA | Multifamily | $113.0M | 4.713% | May 2028 | 1.54x | 92% | Current |
| Three Bala Plaza | Bala Cynwyd, PA | Office | $88.0M | 8.71% | Nov 2028 | n/a | n/a | Current |
| Vanguard Portfolio | Malvern, PA | Office | $57.0M | 4.86% | Nov 2028 | 2.10x | 100% | Current |
| Christiana Center | Newark, DE | Retail | $47.0M | 5.09% | Nov 2028 | 1.75x | 97% | Current |
All loans maturing in 2028 · 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.