Office · Malvern, Pennsylvania
45 Liberty Boulevard
45 Liberty Boulevard is financed with a $24.5M CMBS loan at 3.57% that reaches maturity on January 6, 2032, in 5 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
- $24,502,500
- Original balance (same notes)
- $24,502,500
- Interest rate
- 3.57% fixed
- Originated
- December 10, 2021
- Maturity
- January 6, 2032
- Payments
- Interest only for 60 months, then amortizing
- Prepayment lockout ends
- October 5, 2031
- Master servicer
- Midland Loan Services
- Originator
- Citi Real Estate Funding Inc.
Status
- Payment status
- 90+ days delinquent (code 3)
- Special servicing
- Transferred May 15, 2026
- Workout strategy
- Modification
- Defeasance
- None reported
The property
- Address
- 11 and 45 Liberty Blvd, Malvern, PA 19355
- Metro
- Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
- Rentable area
- 137,178 sq ft
- Built
- 1999, renovated 2020
- Largest tenants
- The Vanguard Group, Inc.; Microsoft Corporation; Wisler Pearlstine, LLP
- Value at securitization
- $37.0M (Oct 2021)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.95x | 3.29x |
| Occupancy | 95% | 100% |
| Net operating income (annualized from 3 months) | $2.6M | $3.0M |
| Debt yield | 12.1% |
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 Benchmark 2022-B32 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
- With the special servicer
- 30+ days delinquent or matured unpaid
On the cmbs.news watch list in every report since June 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 risen from 95% when the loan was securitized to 100%.
- Net operating income is 14% above the underwritten figure ($3.0M a year against $2.6M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 1.95x at securitization to 3.29x on the latest statements.
- The filing gives Jun 2026 as the lease end date for the largest tenant (The Vanguard Group, Inc.), 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 | $24.5M | 90+ days delinquent | Yes | 3.29x | 100% |
| August 2026 | $24.5M | 60-89 days delinquent | Yes | 3.29x | 100% |
| July 2026 | $24.5M | 30-59 days delinquent | Yes | 3.29x | 100% |
| June 2026 | $24.5M | Late payment but less than 30 days delinquent | Yes | 3.29x | 100% |
| May 2026 | $24.5M | Current | No | n/a | n/a |
| April 2026 | $24.5M | Current | No | 2.86x | 100% |
| March 2026 | $24.5M | Current | No | 2.79x | 100% |
| February 2026 | $24.5M | Current | No | 2.79x | 95% |
| January 2026 | $24.5M | Current | No | 2.79x | 95% |
| December 2025 | $24.5M | Current | No | 2.79x | 95% |
| November 2025 | $24.5M | Current | No | n/a | n/a |
| October 2025 | $24.5M | Current | No | n/a | n/a |
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 May 15, 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 |
|---|---|---|---|---|
| Benchmark 2022-B32 Mortgage Trust | 24 | $24,502,500 | Sep 2026 | SEC filing, September 28, 2026 |
Other Philadelphia-Camden-Wilmington loans due in 2032
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 350 Anchor Mill Road | New Castle, DE | Industrial | $138.0M | 3.649% | Feb 2032 | n/a | n/a | Current |
| 4000 Principio Parkway | North East, MD | Industrial | $137.9M | 3.865% | Mar 2032 | n/a | n/a | Current |
| 500 Delaware Avenue | Wilmington, DE | Office | $65.0M | 4.84% | May 2032 | 1.94x | 94% | Current |
| Philadelphia Logistics Center | Philadelphia, PA | Industrial | $39.5M | 3.34% | Jan 2032 | 0.74x | 7% | Current |
| Center Pointe Plaza I | Newark, DE | Retail | $33.3M | 6.18% | Sep 2032 | n/a | n/a | Current |
| 980 Jolly Road | Blue Bell, PA | Office | $24.8M | 3.632% | Feb 2032 | 2.94x | 88% | Current |
| 500 Delaware | Wilmington, DE | Office | $20.0M | 4.84% | May 2032 | 1.88x | 94% | Current |
| Rising Sun Towne Centre | Rising Sun, MD | Retail | $17.8M | 6.04% | Oct 2032 | 1.74x | 98% | 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.