Office · Wilmington, Delaware
500 Delaware Avenue
Public CMBS trusts hold $65.0M of the loan on 500 Delaware Avenue at 4.84% that reaches maturity on May 5, 2032, in 5 years and 6 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $65,000,000
- Original balance (same notes)
- $65,000,000
- Interest rate
- 4.84% fixed
- Originated
- April 7, 2022
- Maturity
- May 5, 2032
- Payments
- Interest only for the full term
- Prepayment lockout ends
- November 4, 2031
- Master servicer
- Midland Loan Services
- Originator
- 3650 Real Estate Investment Trust 2 LLC
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 500 Delaware Avenue, Wilmington, DE 19801
- Metro
- Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
- Rentable area
- 371,222 sq ft
- Built
- 2006, renovated 2020
- Largest tenants
- Wilmington Savings Fund Society, FSI; Morris James LLP; Sargent & Lundy, LLC
- Value at securitization
- $125.7M (Mar 2022)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 2.15x | 1.94x |
| Occupancy | 93% | 94% |
| Net operating income | $9.0M | $8.1M |
| Debt yield | 12.4% |
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 2024-V9 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 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 10% below the underwritten figure ($8.1M a year against $9.0M).
- Debt service coverage moved from 2.15x at securitization to 1.94x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $65.0M | Current | No | 1.94x | 94% |
| August 2026 | $65.0M | Current | No | n/a | n/a |
| July 2026 | $65.0M | Current | No | n/a | n/a |
| June 2026 | $65.0M | Current | No | n/a | n/a |
| May 2026 | $65.0M | Current | No | n/a | n/a |
| April 2026 | $65.0M | Current | No | 1.88x | 94% |
| March 2026 | $65.0M | Current | No | 1.88x | 95% |
| February 2026 | $65.0M | Current | No | 1.88x | 95% |
| January 2026 | $65.0M | Current | No | 1.88x | 95% |
| December 2025 | $65.0M | Current | No | 1.88x | 95% |
| November 2025 | $58.0M | Current | No | 1.88x | 94% |
| October 2025 | $58.0M | Current | No | 1.88x | 94% |
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 6 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| 3650R 2022-PF2 Commercial Mortgage Trust | 15 | $20,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BBCMS Mortgage Trust 2023-C21 | 17 | $15,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BBCMS Mortgage Trust 2025-5C37 | 24 | $10,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BMO 2025-5C9 Mortgage Trust | 22 | $8,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
| BMO 2025-5C13 Mortgage Trust | 25 | $7,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
| Benchmark 2024-V9 Mortgage Trust | 29 | $5,000,000 | 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 |
| 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 |
| 45 Liberty Boulevard | Malvern, PA | Office | $24.5M | 3.57% | Jan 2032 | 3.29x | 100% | With the special servicer and 90+ days delinquent |
| 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.