Office · Cheektowaga, New York
Appletree Business Park
Public CMBS trusts hold $46.2M of the loan on Appletree Business Park at 3.842% that reaches maturity on December 6, 2030, in 4 years and 1 month. As of the Sep 2026 and Oct 2026 servicer reports its status is current.
The loan
- Balance in tracked trusts
- $46,170,000
- Original balance (same notes)
- $49,800,000
- Interest rate
- 3.842% fixed
- Originated
- November 25, 2020
- Maturity
- December 6, 2030
- Payments
- Interest only for 24 months, then amortizing
- Prepayment lockout ends
- July 5, 2030
- Master servicer
- Midland Loan Services
- Originator
- Starwood Mortgage Capital LLC
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 2875 Union Road 2929 & 2897 Union Rd, 201 Como Park Blvd, Cheektowaga, NY 14227
- Metro
- Buffalo-Cheektowaga, NY
- Rentable area
- 422,512 sq ft
- Built
- 1972, renovated 2000
- Largest tenants
- Internal Revenue Service; County Of Erie; Time Warner NY Cable LLC
- Value at securitization
- $87.5M (Nov 2020)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 2.03x | 1.22x |
| Occupancy | 95% | 73% |
| Net operating income (annualized from 3 months) | $5.7M | $3.5M |
| Debt yield | 7.5% |
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 GS Mortgage Securities Trust 2020-GSA2 filing for the reporting period ending October 6, 2026, filed with the SEC October 22, 2026.
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- NOI down 20% or more from securitization
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 95% when the loan was securitized to 73%.
- Net operating income is 39% below the underwritten figure ($3.5M a year against $5.7M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 2.03x at securitization to 1.22x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| October 2026 | $34.8M | Current | No | 1.22x | 73% |
| September 2026 | $46.2M | Current | No | 1.22x | 72% |
| August 2026 | $46.3M | Current | No | 1.22x | 72% |
| July 2026 | $46.4M | Current | No | 1.22x | 72% |
| June 2026 | $46.5M | Current | No | 1.56x | 72% |
| May 2026 | $46.6M | Current | No | 1.52x | 72% |
| April 2026 | $46.7M | Current | No | 1.52x | 72% |
| March 2026 | $46.7M | Current | No | 1.52x | 72% |
| February 2026 | $46.8M | Current | No | 1.52x | 72% |
| January 2026 | $46.9M | Current | No | 1.52x | 72% |
| December 2025 | $47.0M | Current | No | 1.52x | 72% |
| November 2025 | $47.1M | Current | No | 1.50x | 72% |
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 |
|---|---|---|---|---|
| GS Mortgage Securities Trust 2020-GSA2 | 7 | $34,750,718 | Oct 2026 | SEC filing, October 22, 2026 |
| Morgan Stanley Capital I Trust 2021-L5 | 22 | $11,419,282 | Sep 2026 | SEC filing, October 2, 2026 |
Other Buffalo-Cheektowaga loans due in 2030
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Hampton Inn Buffalo South / I-90 | West Seneca, NY | Hotel | $11.0M | 6.89% | Nov 2030 | n/a | n/a | Current |
| Staybridge Suites Buffalo | West Seneca, NY | Hotel | $10.0M | 6.89% | Nov 2030 | n/a | n/a | Current |
| Briarcliff Apartments | Depew, NY | Multifamily | $7.8M | 3.65% | Mar 2030 | n/a | n/a | Current |
| Strathmore Apartments | Amherst, NY | Multifamily | $7.3M | 3.79% | Jul 2030 | n/a | n/a | Current |
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting periods ending September 11, 2026, October 6, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.