Retail · Willow Grove, Pennsylvania
At Home - Willow Grove
At Home - Willow Grove is financed with a $8.8M CMBS loan at 3.88% that reaches maturity on November 6, 2029, in 3 years. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $8,789,153
- Original balance (same notes)
- $10,150,000
- Interest rate
- 3.88% fixed
- Originated
- November 1, 2019
- Maturity
- November 6, 2029
- Payments
- Interest only for 12 months, then amortizing
- Prepayment lockout ends
- August 5, 2029
- Master servicer
- Midland Loan Services
- Originator
- Goldman Sachs Bank USA
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Modified
- Yes, most recently April 6, 2021
- Defeasance
- None reported
The property
- Address
- 2620 Moreland Road, Willow Grove, PA 19090
- Metro
- Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
- Rentable area
- 94,554 sq ft
- Built
- 1973, renovated 2019
- Largest tenants
- At Home Stores LLC
- Value at securitization
- $20.1M (Mar 2021)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.15x | 0.98x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 6 months) | $1.3M | $1.2M |
| Debt yield | 13.7% |
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 2021-B25 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- Modified
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
- Net operating income is 8% below the underwritten figure ($1.2M a year against $1.3M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 2.15x at securitization to 0.98x on the latest statements.
- At 0.98x, the property's reported NOI does not cover its debt service.
- The filing gives Mar 2028 as the lease end date for the largest tenant (At Home Stores LLC), 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 | $8.8M | Current | No | 0.98x | 100% |
| August 2026 | $8.8M | Current | No | 0.71x | 100% |
| July 2026 | $8.8M | Current | No | 0.71x | 100% |
| June 2026 | $8.9M | Current | No | 0.71x | 100% |
| May 2026 | $8.9M | Current | No | n/a | n/a |
| April 2026 | $8.9M | Current | No | 1.82x | 100% |
| March 2026 | $8.9M | Late payment but less than 30 days delinquent | No | 1.82x | 100% |
| February 2026 | $8.9M | Current | No | 1.82x | 100% |
| January 2026 | $9.0M | Current | No | 1.82x | 100% |
| December 2025 | $9.0M | Current | No | 1.82x | 100% |
| November 2025 | $9.0M | Late payment but less than 30 days delinquent | No | 1.82x | 100% |
| October 2025 | $9.0M | Current | No | 1.81x | 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
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Benchmark 2021-B25 Mortgage Trust | 35 | $8,789,153 | Sep 2026 | SEC filing, September 28, 2026 |
Other Philadelphia-Camden-Wilmington loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Cira Square | Philadelphia, PA | Office | $135.0M | 6.851% | Jun 2029 | 2.98x | 100% | Current |
| The Piazza | Philadelphia, PA | Multifamily | $108.5M | 5.91% | Aug 2029 | 1.15x | 100% | Current |
| Duane Morris Plaza | Philadelphia, PA | Office | $105.3M | 3.844% | Nov 2029 | 1.69x | 92% | Current |
| 3001 Red Lion Road | Philadelphia, PA | Office | $91.8M | 3.379% | Nov 2029 | n/a | n/a | Current |
| Hilton Penn's Landing | Philadelphia, PA | Hotel | $70.0M | 4.88% | Aug 2029 | 1.37x | 69% | Current |
| Presidential City | Philadelphia, PA | Multifamily | $60.0M | 3.498% | Sep 2029 | 0.91x | 92% | Current |
| One & Olney | Philadelphia, PA | Retail | $50.0M | 3.48% | Oct 2029 | 3.09x | 99% | Current |
| 1000 Chesterbrook | Berwyn, PA | Office | $37.9M | 4.14% | Oct 2029 | 1.72x | 100% | Current |
All loans maturing in 2029 · 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.