Retail · North Canton, Ohio
Belden Park Crossing
5496 Dressler Road, North Canton, OH · Google Maps
Public CMBS trusts hold $44.9M of the loan on Belden Park Crossing at 4.681% that reaches maturity on November 6, 2027, in 12 months. As of the Oct 2026 servicer report its status is current.
The loan
- Balance in tracked trusts
- $44,912,074
- Original balance (same notes)
- $51,000,000
- Interest rate
- 4.681% fixed
- Originated
- October 13, 2017
- Maturity
- November 6, 2027
- Payments
- Interest only for 24 months, then amortizing
- Prepayment lockout ends
- August 5, 2027
- Master servicer
- Trimont LLC
- Originator
- Ladder Capital Finance LLC
Status
- Payment status
- Current (code 0)
- Special servicing
- Transferred April 21, 2020, returned September 17, 2020
- Workout strategy
- Resolved
- Defeasance
- None reported
The property
- Address
- 5496 Dressler Road, North Canton, OH 44720
- Rentable area
- 483,984 sq ft
- Built
- 1995, renovated 2016
- Largest tenants
- Kohl's Deparment Stores Inc.; Urban Air; Cleveland Furniture - Storage
- Value at securitization
- $68.6M (Sep 2017)
Performance
| Measure | At securitization | Latest (Jun 2026) |
|---|---|---|
| DSCR (NOI) | 1.71x | 1.49x |
| Occupancy | 97% | 85% |
| Net operating income (annualized from 6 months) | $5.4M | $4.8M |
| Debt yield | 10.6% |
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.
Comparable loans: retail properties in Ohio, with NOI, occupancy and value.
Watch flags
Computed from the UBS Commercial Mortgage Trust 2017-C7 filing for the reporting period ending October 13, 2026, filed with the SEC November 2, 2026.
- Occupancy down 10 points 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 97% when the loan was securitized to 85%.
- Net operating income is 12% below the underwritten figure ($4.8M a year against $5.4M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.71x at securitization to 1.49x on the latest statements.
Who is behind this loan
- Sponsor
- Shown with Pro
- Guarantor and sponsor
- Shown with Pro
- Parties and contacts named by the trust
- Shown with Pro
Source: SEC Form 424B2 prospectus, Annex A-1, filed Nov 2017.
Source: SEC Form 10-D, Exhibit 99.1 distribution statement, filed Oct 2026.
Refinance test on today's income
The latest annual NOI in the filing is $4.8M, a debt yield of 10.6% on $44.9M. Lenders often size a new loan so NOI is at least 9% to 10% of the loan amount.
| Debt yield a lender requires | Largest loan | Against today's balance |
|---|---|---|
| 9% | $52.8M | $7.9M of room |
| 10% | $47.5M | $2.6M of room |
Arithmetic on the filed NOI only: no rates, reserves, cap rates or lender terms. NOI can be a year old; see the statement dates above.
Operating statement
| Annual | At securitization | Latest, Jun 2026 | Per sq ft |
|---|---|---|---|
| Revenue | $7.9M | $6.9M | $14.29/sf |
| Operating expenses | $2.4M | $2.2M | $4.46/sf |
| Net operating income | $5.4M | $4.8M | $9.82/sf |
| Net cash flow | $5.1M | $4.4M | $9.17/sf |
| Expense ratio | 31.1% | 31.3% |
From the servicer's Schedule AL report; the latest statement covers 6 months and is annualized; 483,984 sq ft; renovated 2016.
Largest tenants
| Tenant | Sq ft | Share of building | Lease ends |
|---|---|---|---|
| Kohl's Deparment Stores Inc. | 99,776 | 21% | Jan 2031 |
| Urban Air | 55,000 | 11% | Oct 2038 |
| Cleveland Furniture - Storage | 50,000 | 10% | Jun 2026 |
Red: the lease ends before the loan matures.
Refinance and early payoff, at today's rates
This estimate uses today's Treasury curve and needs JavaScript.
Rough estimates, not quotes. New loan: the filed NOI divided by the coverage you set, at the Treasury yield for the term plus your spread. Early payoff: the present value of the remaining scheduled payments to the open date at today's Treasury yields, less the balance, which is roughly what defeasance or yield maintenance costs. Loan documents, fees and the securities bought change the real number. Treasury yields: U.S. Treasury daily par curve.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| October 2026 | $44.9M | Current | No | 1.49x | 85% |
| September 2026 | $45.0M | Current | No | 1.70x | 85% |
| August 2026 | $45.1M | Current | No | 1.70x | 85% |
| July 2026 | $45.2M | Current | No | 1.70x | 85% |
| June 2026 | $45.3M | Current | No | 1.70x | 95% |
| May 2026 | $45.3M | Current | No | 1.70x | 95% |
| April 2026 | $45.4M | Current | No | 1.70x | 95% |
| March 2026 | $45.5M | Current | No | 1.80x | 84% |
| February 2026 | $45.6M | Late payment but less than 30 days delinquent | No | 1.80x | 84% |
| January 2026 | $45.7M | Current | No | 1.80x | 84% |
| December 2025 | $45.8M | Current | No | 1.80x | 84% |
| November 2025 | $45.8M | Current | No | 1.80x | 84% |
From each trust's ABS-EE filing for that month. Coverage and occupancy change only when the servicer reports new statements.
Full history back to November 2017. See it with Pro.
Special-servicing history
- Transferred to the special servicer April 21, 2020, returned to the master servicer September 17, 2020.
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
The loan is split into 3 notes held by different trusts. Each trust reports its own piece.
| Trust | Asset no. in that trust | Balance | Report period | Source |
|---|---|---|---|---|
| Wells Fargo Commercial Mortgage Trust 2017-C41 | 8 | $20,254,465 | Oct 2026 | SEC filing, October 27, 2026 |
| UBS Commercial Mortgage Trust 2017-C6 | 21 | $13,209,434 | Oct 2026 | SEC filing, November 2, 2026 |
| UBS Commercial Mortgage Trust 2017-C7 | 20 | $11,448,175 | Oct 2026 | SEC filing, November 2, 2026 |
Other Ohio loans due in 2027
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Edison Park Center | Hartville, OH | Retail | $6.6M | 4.95% | Jun 2027 | 0.34x | 68% | Current |
| Massillon Citi Center | Massillon, OH | Retail | $4.1M | 5.25% | Apr 2027 | 1.41x | 87% | Current |
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting period ending October 13, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.