Mixed use · West Fargo, North Dakota
Boulevard Square I
Boulevard Square I is financed with a $3.6M CMBS loan at 4.80% that reaches maturity on September 6, 2027, in 10 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is late, less than 30 days.
The loan
- Balance in tracked trusts
- $3,566,827
- Original balance (same notes)
- $4,250,000
- Interest rate
- 4.80% fixed
- Originated
- August 11, 2017
- Maturity
- September 6, 2027
- Payments
- Amortizing over 30 years
- Prepayment lockout ends
- June 5, 2027
- Master servicer
- Trimont LLC
- Originator
- Barclays Bank PLC
Status
- Payment status
- Late payment but less than 30 days delinquent (code B)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 745 31st Avenue East, West Fargo, ND 58078
- Rentable area
- 43,690 sq ft
- Built
- 2013
- Largest tenants
- TRUIT, LLC; SPICY PIE PIZZA; EPIC MANAGEMENT, LLC
- Value at securitization
- $5.8M (May 2017)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.40x | 0.68x |
| Occupancy | 100% | 77% |
| Net operating income (annualized from 3 months) | $375K | $183K |
| Debt yield | 5.1% |
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 Wells Fargo Commercial Mortgage Trust 2017-C40 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- NOI down 20% or more from securitization
- Matures within 12 months
On the cmbs.news watch list in all 12 monthly reports we hold (October 2025 to September 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 fallen from 100% when the loan was securitized to 77%.
- Net operating income is 51% below the underwritten figure ($183K a year against $375K; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 1.40x at securitization to 0.68x on the latest statements.
- At 0.68x, the property's reported NOI does not cover its debt service.
- The filing gives Sep 2019 as the lease end date for the largest tenant (TRUIT, 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 | $3.6M | Late payment but less than 30 days delinquent | No | 0.68x | 77% |
| August 2026 | $3.6M | Current | No | 0.68x | 77% |
| July 2026 | $3.6M | Current | No | 0.88x | 84% |
| June 2026 | $3.6M | Current | No | 0.88x | 84% |
| May 2026 | $3.6M | Current | No | 0.88x | 84% |
| April 2026 | $3.6M | Current | No | 0.88x | 84% |
| March 2026 | $3.6M | Current | No | 0.88x | 84% |
| February 2026 | $3.6M | Current | No | 0.88x | 84% |
| January 2026 | $3.6M | Current | No | 0.88x | 84% |
| December 2025 | $3.6M | Current | No | 0.88x | 84% |
| November 2025 | $3.6M | Current | No | 0.88x | 84% |
| October 2025 | $3.7M | Current | No | 0.83x | 84% |
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 |
|---|---|---|---|---|
| Wells Fargo Commercial Mortgage Trust 2017-C40 | 42 | $3,566,827 | Sep 2026 | SEC filing, September 29, 2026 |
Other North Dakota loans due in 2027
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Boulevard Square II | West Fargo, ND | Mixed use | $4.2M | 4.692% | Sep 2027 | 1.60x | 85% | 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.