Office · Wilmington, Delaware
Chemours HQ
1007 Market Street, Wilmington, DE · Google Maps
The trusts' filings for the period ending October 13, 2026 no longer list this loan: it was paid off, defeased or liquidated, or the trust stopped reporting. The figures below are from the earlier filings.
Chemours HQ is financed with a $41.1M CMBS loan at 3.96% that reaches maturity on November 1, 2026, this month. As of the Oct 2026 servicer report its status is current.
The loan
- Balance in tracked trusts
- $41,093,057
- Original balance (same notes)
- $50,400,000
- Interest rate
- 3.96% fixed
- Originated
- July 8, 2019
- Maturity
- November 1, 2024; extended by modification to November 1, 2026
- Payments
- Interest only for the full term
- Prepayment lockout ended
- May 31, 2024
- Master servicer
- Midland Loan Services
- Originator
- JPMorgan Chase Bank, National Association
Status
- Payment status
- Current (code 0)
- Special servicing
- Transferred September 6, 2024, returned March 25, 2025
- Workout strategy
- Resolved
- Modified
- Yes, most recently November 1, 2025
- Defeasance
- None reported
The property
- Address
- 1007 Market Street, Wilmington, DE 19801
- Metro
- Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
- Rentable area
- 283,069 sq ft
- Built
- 1913, renovated 2018
- Largest tenants
- The Chemours Company
- Value at securitization
- $84.0M (May 2019)
Performance
| Measure | At securitization | Latest (Jun 2026) |
|---|---|---|
| DSCR (NOI) | 2.81x | 3.47x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 6 months) | $5.7M | $12.9M |
| Debt yield | 31.4% |
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 2019-B12 MORTGAGE TRUST filing for the reporting period ending October 13, 2026, filed with the SEC October 30, 2026.
- Matures within 12 months
- Modified
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 128% above the underwritten figure ($12.9M a year against $5.7M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 2.81x at securitization to 3.47x on the latest statements.
- The most recent valuation in the filing is $65.5M (November 17, 2024), against $84.0M at securitization.
Refinance test on today's income
The latest annual NOI in the filing is $12.9M, a debt yield of 31.4% on $41.1M. 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% | $143.5M | $102.4M of room |
| 10% | $129.2M | $88.1M 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 | $8.5M | $15.0M | $53.14/sf |
| Operating expenses | $2.9M | $2.1M | $7.51/sf |
| Net operating income | $5.7M | $12.9M | $45.63/sf |
| Net cash flow | $5.5M | $12.5M | $44.21/sf |
| Expense ratio | 33.5% | 14.1% |
From the servicer's Schedule AL report; the latest statement covers 6 months and is annualized; 283,069 sq ft; renovated 2018.
Largest tenants
| Tenant | Sq ft | Share of building | Lease ends |
|---|---|---|---|
| The Chemours Company | 283,069 | 100% | Dec 2033 |
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 | $41.1M | Current | No | 3.47x | 100% |
| September 2026 | $41.5M | Current | No | 3.47x | 100% |
| August 2026 | $41.9M | Current | No | 3.55x | 100% |
| July 2026 | $42.3M | Current | No | 3.55x | 100% |
| June 2026 | $42.8M | Current | No | n/a | n/a |
| May 2026 | $43.2M | Current | No | n/a | n/a |
| April 2026 | $43.6M | Current | No | 3.13x | 100% |
| March 2026 | $44.4M | Current | No | 3.13x | 100% |
| February 2026 | $44.4M | Current | No | 3.13x | 100% |
| January 2026 | $44.8M | Current | No | 3.13x | 100% |
| December 2025 | $45.1M | Current | No | 3.13x | 100% |
| November 2025 | $45.5M | Current | No | 3.13x | 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.
Special-servicing history
- Transferred to the special servicer September 6, 2024, returned to the master servicer March 25, 2025.
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
One trust holds this loan in the data.
| Trust | Asset no. in that trust | Balance | Report period | Source |
|---|---|---|---|---|
| BENCHMARK 2019-B12 MORTGAGE TRUST | 5 | $41,093,057 | Oct 2026 | SEC filing, October 30, 2026 |
Other Philadelphia-Camden-Wilmington loans due in 2026
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| One Presidential | Bala Cynwyd, PA | Office | $27.7M | 5.08% | Jul 2026 | 0.55x | 88% | Past maturity and not performing |
| 839 Market Street and 8 other properties | Wilmington, DE | Mixed use | $7.2M | 5.11% | Dec 2026 | n/a | n/a | Current |
| 1120 Executive Plaza | Mount Laurel, NJ | Office | $6.6M | 4.336% | Sep 2026 | 2.40x | 83% | Past maturity and not performing |
| Grand Self Storage & Mhc | Sicklerville, NJ | Mixed use | $5.2M | 4.53% | Dec 2026 | 2.02x | 100% | Current |
All loans maturing in 2026 · All Philadelphia-Camden-Wilmington loans
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.