Office · Wilmington, Delaware
Concord Plaza
3521 3505 3411 and 3419 Silverside Road, 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.
Public CMBS trusts hold $34.3M of the loan on Concord Plaza at 5.24% that reaches maturity on September 6, 2027, in 10 months. As of the Oct 2026 servicer report its status is not reported.
The loan
- Balance in tracked trusts
- $34,291,239
- Original balance (same notes)
- $39,000,000
- Interest rate
- 5.24% fixed
- Originated
- August 15, 2018
- Maturity
- September 6, 2027
- Payments
- Amortizing over 30 years
- Prepayment lockout ended
- June 5, 2023
- Master servicer
- KeyBank Real Estate Capital
- Originator
- Citi Real Estate Funding Inc.
Status
- Payment status
- Not reported
- Special servicing
- Transferred August 7, 2025, returned May 27, 2026
- Workout strategy
- Resolved
- Modified
- Yes, most recently January 27, 2026
- Defeasance
- None reported
The property
- Address
- 3521 3505 3411 and 3419 Silverside Road, Wilmington, DE 19810
- Metro
- Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
- Rentable area
- 358,740 sq ft
- Built
- 1968, renovated 2005
- Largest tenants
- Advanced Materials Technology; State of Delaware; Delaware Ophthalmology
- Value at securitization
- $52.6M (Jun 2018)
Performance
| Measure | At securitization | Latest (Jun 2026) |
|---|---|---|
| DSCR (NOI) | n/a | 1.56x |
| Occupancy | 87% | 72% |
| Net operating income | n/a | $3.7M |
| Debt yield | 10.7% |
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 2018-B7 Mortgage Trust filing for the reporting period ending October 13, 2026, filed with the SEC October 30, 2026.
- Occupancy down 10 points or more from securitization
- 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
- Occupancy has fallen from 87% when the loan was securitized to 72%.
- The most recent valuation in the filing is $42.5M (September 22, 2025), against $52.6M at securitization.
Refinance test on today's income
The latest annual NOI in the filing is $3.7M, a debt yield of 10.7% on $34.3M. 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% | $40.9M | $6.6M of room |
| 10% | $36.8M | $2.5M 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, Jul 2026 | Per sq ft |
|---|---|---|---|
| Revenue | n/a | $6.9M | $19.15/sf |
| Operating expenses | n/a | $3.0M | $8.28/sf |
| Net operating income | n/a | $3.7M | $10.27/sf |
| Net cash flow | n/a | $3.4M | $9.52/sf |
| Expense ratio | n/a | 43.3% |
From the servicer's Schedule AL report; the latest statement covers 6 months and is annualized; 358,740 sq ft; renovated 2005.
Largest tenants
| Tenant | Sq ft | Share of building | Lease ends |
|---|---|---|---|
| Advanced Materials Technology | 29,937 | 8% | Jan 2033 |
| State of Delaware | 24,040 | 7% | Feb 2029 |
| Delaware Ophthalmology | 17,875 | 5% | Dec 2029 |
Red: the lease ends before the loan matures.
Other advances outstanding: $0 for taxes and insurance, $4,000 other. Servicers recover advances before bondholders are paid.
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 | $34.3M | Not reported | No | 1.56x | 72% |
| September 2026 | $34.4M | Performing matured balloon | No | 1.56x | 72% |
| August 2026 | $34.6M | Not reported | No | 1.26x | 75% |
| July 2026 | $34.7M | Late payment but less than 30 days delinquent | No | 1.26x | 75% |
| June 2026 | $34.8M | Late payment but less than 30 days delinquent | Yes | 1.26x | 75% |
| May 2026 | $34.9M | Late payment but less than 30 days delinquent | Yes | 1.26x | 75% |
| April 2026 | $34.9M | Late payment but less than 30 days delinquent | Yes | 1.26x | 75% |
| March 2026 | $35.0M | Late payment but less than 30 days delinquent | Yes | 1.26x | 75% |
| February 2026 | $35.1M | Late payment but less than 30 days delinquent | Yes | 1.26x | 75% |
| January 2026 | $35.1M | Non performing matured balloon | Yes | 1.26x | 75% |
| December 2025 | $35.1M | Performing matured balloon | Yes | 1.26x | 75% |
| November 2025 | $35.2M | Non performing matured balloon | Yes | 1.26x | 75% |
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 August 7, 2025, returned to the master servicer May 27, 2026.
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 2 notes held by different trusts. Each trust reports its own piece.
| Trust | Asset no. in that trust | Balance | Report period | Source |
|---|---|---|---|---|
| BENCHMARK 2018-B6 MORTGAGE TRUST | 19 | $17,585,251 | Oct 2026 | SEC filing, October 26, 2026 |
| Benchmark 2018-B7 Mortgage Trust | 25 | $16,705,988 | Oct 2026 | SEC filing, October 30, 2026 |
Other Philadelphia-Camden-Wilmington loans due in 2027
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Apex Fort Washington | Fort Washington, PA | Office | $47.9M | 5.28% | Mar 2027 | 1.18x | 66% | Current |
| Riverview Landing | Eagleville, PA | Multifamily | $44.0M | 4.944% | Nov 2027 | 1.32x | 93% | Current |
| Rodin Place | Philadelphia, PA | Mixed use | $41.5M | 4.35% | Aug 2027 | 1.55x | 76% | Current |
| Overlook at King of Prussia | King of Prussia, PA | Retail | $40.8M | 3.82% | Sep 2027 | 2.17x | 100% | Current |
| Great Valley Commerce Center | Malvern, PA | Office | $40.8M | 4.48% | Aug 2027 | 1.88x | 85% | Current |
| Kirkwood Plaza | Wilmington, DE | Retail | $32.4M | 4.59% | Nov 2027 | 2.06x | 79% | Current |
| Bakers Centre | Philadelphia, PA | Retail | $32.0M | 3.942% | Nov 2027 | 3.06x | 100% | Current |
| Valley Creek Corporate Center | Exton, PA | Office | $31.5M | 4.30% | Jun 2027 | 1.18x | 49% | With the special servicer |
All loans maturing in 2027 · All Philadelphia-Camden-Wilmington loans
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting periods ending October 6, 2026, October 13, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.