Office · Ann Arbor, Michigan
Concourse Office Center
Concourse Office Center is financed with a $2.5M CMBS loan at 4.62% that reaches maturity on June 11, 2029, in 2 years and 7 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $2,487,384
- Original balance (same notes)
- $2,850,000
- Interest rate
- 4.62% fixed
- Originated
- May 14, 2019
- Maturity
- June 11, 2029
- Payments
- Amortizing over 30 years
- Prepayment lockout ends
- March 10, 2029
- Master servicer
- Trimont LLC
- Originator
- Wells Fargo Bank, National Association
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 4343 Concourse Drive, Ann Arbor, MI 48108
- Metro
- Ann Arbor, MI
- Rentable area
- 29,668 sq ft
- Built
- 2003
- Largest tenants
- TheraSupport LLC; Life Support Services Inc.; Dr. Raymond Kong
- Value at securitization
- $4.0M (Apr 2019)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.91x | 0.85x |
| Occupancy | 94% | 78% |
| Net operating income (annualized from 6 months) | $336K | $151K |
| Debt yield | 6.1% |
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 2019-C51 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
- Largest tenant's lease ends within 12 months
On the cmbs.news watch list in every report since July 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 94% when the loan was securitized to 78%.
- Net operating income is 55% below the underwritten figure ($151K a year against $336K; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.91x at securitization to 0.85x on the latest statements.
- At 0.85x, the property's reported NOI does not cover its debt service.
- The filing gives Nov 2026 as the lease end date for the largest tenant (TheraSupport 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 | $2.5M | Current | No | 0.85x | 78% |
| August 2026 | $2.5M | Current | No | 0.99x | 78% |
| July 2026 | $2.5M | Current | No | 0.99x | 78% |
| June 2026 | $2.5M | Current | No | 1.34x | 82% |
| May 2026 | $2.5M | Current | No | 1.51x | 86% |
| April 2026 | $2.5M | Current | No | 1.51x | 86% |
| March 2026 | $2.5M | Current | No | 1.51x | 86% |
| February 2026 | $2.5M | Current | No | 1.51x | 86% |
| January 2026 | $2.5M | Current | No | 1.51x | 86% |
| December 2025 | $2.5M | Current | No | 1.26x | 86% |
| November 2025 | $2.5M | Current | No | 1.46x | 89% |
| October 2025 | $2.5M | Current | No | 1.46x | 89% |
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 2019-C51 | 47 | $2,487,384 | Sep 2026 | SEC filing, September 29, 2026 |
Other Ann Arbor loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 777 East Eisenhower | Ann Arbor, MI | Office | $40.4M | 4.08% | Sep 2029 | 1.73x | 94% | Current |
| 445 & 455 East Eisenhower Parkway | Ann Arbor, MI | Retail | $12.9M | 4.70% | Aug 2029 | n/a | n/a | Current |
| 112-120 West Washington and 117 South Ashley Street | Ann Arbor, MI | Mixed use | $5.1M | 4.75% | May 2029 | n/a | n/a | Current |
| Gallatin Manor | Ann Arbor, MI | Multifamily | $3.2M | 5.25% | Apr 2029 | 2.90x | 100% | Current |
| 205-207 East Washington Street | Ann Arbor, MI | Mixed use | $2.7M | 4.75% | Jul 2029 | 1.07x | 100% | Late, less than 30 days |
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.