Mixed use · Durham, North Carolina
Exchange On Erwin
Public CMBS trusts hold $75.5M of the loan on Exchange On Erwin at 3.421% that reaches maturity on December 6, 2029, in 3 years and 1 month. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $75,450,000
- Original balance (same notes)
- $75,450,000
- Interest rate
- 3.421% fixed
- Originated
- November 21, 2019
- Maturity
- December 6, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ended
- January 5, 2022
- Prepayment premium ends
- September 5, 2029 (yield maintenance)
- Master servicer
- KeyBank N.A.
- Originator
- Barclays Capital Real Estate Inc.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 2604,2608,2610,2612, Erwin Road 2614, Durham, NC 27705
- Metro
- Durham-Chapel Hill, NC
- Rentable area
- 96,949 sq ft
- Built
- 2007
- Largest tenants
- Duke University Health System, Inc.; Duke University Health System Inc.; Duke University
- Value at securitization
- $117.0M (Oct 2019)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.27x | 0.99x |
| Occupancy | 97% | n/a |
| Net operating income | $5.9M | $2.6M |
| Debt yield | 3.4% |
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 Wells Fargo Commercial Mortgage Trust 2020-C55 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
- NOI down 20% or more from securitization
On the cmbs.news watch list in every report since June 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
- Net operating income is 57% below the underwritten figure ($2.6M a year against $5.9M).
- Debt service coverage moved from 2.27x at securitization to 0.99x on the latest statements.
- At 0.99x, the property's reported NOI does not cover its debt service.
- The filing gives Apr 2029 as the lease end date for the largest tenant (Duke University Health System, Inc.), 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 | $75.5M | Current | No | 0.99x | 92% |
| August 2026 | $75.5M | Current | No | 0.99x | 92% |
| July 2026 | $75.5M | Current | No | 0.99x | 92% |
| June 2026 | $75.5M | Current | No | 0.99x | 92% |
| May 2026 | $75.5M | Current | No | 1.03x | 92% |
| April 2026 | $75.5M | Current | No | 1.03x | 92% |
| March 2026 | $75.5M | Current | No | 1.03x | 86% |
| February 2026 | $75.5M | Current | No | 1.03x | 92% |
| January 2026 | $75.5M | Current | No | 1.03x | 92% |
| December 2025 | $75.5M | Current | No | 1.03x | 92% |
| November 2025 | $75.5M | Current | No | 1.03x | 92% |
| October 2025 | $75.5M | Current | No | 1.03x | 92% |
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
The loan is split into 2 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BBCMS Mortgage Trust 2020-C6 | 6 | $50,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| Wells Fargo Commercial Mortgage Trust 2020-C55 | 12 | $25,450,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other Durham-Chapel Hill loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 4813, 4815 & 4721 Emperor Boulevard and 1005, 1007 & 1009 Slater Road | Durham, NC | Office | $108.0M | 7.364% | Mar 2029 | n/a | n/a | Current |
| C.I.G. Multifamily Portfolio | Roxboro, NC | Multifamily | $24.5M | 6.984% | Jul 2029 | n/a | n/a | Current |
| North Carolina Technical Park | Durham, NC | Industrial | $22.2M | 4.50% | Jul 2029 | 1.25x | 58% | Current |
| Marriott Durham City Center | Durham, NC | Hotel | $19.5M | 8.05% | Sep 2029 | 1.84x | n/a | Current |
| Castalia at Meadowmont | Chapel Hill, NC | Office | $8.8M | 3.669% | Dec 2029 | 3.31x | 96% | Current |
| Bee Safe Storage - Creekside | Apex, NC | Self storage | $7.5M | 6.964% | Feb 2029 | 1.58x | 96% | Current |
| The Courtyard of Chapel Hill | Chapel Hill, NC | Mixed use | $7.4M | 3.78% | Jul 2029 | 2.98x | 100% | Current |
| Vilcom Office | Chapel Hill, NC | Office | $4.9M | 4.435% | Dec 2029 | 1.39x | 85% | With the special servicer and 90+ days delinquent |
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.