Retail · Philadelphia, Pennsylvania
Franklin Marketplace
Franklin Marketplace is financed with a $16.7M CMBS loan at 5.10% that reached maturity on September 6, 2021, 61 months ago. As of the Sep 2026 servicer report, the latest filed for this loan, its status is past maturity and not performing.
The loan
- Balance in tracked trusts
- $16,749,774
- Original balance (same notes)
- $18,250,000
- Interest rate
- 5.10% fixed
- Originated
- August 19, 2016
- Maturity
- September 6, 2021
- Payments
- Amortizing over 30 years
- Prepayment lockout ended
- January 5, 2019
- Master servicer
- Trimont LLC
- Originator
- BSP
Status
- Payment status
- Non performing matured balloon. (code 5)
- Special servicing
- Transferred September 16, 2020
- Workout strategy
- REO
- Advancing
- The servicer has stopped advancing on this loan (non-recoverable)
- Defeasance
- None reported
The property
- Address
- 12131-41 Knights Road, Philadelphia, PA 19154
- Metro
- Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
- Rentable area
- 223,434 sq ft
- Built
- 1989, renovated 2005
- Largest tenants
- OKAVANGO LLC; 2ND AVENUE VALUE STORES; Harbor Freight Tools USA Inc.
- Value at securitization
- $31.0M (Jul 2016)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.62x | -0.03x |
| Occupancy | 83% | n/a |
| Net operating income (annualized from 6 months) | $1.9M | $-40K |
| Debt yield | -0.2% |
Debt yield here is the latest NOI divided by the balance held in the trusts below. If part of the loan sits outside them, the true figure is lower.
Watch flags
Computed from the JPMCC Commercial Mortgage Securities Trust 2016-JP4 filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
- With the special servicer
- 30+ days delinquent or matured unpaid
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- NOI down 20% or more from securitization
- Past maturity
- Servicer stopped advancing
On the cmbs.news watch list in all 12 monthly reports we hold (October 2025 to September 2026).
cmbs.news's own rule-based labels on the filed fields (definitions), not a credit rating, a prediction or a view of the borrower.
What the filing shows
- Net operating income is 102% below the underwritten figure ($-40K a year against $1.9M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.62x at securitization to -0.03x on the latest statements.
- At -0.03x, the property's reported NOI does not cover its debt service.
- The most recent valuation in the filing is $11.3M (December 9, 2025), against $31.0M at securitization.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $16.7M | Non performing matured balloon | Yes | -0.03x | n/a |
| August 2026 | $16.7M | Non performing matured balloon | Yes | -0.03x | n/a |
| July 2026 | $16.7M | Non performing matured balloon | Yes | -0.64x | 56% |
| June 2026 | $16.7M | Non performing matured balloon | Yes | -0.64x | 56% |
| May 2026 | $16.7M | Non performing matured balloon | Yes | 0.40x | 56% |
| April 2026 | $16.7M | Non performing matured balloon | Yes | 0.40x | 56% |
| March 2026 | $16.7M | Non performing matured balloon | Yes | 0.40x | 56% |
| February 2026 | $16.7M | Non performing matured balloon | Yes | 0.40x | 56% |
| January 2026 | $16.7M | Non performing matured balloon | Yes | 0.24x | 60% |
| December 2025 | $16.7M | Non performing matured balloon | Yes | 0.24x | 60% |
| November 2025 | $16.7M | Non performing matured balloon | Yes | 0.36x | 60% |
| October 2025 | $16.7M | Non performing matured balloon | Yes | 0.36x | 60% |
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 16, 2020, still there.
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 | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| JPMCC Commercial Mortgage Securities Trust 2016-JP4 | 21 | $16,749,774 | Sep 2026 | SEC filing, September 28, 2026 |
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.