Retail · Gaithersburg, Maryland
Frederick Avenue Shopping Center
Frederick Avenue Shopping Center is financed with a $5.5M CMBS loan at 4.35% that reaches maturity on June 6, 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
- $5,521,737
- Original balance (same notes)
- $6,368,000
- Interest rate
- 4.35% fixed
- Originated
- May 30, 2019
- Maturity
- June 6, 2029
- Payments
- Amortizing over 30 years
- Prepayment lockout ended
- July 5, 2021
- Master servicer
- Trimont LLC
- Originator
- Rialto Mortgage Finance, LLC
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 401 North Frederick Avenue, Gaithersburg, MD 20877
- Metro
- Washington-Arlington-Alexandria, DC-VA-MD-WV
- Rentable area
- 30,420 sq ft
- Built
- 1962
- Largest tenants
- Advance Auto Parts; Federal Express; 7-ELEVEN Inc.
- Value at securitization
- $11.6M (Apr 2019)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 2.34x | 1.88x |
| Occupancy | 100% | 67% |
| Net operating income (annualized from 3 months) | $889K | $725K |
| Debt yield | 13.1% |
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 down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
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 100% when the loan was securitized to 67%.
- Net operating income is 18% below the underwritten figure ($725K a year against $889K; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 2.34x at securitization to 1.88x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $5.5M | Current | No | 1.88x | 67% |
| August 2026 | $5.5M | Current | No | 1.88x | 67% |
| July 2026 | $5.5M | Current | No | 1.88x | 67% |
| June 2026 | $5.6M | Current | No | 1.82x | 67% |
| May 2026 | $5.6M | Current | No | 1.82x | 67% |
| April 2026 | $5.6M | Current | No | 1.82x | 67% |
| March 2026 | $5.6M | Current | No | 1.74x | 67% |
| February 2026 | $5.6M | Current | No | 1.74x | 67% |
| January 2026 | $5.6M | Current | No | 1.74x | 67% |
| December 2025 | $5.6M | Current | No | 1.74x | 67% |
| November 2025 | $5.6M | Current | No | 1.74x | 67% |
| October 2025 | $5.6M | Current | No | 1.74x | 67% |
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 | 29 | $5,521,737 | Sep 2026 | SEC filing, September 29, 2026 |
Other Washington-Arlington-Alexandria loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Parklawn Building | Rockville, MD | Office | $261.6M | 3.398% | Nov 2029 | 2.79x | 73% | Current |
| 1812 North Moore | Arlington, VA | Office | $172.7M | 7.53% | May 2029 | 0.96x | 99% | Late, less than 30 days |
| Uline Arena | Washington, DC | Mixed use | $120.0M | 4.04% | Aug 2029 | 1.68x | 94% | Current |
| 425 Eye Street | Washington, DC | Office | $102.2M | 1.00% | Jan 2029 | 3.57x | 77% | Current |
| 2001 K Street | Washington, DC | Office | $95.0M | 7.388% | May 2029 | 1.43x | 97% | Current |
| Tysons Corner Center - Office Tower | McLean, VA | Office | $95.0M | 3.33% | Oct 2029 | n/a | n/a | Current |
| Potomac Tower | Arlington, VA | Office | $84.0M | 7.60% | Sep 2029 | 1.66x | 100% | Current |
| Powered Shell Portfolio - Manassas DC-18 | Manassas, VA | Industrial | $83.8M | 3.637% | Jul 2029 | n/a | n/a | Current |
All loans maturing in 2029 · All Washington-Arlington-Alexandria loans
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.