Retail · Blackwood, New Jersey
Gloucester Premium Outlets
Public CMBS trusts hold $75.0M of the loan on Gloucester Premium Outlets at 6.124% that reaches maturity on March 1, 2033, in 6 years and 4 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $75,000,000
- Original balance (same notes)
- $75,000,000
- Interest rate
- 6.124% fixed
- Originated
- February 3, 2023
- Maturity
- March 1, 2033
- Payments
- Interest only for the full term
- Prepayment lockout ends
- September 30, 2032
- Master servicer
- KeyBank Real Estate Capital
- Originator
- Barclays SGFC
Status
- Payment status
- Not reported
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 100 200 300 400 and 600 Premium Outlets Drive, Blackwood, NJ 8012
- Metro
- Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
- Rentable area
- 378,515 sq ft
- Built
- 2015
- Largest tenants
- Nike Retail Services; Old Navy Clothing Co.; Polo Ralph Lauren
- Value at securitization
- $145.9M (Dec 2022)
Performance
| At securitization | Latest (Dec 2025) | |
|---|---|---|
| DSCR (NOI) | n/a | 2.66x |
| Occupancy | 90% | 80% |
| Net operating income | n/a | $12.4M |
| Debt yield | 16.5% |
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 BBCMS 2023-C20 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
None this month. No flag in the cmbs.news screen applies to this loan.
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 90% when the loan was securitized to 80%.
- The filing gives Jan 2031 as the lease end date for the largest tenant (Nike Retail Services), 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 | $75.0M | Not reported | No | 2.66x | 80% |
| August 2026 | $75.0M | Not reported | No | 2.66x | 80% |
| July 2026 | $75.0M | Not reported | No | 2.66x | 80% |
| June 2026 | $75.0M | Not reported | No | 2.66x | 80% |
| May 2026 | $75.0M | Not reported | No | 2.66x | 80% |
| April 2026 | $75.0M | Not reported | No | 2.67x | 80% |
| March 2026 | $75.0M | Not reported | No | 2.67x | 80% |
| February 2026 | $75.0M | Not reported | No | 2.67x | 81% |
| January 2026 | $75.0M | Not reported | No | 2.67x | 80% |
| December 2025 | $75.0M | Not reported | No | 2.67x | 80% |
| November 2025 | $75.0M | Not reported | No | 2.49x | 81% |
| October 2025 | $75.0M | Not reported | No | 2.49x | 81% |
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 4 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BBCMS Mortgage Trust 2023-C19 | 4-A-1-1 | $36,666,667 | Sep 2026 | SEC filing, September 29, 2026 |
| BBCMS 2023-C20 | 11-A-1-2 | $18,333,333 | Sep 2026 | SEC filing, September 29, 2026 |
| BBCMS Mortgage Trust 2023-C19 | 4-A-2-1 | $13,333,333 | Sep 2026 | SEC filing, September 29, 2026 |
| BBCMS 2023-C20 | 11-A-2-2 | $6,666,667 | Sep 2026 | SEC filing, September 29, 2026 |
Other Philadelphia-Camden-Wilmington loans due in 2033
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Marriott Philadelphia West | West Conshohocken, PA | Hotel | $37.8M | 7.154% | Jul 2033 | 2.10x | 56% | Current |
| Adare Dungan | Philadelphia, PA | Industrial | $23.0M | 6.16% | May 2033 | n/a | n/a | Current |
| 3800 Horizon Blvd | Feasterville-Trevose, PA | Office | $21.7M | 6.99% | Apr 2033 | 0.80x | 57% | Current |
| 1027 Filbert Street (Gallery Garage) | Philadelphia, PA | Mixed use | $15.0M | 7.12% | Apr 2033 | n/a | n/a | Current |
| Union Square | New Hope, PA | Mixed use | $13.3M | 6.748% | Jun 2033 | 1.97x | 98% | Current |
| 801 Bridgeboro Road | Edgewater Park, NJ | Industrial | $13.0M | 6.97% | Jun 2033 | n/a | n/a | Current |
| Rittenhouse Multifamily | Philadelphia, PA | Multifamily | $6.3M | 6.583% | May 2033 | 1.43x | 100% | Current |
| 3800 Horizon Boulevard | Feasterville-Trevose, PA | Office | $4.9M | 6.99% | Apr 2033 | 0.80x | 57% | Current |
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.