Retail · Farmington, Michigan
Grove Retail Center
Grove Retail Center is financed with a $4.7M CMBS loan at 5.528% that reaches maturity on May 6, 2028, in 18 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $4,713,287
- Original balance (same notes)
- $5,100,000
- Interest rate
- 5.528% fixed
- Originated
- April 26, 2018
- Maturity
- May 6, 2028
- Payments
- Interest only for 36 months, then amortizing
- Prepayment lockout ends
- January 5, 2028
- Master servicer
- Trimont LLC
- Originator
- SMC
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 33001 Grand River Avenue, Farmington, MI 48335
- Metro
- Detroit-Warren-Dearborn, MI
- Rentable area
- 71,364 sq ft
- Built
- 1967, renovated 2016
- Largest tenants
- TJX Companies Inc.; ACO; DEARBORN MUSIC CO.
- Value at securitization
- $7.6M (Feb 2018)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.68x | 1.36x |
| Occupancy | 98% | 100% |
| Net operating income (annualized from 3 months) | $586K | $480K |
| Debt yield | 10.2% |
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 Morgan Stanley Capital I Trust 2018-H3 filing for the reporting period ending September 11, 2026, filed with the SEC October 2, 2026.
- Coverage down 0.25x 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
- Net operating income is 18% below the underwritten figure ($480K a year against $586K; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 1.68x at securitization to 1.36x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $4.7M | Current | No | 1.36x | 100% |
| August 2026 | $4.7M | Current | No | 1.36x | 100% |
| July 2026 | $4.7M | Current | No | 1.36x | 100% |
| June 2026 | $4.7M | Current | No | 1.36x | 100% |
| May 2026 | $4.7M | Current | No | 1.94x | 100% |
| April 2026 | $4.7M | Current | No | 1.94x | 100% |
| March 2026 | $4.8M | Current | No | 1.94x | 100% |
| February 2026 | $4.8M | Current | No | 1.94x | 100% |
| January 2026 | $4.8M | Current | No | 1.94x | 100% |
| December 2025 | $4.8M | Current | No | 1.94x | 100% |
| November 2025 | $4.8M | Current | No | 2.06x | 94% |
| October 2025 | $4.8M | Current | No | 2.06x | 94% |
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 |
|---|---|---|---|---|
| Morgan Stanley Capital I Trust 2018-H3 | 53 | $4,713,287 | Sep 2026 | SEC filing, October 2, 2026 |
Other Detroit-Warren-Dearborn loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Twelve Oaks Mall | Novi, MI | Retail | $170.2M | 4.399% | Mar 2028 | 2.43x | 86% | Current |
| Romulus - Huron | Romulus, MI | Industrial | $127.8M | 7.35% | May 2028 | 1.37x | 69% | Current |
| Penske Distribution Center | Romulus, MI | Industrial | $70.0M | 4.63% | Dec 2028 | 2.59x | 100% | Current |
| Brasswater Warehouse Portfolio | Warren, MI | Office | $65.5M | 7.25% | Jul 2028 | n/a | n/a | Current |
| Troy Place | Troy, MI | Office | $40.0M | 5.09% | Dec 2028 | 2.38x | 65% | Current |
| Kohl's Shelby Property | Shelby Township, MI | Retail | $38.1M | 3.09% | Sep 2028 | n/a | n/a | Current |
| Travelers Tower I | Southfield, MI | Office | $33.0M | 4.82% | Jul 2028 | 2.12x | 75% | Current |
| One Kennedy Square | Detroit, MI | Office | $33.0M | 4.60% | Feb 2028 | 1.93x | 88% | Current |
All loans maturing in 2028 · All Detroit-Warren-Dearborn 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.