Retail · Holland, Ohio
Holland Art Van
Holland Art Van is financed with a $8.0M CMBS loan at 5.45% that reaches maturity on January 6, 2029, in 2 years and 2 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $8,033,226
- Original balance (same notes)
- $9,700,000
- Interest rate
- 5.45% fixed
- Originated
- December 7, 2018
- Maturity
- January 6, 2029
- Payments
- Amortizing over 25 years
- Prepayment lockout ended
- January 5, 2021
- Master servicer
- Trimont LLC
- Originator
- Ladder Capital Finance LLC
Status
- Payment status
- Current (code 0)
- Special servicing
- Transferred April 21, 2020, returned November 6, 2020
- Workout strategy
- Resolved
- Defeasance
- Partly defeased
The property
- Address
- 1301 East Mall Drive, Holland, OH 43528
- Metro
- Toledo, OH
- Rentable area
- 91,388 sq ft
- Built
- 2013
- Largest tenants
- Gardner White Furniture Co Inc
- Value at securitization
- $16.7M (Oct 2018)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.64x | 0.85x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 6 months) | $1.2M | $610K |
| Debt yield | 7.6% |
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-C49 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 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 48% below the underwritten figure ($610K a year against $1.2M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.64x at securitization to 0.85x on the latest statements.
- At 0.85x, the property's reported NOI does not cover its debt service.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $8.0M | Current | No | 0.85x | 100% |
| August 2026 | $8.1M | Current | No | 0.85x | 100% |
| July 2026 | $8.1M | Current | No | 0.80x | 100% |
| June 2026 | $8.1M | Current | No | 0.80x | 100% |
| May 2026 | $8.1M | Current | No | 0.80x | 100% |
| April 2026 | $8.1M | Current | No | 0.80x | 100% |
| March 2026 | $8.2M | Current | No | 0.80x | 100% |
| February 2026 | $8.2M | Late payment but less than 30 days delinquent | No | 0.80x | 100% |
| January 2026 | $8.2M | Late payment but less than 30 days delinquent | No | 0.88x | 100% |
| December 2025 | $8.3M | Late payment but less than 30 days delinquent | No | 0.88x | 100% |
| November 2025 | $8.3M | Late payment but less than 30 days delinquent | No | 0.88x | 100% |
| October 2025 | $8.3M | Current | No | 0.88x | 100% |
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 April 21, 2020, returned to the master servicer November 6, 2020.
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 |
|---|---|---|---|---|
| Wells Fargo Commercial Mortgage Trust 2019-C49 | 30 | $8,033,226 | Sep 2026 | SEC filing, September 29, 2026 |
Other Toledo loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Spring Hollow Apartments | Toledo, OH | Multifamily | $25.9M | 5.10% | Feb 2029 | -0.88x | 38% | Current |
| Staybridge Suites Toledo | Maumee, OH | Hotel | $8.3M | 7.61% | Jan 2029 | 1.80x | 73% | Current |
| Stor365 | Toledo, OH | Self storage | $2.1M | 7.987% | May 2029 | 1.12x | 95% | 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.