Mixed use · Philadelphia, Pennsylvania
Independence Lofts
Independence Lofts is financed with a $26.3M CMBS loan at 3.56% that reaches maturity on September 6, 2031, in 4 years and 10 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is with the special servicer and 60-89 days delinquent.
The loan
- Balance in tracked trusts
- $26,271,287
- Original balance (same notes)
- $29,000,000
- Interest rate
- 3.56% fixed
- Originated
- August 18, 2021
- Maturity
- September 6, 2031
- Payments
- Amortizing over 30 years
- Prepayment lockout ends
- June 5, 2031
- Master servicer
- Midland Loan Services
- Originator
- Goldman Sachs Bank USA
Status
- Payment status
- 60-89 days delinquent (code 2)
- Special servicing
- Transferred August 26, 2024
- Workout strategy
- Foreclosure
- Defeasance
- None reported
The property
- Address
- 525 North 11th Street, Philadelphia, PA 19123
- Metro
- Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
- Rentable area
- 9,282 sq ft
- Built
- 1920
- Largest tenants
- Eat It Up LLC by Carlos Collazo & Neil E. Campbell; SoSuite Inc; Sosuite Inc.
- Value at securitization
- $47.5M (Apr 2021)
Performance
| At securitization | Latest | |
|---|---|---|
| DSCR (NOI) | 1.49x | n/a |
| Occupancy | 100% | n/a |
| Net operating income | $2.3M | n/a |
Watch flags
Computed from the Benchmark 2021-B29 Mortgage Trust 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
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
- The most recent valuation in the filing is $25.0M (March 2, 2026), against $47.5M at securitization.
- The filing gives Dec 2029 as the lease end date for the largest tenant (Eat It Up LLC by Carlos Collazo & Neil E. Campbell), 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 | $26.3M | 60-89 days delinquent | Yes | n/a | n/a |
| August 2026 | $26.3M | 30-59 days delinquent | Yes | n/a | n/a |
| July 2026 | $26.4M | 60-89 days delinquent | Yes | n/a | n/a |
| June 2026 | $26.5M | 90+ days delinquent | Yes | n/a | n/a |
| May 2026 | $26.5M | 60-89 days delinquent | Yes | n/a | n/a |
| April 2026 | $26.5M | 60-89 days delinquent | Yes | 0.98x | 100% |
| March 2026 | $26.5M | 30-59 days delinquent | Yes | 0.98x | 100% |
| February 2026 | $26.6M | 30-59 days delinquent | Yes | 0.98x | 100% |
| January 2026 | $26.6M | 30-59 days delinquent | Yes | 0.98x | 100% |
| December 2025 | $26.7M | 30-59 days delinquent | Yes | n/a | n/a |
| November 2025 | $26.7M | 30-59 days delinquent | Yes | n/a | n/a |
| October 2025 | $26.7M | Late payment but less than 30 days delinquent | Yes | n/a | n/a |
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 August 26, 2024, 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 |
|---|---|---|---|---|
| Benchmark 2021-B29 Mortgage Trust | 10 | $26,271,287 | Sep 2026 | SEC filing, September 28, 2026 |
Other Philadelphia-Camden-Wilmington loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| The Atlantic | Philadelphia, PA | Multifamily | $125.0M | 3.456% | Feb 2031 | 1.26x | 95% | Current |
| Deptford Mall | Deptford, NJ | Retail | $115.0M | 6.95% | May 2031 | n/a | n/a | Current |
| 400 Arcola Road | Collegeville, PA | Mixed use | $110.0M | 6.781% | Mar 2031 | n/a | n/a | Current |
| Velocity Industrial Portfolio | Lansdale, PA | Industrial | $75.0M | 3.23% | Jul 2031 | 3.29x | 90% | Current |
| Two Penn Center | Philadelphia, PA | Office | $67.9M | 3.268% | Apr 2031 | 2.07x | 74% | Current |
| 300 Four Falls | Conshohocken, PA | Office | $57.6M | 6.846% | Jan 2031 | 0.96x | 89% | Current |
| Wessex House | Wayne, PA | Multifamily | $57.5M | 5.72% | Mar 2031 | n/a | n/a | Current |
| The Court at Oxford Valley | Fairless Hills, PA | Retail | $52.6M | 3.20% | Jul 2031 | 2.23x | 92% | Current |
All loans maturing in 2031 · All Philadelphia-Camden-Wilmington 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.