Retail · Wilmington, Delaware
Kirkwood Plaza
Public CMBS trusts hold $32.5M of the loan on Kirkwood Plaza at 4.59% that reaches maturity on November 1, 2027, in 12 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $32,495,417
- Original balance (same notes)
- $38,790,000
- Interest rate
- 4.59% fixed
- Originated
- October 26, 2017
- Maturity
- November 1, 2027
- Payments
- Amortizing over 30 years
- Prepayment lockout ends
- July 31, 2027
- Master servicer
- Trimont LLC
- Originator
- Morgan Stanley Bank, N.A.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 4345, 4435, & 4365-4491 Kirkwood Highway, Wilmington, DE 19808
- Metro
- Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
- Rentable area
- 309,924 sq ft
- Built
- 1962, renovated 2010
- Largest tenants
- Kohl's Deparment Stores Inc.; Michael Store's Inc.; Price Busters
- Value at securitization
- $55.8M (Sep 2017)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.44x | 2.06x |
| Occupancy | 99% | 79% |
| Net operating income (annualized from 6 months) | $3.4M | $3.0M |
| Debt yield | 9.4% |
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 2017-HR2 filing for the reporting period ending September 11, 2026, filed with the SEC October 2, 2026.
- 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 99% when the loan was securitized to 79%.
- Net operating income is 11% below the underwritten figure ($3.0M a year against $3.4M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.44x at securitization to 2.06x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $32.5M | Current | No | 2.06x | 79% |
| August 2026 | $32.6M | Current | No | 1.97x | 79% |
| July 2026 | $32.6M | Current | No | 1.97x | 79% |
| June 2026 | $32.7M | Current | No | 1.97x | 79% |
| May 2026 | $32.8M | Current | No | 2.37x | 80% |
| April 2026 | $32.9M | Current | No | 2.37x | 80% |
| March 2026 | $12.7M | Current | No | 2.37x | 80% |
| February 2026 | $33.0M | Current | No | 2.37x | 80% |
| January 2026 | $33.1M | Current | No | 2.37x | 80% |
| December 2025 | $33.1M | Current | No | 2.37x | 80% |
| November 2025 | $33.2M | Current | No | 2.17x | 81% |
| October 2025 | $33.3M | Current | No | 2.17x | 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 2 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BANK 2018-BNK10 | 17 | $19,929,518 | Sep 2026 | SEC filing, September 29, 2026 |
| Morgan Stanley Capital I Trust 2017-HR2 | 23 | $12,565,900 | Sep 2026 | SEC filing, October 2, 2026 |
Other Philadelphia-Camden-Wilmington loans due in 2027
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Apex Fort Washington | Fort Washington, PA | Office | $48.0M | 5.28% | Mar 2027 | 1.12x | 66% | Current |
| Riverview Landing | Eagleville, PA | Multifamily | $44.0M | 4.944% | Nov 2027 | 1.32x | 93% | Current |
| Rodin Place | Philadelphia, PA | Mixed use | $41.6M | 4.35% | Aug 2027 | 1.55x | 76% | Current |
| Great Valley Commerce Center | Malvern, PA | Office | $40.9M | 4.48% | Aug 2027 | 1.91x | 86% | Current |
| Overlook at King of Prussia | King of Prussia, PA | Retail | $40.8M | 3.82% | Sep 2027 | 2.17x | 100% | Current |
| Bakers Centre | Philadelphia, PA | Retail | $32.0M | 3.942% | Nov 2027 | 3.06x | 100% | Current |
| Valley Creek Corporate Center | Exton, PA | Office | $31.6M | 4.30% | Jun 2027 | 1.18x | 49% | With the special servicer |
| Shoppes At Flowers Mill | Langhorne, PA | Retail | $26.3M | 4.70% | Oct 2027 | 1.28x | 89% | Current |
All loans maturing in 2027 · 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.