Office · Fredericksburg, Virginia
Lee's Hill II
Lee's Hill II is financed with a $9.3M CMBS loan at 4.13% that reaches its anticipated repayment date on April 6, 2032, in 5 years and 5 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $9,300,000
- Original balance (same notes)
- $9,300,000
- Interest rate
- 4.13% fixed
- Originated
- March 9, 2022
- Maturity
- April 6, 2032
- Anticipated repayment date
- April 6, 2032 (the rate steps up if the loan is not repaid by then)
- Payments
- Interest only for the full term
- Master servicer
- KeyBank Real Estate Capital
- Originator
- CREFI
Status
- Payment status
- Not reported
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 10304 Spotsylvania Avenue, Fredericksburg, VA 22408
- Metro
- Washington-Arlington-Alexandria, DC-VA-MD-WV
- Rentable area
- 152,245 sq ft
- Built
- 2000
- Largest tenants
- TEMACC LLC; US Army; Dynamic Foot and Ankle Cen
- Value at securitization
- $23.0M (Jan 2022)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | n/a | 0.77x |
| Occupancy | 65% | 54% |
| Net operating income | n/a | $300K |
| Debt yield | 3.2% |
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 Benchmark 2022-B34 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC October 1, 2026.
- Coverage below 1.00x
- Occupancy down 10 points or more from securitization
On the cmbs.news watch list in every report since March 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
- Occupancy has fallen from 65% when the loan was securitized to 54%.
- At 0.77x, the property's reported NOI does not cover its debt service.
- The filing gives Mar 2029 as the lease end date for the largest tenant (TEMACC LLC), 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 | $9.3M | Not reported | No | 0.77x | 54% |
| August 2026 | $9.3M | Not reported | No | 0.77x | 54% |
| July 2026 | $9.3M | Not reported | No | 0.77x | 54% |
| June 2026 | $9.3M | Not reported | No | 0.77x | 47% |
| May 2026 | $9.3M | Not reported | No | 0.92x | 47% |
| April 2026 | $9.3M | Not reported | No | 0.92x | 47% |
| March 2026 | $9.3M | Not reported | No | 0.99x | 47% |
| February 2026 | $9.3M | Not reported | No | 1.13x | 47% |
| January 2026 | $9.3M | Not reported | No | 1.13x | 47% |
| December 2025 | $9.3M | Not reported | No | 1.13x | 47% |
| November 2025 | $9.3M | Not reported | No | 1.14x | 47% |
| October 2025 | $9.3M | Not reported | No | 1.94x | 47% |
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 |
|---|---|---|---|---|
| Benchmark 2022-B34 Mortgage Trust | 27 | $9,300,000 | Sep 2026 | SEC filing, October 1, 2026 |
Other Washington-Arlington-Alexandria loans due in 2032
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Constitution Center | Washington, DC | Office | $368.0M | 3.049% | Mar 2032 | 1.65x | 100% | Current |
| Woodmore Towne Centre | Glenarden, MD | Retail | $117.2M | 3.39% | Jan 2032 | 3.38x | 96% | Current |
| 2550 M Street | Washington, DC | Office | $86.8M | 4.60% | Apr 2032 | 2.26x | 100% | Current |
| 2115 Wisconsin Avenue | Washington, DC | Office | $54.9M | 4.175% | Apr 2032 | 2.23x | 100% | Current |
| Leesburg Plaza | Leesburg, VA | Retail | $48.5M | 3.17% | Jan 2032 | n/a | n/a | Current |
| Shops at Dakota Crossing | Washington, DC | Retail | $46.0M | 4.86% | Apr 2032 | 1.53x | 100% | Current |
| Liberty Park at Tysons | Vienna, VA | Office | $45.0M | 5.21% | Nov 2032 | 2.95x | 100% | Current |
| Potomac Festival I | Woodbridge, VA | Retail | $40.0M | 5.316% | Aug 2032 | 2.28x | 99% | 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.