Retail · Lansing, Michigan
Marketplace at Delta Township
Marketplace at Delta Township is financed with a $12.3M CMBS loan at 4.71% that reaches maturity on June 6, 2027, in 7 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $12,254,481
- Original balance (same notes)
- $13,700,000
- Interest rate
- 4.71% fixed
- Originated
- May 26, 2017
- Maturity
- June 6, 2027
- Payments
- Interest only for 36 months, then amortizing
- Prepayment lockout ends
- March 5, 2027
- Master servicer
- Midland Loan Services
- Originator
- Rialto Mortgage Finance, LLC
Status
- Payment status
- Current (code 0)
- Special servicing
- Transferred October 9, 2018, returned October 29, 2019
- Workout strategy
- Resolved
- Modified
- Yes, most recently June 8, 2020
- Defeasance
- None reported
The property
- Address
- 416-647 N Marketplace Boulevard, Lansing, MI 48917
- Metro
- Lansing-East Lansing, MI
- Rentable area
- 174,353 sq ft
- Built
- 1999
- Largest tenants
- Michaels Stores, Inc. #1590; Ross Dress for Less #2503; Petsmart
- Value at securitization
- $22.6M (Apr 2017)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.10x | 1.63x |
| Occupancy | 81% | n/a |
| Net operating income (annualized from 6 months) | $1.8M | $2.8M |
| Debt yield | 22.9% |
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 UBS Commercial Mortgage Trust 2017-C2 filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
- Coverage down 0.25x or more from securitization
- Matures within 12 months
- Largest tenant's lease ends within 12 months
- Modified
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 57% above the underwritten figure ($2.8M a year against $1.8M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 2.10x at securitization to 1.63x on the latest statements.
- The most recent valuation in the filing is $17.1M (September 11, 2019), against $22.6M at securitization.
- The filing gives May 2027 as the lease end date for the largest tenant (Michaels Stores, Inc. #1590), 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 | $12.3M | Current | No | 1.63x | n/a |
| August 2026 | $12.3M | Current | No | 1.63x | n/a |
| July 2026 | $12.3M | Current | No | n/a | n/a |
| June 2026 | $12.3M | Current | No | n/a | n/a |
| May 2026 | $12.3M | Current | No | n/a | n/a |
| April 2026 | $12.4M | Current | No | 1.87x | n/a |
| March 2026 | $12.4M | Current | No | 1.87x | n/a |
| February 2026 | $12.4M | Current | No | 1.85x | 88% |
| January 2026 | $12.4M | Current | No | 1.85x | 88% |
| December 2025 | $12.5M | Current | No | 1.85x | 88% |
| November 2025 | $12.5M | Current | No | 1.85x | 88% |
| October 2025 | $12.5M | Current | No | 2.61x | 88% |
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 October 9, 2018, returned to the master servicer October 29, 2019.
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 |
|---|---|---|---|---|
| UBS Commercial Mortgage Trust 2017-C2 | 21 | $12,254,481 | Sep 2026 | SEC filing, September 28, 2026 |
Other Lansing-East Lansing loans due in 2027
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Okemos Plaza | Okemos, MI | Retail | $2.4M | 5.65% | Jan 2027 | 2.30x | 100% | 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.