Industrial · Columbia, Maryland
McGaw Commerce Center
McGaw Commerce Center is financed with a $32.5M CMBS loan at 6.823% that reaches maturity on April 6, 2029, in 2 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
- $32,500,000
- Original balance (same notes)
- $32,500,000
- Interest rate
- 6.823% fixed
- Originated
- March 22, 2024
- Maturity
- April 6, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ends
- October 5, 2028
- Master servicer
- Midland Loan Services
- Originator
- Argentic Real Estate Finance 2 LLC
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 8909, 8919, 8925 McGaw Court, Columbia, MD 21045
- Metro
- Baltimore-Columbia-Towson, MD
- Rentable area
- 281,063 sq ft
- Built
- 1974
- Largest tenants
- B/A PRODUCTS CORPORATION (t0076416); KC BEAUTY & COSMETICS COLUMBIA, INC. (t0076273); UTZ QUALITY FOODS LLC (t0076572)
- Value at securitization
- $50.1M (Feb 2024)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.23x | 1.15x |
| Occupancy | 95% | 93% |
| Net operating income (annualized from 6 months) | $2.8M | $5.2M |
| Debt yield | 16.0% |
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 BMO 2024-5C4 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC October 2, 2026.
- Largest tenant's lease ends within 12 months
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 88% above the underwritten figure ($5.2M a year against $2.8M; the latest statement covers 6 months, annualized).
- The filing gives Sep 2027 as the lease end date for the largest tenant (B/A PRODUCTS CORPORATION (t0076416)), 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 | $32.5M | Current | No | 1.15x | 93% |
| August 2026 | $32.5M | Current | No | 1.03x | 93% |
| July 2026 | $32.5M | Current | No | 1.03x | 94% |
| June 2026 | $32.5M | Current | No | 1.03x | 94% |
| May 2026 | $32.5M | Current | No | n/a | n/a |
| April 2026 | $32.5M | Current | No | 1.20x | 90% |
| March 2026 | $32.5M | Current | No | 1.20x | 90% |
| February 2026 | $32.5M | Late payment but less than 30 days delinquent | No | 1.19x | 97% |
| January 2026 | $32.5M | Current | No | 1.19x | 97% |
| December 2025 | $32.5M | Current | No | 1.19x | 97% |
| November 2025 | $32.5M | Current | No | 1.21x | 97% |
| October 2025 | $32.5M | Current | No | 1.21x | 97% |
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 |
|---|---|---|---|---|
| BMO 2024-5C4 Mortgage Trust | 8 | $32,500,000 | Sep 2026 | SEC filing, October 2, 2026 |
Other Baltimore-Columbia-Towson loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Fieldside Grande | Aberdeen, MD | Multifamily | $52.3M | 6.06% | Jul 2029 | n/a | n/a | Current |
| Hilton Baltimore BWI Airport | Linthicum Heights, MD | Hotel | $35.0M | 4.799% | Apr 2029 | 1.57x | 82% | Current |
| Patuxent Crossing, Columbia | Columbia, MD | Office | $33.2M | 4.60% | Apr 2029 | 1.08x | 67% | Current |
| Dundalk Plaza | Baltimore, MD | Retail | $27.3M | 7.20% | Aug 2029 | 1.53x | 99% | Current |
| Airport Square | Linthicum, MD | Industrial | $26.2M | 4.20% | Nov 2029 | 2.72x | n/a | Current |
| Knightsbridge and Sheffield House Apartments | Baltimore, MD | Multifamily | $9.1M | 7.05% | Jan 2029 | 1.36x | 90% | Current |
| Hyatt Place Baltimore Owings Mills | Owings Mills, MD | Hotel | $6.3M | 8.23% | Jan 2029 | 1.76x | 57% | Current |
| Schnader Enterprises Portfolio | Baltimore, MD | Multifamily | $6.0M | 4.52% | Jun 2029 | 2.22x | 91% | Current |
All loans maturing in 2029 · All Baltimore-Columbia-Towson 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.