Retail · Waterbury, Connecticut
Naugatuck Valley Shopping Center
Naugatuck Valley Shopping Center is financed with a $26.1M CMBS loan at 5.15% that reaches maturity on April 6, 2030, in 3 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
- $26,117,068
- Original balance (same notes)
- $29,000,000
- Interest rate
- 5.15% fixed
- Originated
- March 16, 2020
- Maturity
- April 6, 2030
- Payments
- Amortizing over 30 years
- Prepayment lockout ended
- May 5, 2023
- Prepayment premium ends
- May 5, 2025 (yield maintenance)
- Master servicer
- Midland Loan Services
- Originator
- UBS AG
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 950 Wolcott Street, Waterbury, CT 6705
- Rentable area
- 382,884 sq ft
- Built
- 2001
- Largest tenants
- Walmart; Stop & shop; Fun Z Trampoline park waterbury LLC
- Value at securitization
- $41.9M (Jan 2020)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.62x | 0.95x |
| Occupancy | 98% | 57% |
| Net operating income | $3.1M | $1.8M |
| Debt yield | 6.9% |
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 Benchmark 2023-B38 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC October 1, 2026.
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- NOI down 20% or more from securitization
- Largest tenant's lease ends within 12 months
On the cmbs.news watch list in every report since 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
- Occupancy has fallen from 98% when the loan was securitized to 57%.
- Net operating income is 41% below the underwritten figure ($1.8M a year against $3.1M).
- Debt service coverage moved from 1.62x at securitization to 0.95x on the latest statements.
- At 0.95x, the property's reported NOI does not cover its debt service.
- The filing gives Sep 2027 as the lease end date for the largest tenant (Walmart), 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 | $26.1M | Current | No | 0.95x | 57% |
| August 2026 | $26.1M | Current | No | 1.41x | 100% |
| July 2026 | $26.2M | Current | No | 1.41x | 57% |
| June 2026 | $26.2M | Current | No | 1.41x | 75% |
| May 2026 | $26.2M | Current | No | n/a | n/a |
| April 2026 | $26.3M | Current | No | 1.06x | 75% |
| March 2026 | $26.3M | Current | No | 1.06x | 75% |
| February 2026 | $26.4M | Current | No | 1.06x | 75% |
| January 2026 | $26.4M | Current | No | 1.32x | 80% |
| December 2025 | $26.5M | Current | No | 1.32x | 80% |
| November 2025 | $26.5M | Current | No | 1.35x | 80% |
| October 2025 | $26.6M | Current | No | 1.35x | 77% |
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 2023-B38 Mortgage Trust | 10 | $26,117,068 | Sep 2026 | SEC filing, October 1, 2026 |
Other Connecticut loans due in 2030
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| The Link | Stamford, CT | Office | $115.0M | 7.379% | Mar 2030 | 2.16x | 92% | Current |
| Project Wing Industrial | Windsor, CT | Industrial | $70.0M | 6.552% | Oct 2030 | n/a | n/a | Current |
| Up House Apartments | Farmington, CT | Multifamily | $42.5M | 5.92% | Apr 2030 | 1.31x | 89% | Late, less than 30 days |
| New Haven Multifamily Portfolio | CT | Multifamily | $16.6M | 4.45% | Aug 2030 | 1.32x | 88% | With the special servicer |
| 50 Danbury (Unit 50 Wilton Corporate park ) | Wilton, CT | Office | $16.5M | 6.445% | Nov 2030 | 2.41x | 84% | Current |
| Four Research Drive | Shelton, CT | Office | $16.0M | 4.20% | Jan 2030 | n/a | n/a | With the special servicer |
| Milford Square | Milford, CT | Retail | $16.0M | 6.70% | Oct 2030 | n/a | n/a | Current |
| Cedar Village at Minerva Square | Derby, CT | Multifamily | $15.0M | 6.40% | Jul 2030 | n/a | n/a | 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.