Office · Glen Allen, Virginia
New York Life Building
New York Life Building is financed with a $7.4M CMBS loan at 4.53% that reaches maturity on June 6, 2029, in 2 years and 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
- $7,362,251
- Original balance (same notes)
- $7,920,000
- Interest rate
- 4.53% fixed
- Originated
- May 21, 2019
- Maturity
- June 6, 2029
- Payments
- Interest only for 36 months, then amortizing
- Prepayment lockout ended
- July 5, 2021
- Prepayment premium ends
- March 5, 2029 (yield maintenance)
- Master servicer
- Midland Loan Services
- Originator
- Deutsche Bank AG, New York Branch
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 4435 Waterfront Drive, Glen Allen, VA 23060
- Metro
- Richmond, VA
- Rentable area
- 65,900 sq ft
- Built
- 1986
- Largest tenants
- CBIZ M&S Consulting; Martin, Dolan & Holt; HSI Workplace Compli
- Value at securitization
- $11.3M (Mar 2019)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.62x | 0.96x |
| Occupancy | 97% | 92% |
| Net operating income (annualized from 6 months) | $953K | $938K |
| Debt yield | 12.7% |
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 2019-B12 MORTGAGE TRUST filing for the reporting period ending September 11, 2026, filed with the SEC September 30, 2026.
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
On the cmbs.news watch list in every report since June 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 97% when the loan was securitized to 92%.
- Debt service coverage moved from 2.62x at securitization to 0.96x on the latest statements.
- At 0.96x, the property's reported NOI does not cover its debt service.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $7.4M | Current | No | 0.96x | 92% |
| August 2026 | $7.4M | Current | No | 0.98x | 92% |
| July 2026 | $7.4M | Current | No | 0.98x | 88% |
| June 2026 | $7.4M | Current | No | 0.98x | 88% |
| May 2026 | $7.4M | Current | No | n/a | n/a |
| April 2026 | $7.4M | Current | No | 1.44x | 61% |
| March 2026 | $7.4M | Current | No | 1.44x | 61% |
| February 2026 | $7.4M | Current | No | 1.44x | 61% |
| January 2026 | $7.5M | Current | No | 1.15x | 63% |
| December 2025 | $7.5M | Current | No | 1.15x | 63% |
| November 2025 | $7.5M | Current | No | 1.58x | 64% |
| October 2025 | $7.5M | Current | No | 1.58x | 64% |
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 2019-B12 MORTGAGE TRUST | 37 | $7,362,251 | Sep 2026 | SEC filing, September 30, 2026 |
Other Richmond loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Embassy Suites Richmond | Richmond, VA | Hotel | $22.0M | 3.705% | Dec 2029 | 2.52x | 55% | Current |
| Hancock Village - Va | Chesterfield, VA | Retail | $16.9M | 4.925% | Jan 2029 | 2.05x | 99% | Current |
| Winterpock Crossing Shopping Center | Midlothian, VA | Retail | $12.3M | 7.07% | Aug 2029 | 1.45x | 98% | Current |
| Bell Creek Commons | Mechanicsville, VA | Retail | $8.2M | 4.57% | Apr 2029 | 1.58x | 74% | Current |
| The Crossings Shopping Center | Hopewell, VA | Retail | $8.1M | 4.98% | Jan 2029 | 2.28x | 93% | Current |
| Laburnum Square Shopping Center | Richmond, VA | Retail | $7.4M | 4.28% | Sep 2029 | 2.06x | 97% | Current |
| Walnut Hill | Petersburg, VA | Retail | $6.3M | 3.939% | Dec 2029 | n/a | n/a | Current |
| Jefferson Storage | Prince George, VA | Self storage | $4.4M | 4.70% | Aug 2029 | 1.55x | 90% | 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.