Retail · Northville, Michigan
Northville Shopping Center Phase II
Northville Shopping Center Phase II is financed with a $8.7M CMBS loan at 6.72% that reaches maturity on April 1, 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
- $8,700,000
- Original balance (same notes)
- $8,700,000
- Interest rate
- 6.72% fixed
- Originated
- March 8, 2024
- Maturity
- April 1, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ends
- September 30, 2028
- Master servicer
- Wells Fargo Bank, NA
- Originator
- Morgan Stanley Bank, N.A.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 17101-17955 Haggerty Road and 6 Mile Road, Northville, MI 48167
- Metro
- Detroit-Warren-Dearborn, MI
- Rentable area
- 43,169 sq ft
- Built
- 2003
- Largest tenants
- KSI Holdings Inc; P. F. Chang's China Bistro Inc; SAAT ME NORTHVILLE LLC
- Value at securitization
- $13.1M (Feb 2024)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.58x | 1.65x |
| Occupancy | 96% | 96% |
| Net operating income (annualized from 6 months) | $934K | $985K |
| Debt yield | 11.3% |
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 BANK5 Trust 2024-5YR6 filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
None this month. No flag in the cmbs.news screen applies to this loan.
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 5% above the underwritten figure ($985K a year against $934K; the latest statement covers 6 months, annualized).
- The filing gives Mar 2028 as the lease end date for the largest tenant (KSI Holdings Inc), 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 | $8.7M | Current | No | 1.65x | 96% |
| August 2026 | $8.7M | Current | No | 1.93x | 96% |
| July 2026 | $8.7M | Current | No | 1.93x | 96% |
| June 2026 | $8.7M | Current | No | 1.93x | 96% |
| May 2026 | $8.7M | Current | No | 1.63x | 100% |
| April 2026 | $8.7M | Current | No | 1.63x | 100% |
| March 2026 | $8.7M | Current | No | 1.63x | 100% |
| February 2026 | $8.7M | Current | No | 1.63x | 100% |
| January 2026 | $8.7M | Current | No | 1.63x | 100% |
| December 2025 | $8.7M | Current | No | 1.63x | 100% |
| November 2025 | $8.7M | Current | No | 1.82x | 100% |
| October 2025 | $8.7M | Current | No | 1.82x | 100% |
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 |
|---|---|---|---|---|
| BANK5 Trust 2024-5YR6 | 30 | $8,700,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other Detroit-Warren-Dearborn loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| First National Building | Detroit, MI | Office | $430.0M | 3.778% | Jan 2029 | n/a | n/a | Current |
| FCA USA - Detroit, MI | Detroit, MI | Industrial | $147.9M | 5.744% | Apr 2029 | n/a | n/a | Current |
| Bedrock Mixed-Use Portfolio | Detroit, MI | Other | $75.0M | 6.385% | Jun 2029 | 1.64x | 83% | Current |
| Garfield Commons | Clinton Township, MI | Multifamily | $75.0M | 7.32% | Jan 2029 | n/a | n/a | Current |
| Amazon Distribution Livonia | Livonia, MI | Industrial | $34.0M | 3.73% | May 2029 | 3.79x | 100% | Current |
| Pointe Plaza | Grosse Pointe Woods, MI | Mixed use | $30.5M | 7.955% | Jul 2029 | 1.61x | 100% | Current |
| Northville Village Shopping Center Phase I | Northville, MI | Retail | $29.5M | 6.50% | Sep 2029 | 1.65x | 98% | Current |
| Waterside Marketplace | Chesterfield, MI | Retail | $25.8M | 6.21% | Nov 2029 | 2.34x | 93% | Current |
All loans maturing in 2029 · All Detroit-Warren-Dearborn 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.