Industrial · Novi, Michigan
Novi Commerce Center
Novi Commerce Center is financed with a $6.6M CMBS loan at 5.627% that reaches maturity on June 6, 2032, in 5 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
- $6,596,512
- Original balance (same notes)
- $6,700,000
- Interest rate
- 5.627%
- Originated
- May 23, 2022
- Maturity
- June 6, 2032
- Payments
- Interest only for 36 months, then amortizing
- Master servicer
- KeyBank Real Estate Capital
- Originator
- Barclays
Status
- Payment status
- Not reported
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 40400 Grand River Avenue, Novi, MI 48375
- Metro
- Detroit-Warren-Dearborn, MI
- Rentable area
- 102,500 sq ft
- Built
- 1987
- Largest tenants
- Automotive Techniques Inc; Total Knee Accelerator; BrightSource
- Value at securitization
- $9.5M
Performance
| At securitization | Latest (Dec 2025) | |
|---|---|---|
| DSCR (NOI) | n/a | 1.68x |
| Occupancy | 98% | 96% |
| Net operating income | n/a | $711K |
| Debt yield | 10.8% |
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 BBCMS Mortgage Trust 2022-C17 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 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
- The filing gives Aug 2027 as the lease end date for the largest tenant (Automotive Techniques 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 | $6.6M | Not reported | No | 1.68x | 96% |
| August 2026 | $6.6M | Not reported | No | 1.68x | 96% |
| July 2026 | $6.6M | Not reported | No | 1.58x | 96% |
| June 2026 | $6.6M | Not reported | No | 1.62x | 96% |
| May 2026 | $6.6M | Not reported | No | 1.62x | 96% |
| April 2026 | $6.6M | Not reported | No | 1.62x | 96% |
| March 2026 | $6.6M | Not reported | No | 1.58x | 97% |
| February 2026 | $6.6M | Not reported | No | 1.58x | 97% |
| January 2026 | $6.7M | Not reported | No | 1.58x | 97% |
| December 2025 | $6.7M | Not reported | No | 1.88x | 98% |
| November 2025 | $6.7M | Not reported | No | 1.88x | 98% |
| October 2025 | $6.7M | Not reported | No | 1.88x | 98% |
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 |
|---|---|---|---|---|
| BBCMS Mortgage Trust 2022-C17 | 40 | $6,596,512 | Sep 2026 | SEC filing, September 29, 2026 |
Other Detroit-Warren-Dearborn loans due in 2032
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| One Campus Martius | Detroit, MI | Office | $218.0M | 6.02% | Jul 2032 | 1.97x | 82% | Current |
| Midtown Square | Troy, MI | Retail | $76.9M | 4.00% | Mar 2032 | 1.94x | 99% | Current |
| Evergreen | Detroit, MI | Industrial | $59.9M | 5.51% | Aug 2032 | n/a | n/a | Current |
| Brighton Towne Square | Brighton, MI | Mixed use | $40.0M | 5.906% | Jun 2032 | 1.34x | 100% | Current |
| PentaCentre Office | Troy, MI | Office | $32.2M | 5.32% | Jun 2032 | 1.80x | 65% | Current |
| Lakes Medical Center | West Bloomfield, MI | Office | $27.0M | 5.99% | Sep 2032 | 1.78x | 92% | Current |
| Hall Road Crossing | Shelby Township, MI | Retail | $26.4M | 4.12% | Mar 2032 | 1.70x | 100% | Current |
| Woodlands Officentre | Farmington Hills, MI | Office | $14.7M | 7.21% | Nov 2032 | 1.89x | 99% | 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.