Office · Philadelphia, Pennsylvania
One & Two Commerce Square
Public CMBS trusts hold $207.5M of the loan on One & Two Commerce Square at 7.787% that reaches maturity on June 6, 2028, in 19 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $207,500,000
- Original balance (same notes)
- $207,500,000
- Interest rate
- 7.787% fixed
- Originated
- June 1, 2023
- Maturity
- June 6, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ended
- July 5, 2025
- Prepayment premium ends
- December 5, 2027 (yield maintenance)
- Master servicer
- Trimont LLC
- Originator
- BANA/JPMCB
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 2001 and 2005 Market Street, Philadelphia, PA 19103
- Metro
- Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
- Rentable area
- 1,896,143 sq ft
- Built
- 1987, renovated 2013
- Largest tenants
- PwC US Group LLP; FOX ROTHSCHILD LLP; Stradeley Ronon Stevens & Young
- Value at securitization
- $428.0M (Mar 2023)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.71x | 1.82x |
| Occupancy | 76% | 90% |
| Net operating income (annualized from 3 months) | $29.7M | $31.6M |
| Debt yield | 15.2% |
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 BANK 2023-BNK46 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 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
- Occupancy has risen from 76% when the loan was securitized to 90%.
- Net operating income is 7% above the underwritten figure ($31.6M a year against $29.7M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 1.71x at securitization to 1.82x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $207.5M | Current | No | 1.82x | 90% |
| August 2026 | $207.5M | Late payment but less than 30 days delinquent | No | 1.82x | 90% |
| July 2026 | $207.5M | Current | No | 1.82x | 90% |
| June 2026 | $207.5M | Current | No | 1.43x | 86% |
| May 2026 | $207.5M | Late payment but less than 30 days delinquent | No | 1.30x | 83% |
| April 2026 | $207.5M | Current | No | 1.30x | 83% |
| March 2026 | $207.5M | Current | No | 1.30x | 83% |
| February 2026 | $207.5M | Current | No | 1.30x | 83% |
| January 2026 | $207.5M | Current | No | 1.30x | 83% |
| December 2025 | $207.5M | Current | No | 1.30x | 83% |
| November 2025 | $207.5M | Current | No | 1.49x | 82% |
| October 2025 | $207.5M | Current | No | 1.49x | 82% |
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
The loan is split into 10 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Benchmark 2023-B39 Mortgage Trust | 10 | $40,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
| BANK 2023-BNK46 | 7 | $30,833,333 | Sep 2026 | SEC filing, September 29, 2026 |
| BBCMS 2023-C20 | 5-A-5 | $30,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| Benchmark 2023-V3 Mortgage Trust | 19 | $22,500,000 | Sep 2026 | SEC filing, September 28, 2026 |
| Benchmark 2023-V4 Mortgage Trust | 13 | $20,833,333 | Sep 2026 | SEC filing, September 28, 2026 |
| BBCMS 2023-C20 | 5-A-2 | $20,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BANK5 2023-5YR2 | 13 | $12,500,000 | Sep 2026 | SEC filing, October 1, 2026 |
| BBCMS Mortgage Trust 2023-C21 | 20 | $12,500,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BBCMS 2023-C20 | 5-A-4 | $10,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BANK 2023-BNK46 | 7A | $8,333,333 | Sep 2026 | SEC filing, September 29, 2026 |
Other Philadelphia-Camden-Wilmington loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Christiana Mall | Newark, DE | Retail | $265.7M | 4.277% | Aug 2028 | 1.75x | 97% | Current |
| Philadelphia Marriott Downtown | Philadelphia, PA | Hotel | $205.0M | 8.705% | Nov 2028 | 1.24x | 65% | Current |
| Piazza Alta | Philadelphia, PA | Multifamily | $185.9M | 4.676% | Oct 2028 | 0.83x | 88% | Current |
| Rittenhouse Hill | Philadelphia, PA | Multifamily | $113.0M | 4.713% | May 2028 | 1.54x | 92% | Current |
| Three Bala Plaza | Bala Cynwyd, PA | Office | $88.0M | 8.71% | Nov 2028 | n/a | n/a | Current |
| 425 Old Morehall Road | Malvern, PA | Office | $59.8M | 4.86% | Nov 2028 | n/a | n/a | Current |
| Vanguard Portfolio | Malvern, PA | Office | $57.0M | 4.86% | Nov 2028 | 2.10x | 100% | Current |
| Christiana Center | Newark, DE | Retail | $47.0M | 5.09% | Nov 2028 | 1.75x | 97% | Current |
All loans maturing in 2028 · All Philadelphia-Camden-Wilmington 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.