Office · Princeton, New Jersey
One Independence Way
One Independence Way is financed with a $12.4M CMBS loan at 5.32% that reaches maturity on September 6, 2027, in 10 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $12,352,371
- Original balance (same notes)
- $14,500,000
- Interest rate
- 5.32% fixed
- Originated
- September 1, 2017
- Maturity
- September 6, 2027
- Payments
- Amortizing over 30 years
- Prepayment lockout ends
- March 5, 2027
- Master servicer
- Midland
- Originator
- JLC
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 1 Independence Way, Princeton, NJ 08540
- Metro
- Trenton-Princeton, NJ
- Rentable area
- 113,998 sq ft
- Built
- 1982, renovated 2016
- Largest tenants
- S&P Global; ALK Technologies, Inc; Latent Al
- Value at securitization
- $20.4M (Jun 2017)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.48x | 0.87x |
| Occupancy | 100% | 77% |
| Net operating income (annualized from 3 months) | $1.4M | $853K |
| 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 COMM 2017-COR2 Mortgage Trust filing for the reporting period ending September 8, 2026, filed with the SEC September 25, 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
- Matures within 12 months
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 100% when the loan was securitized to 77%.
- Net operating income is 41% below the underwritten figure ($853K a year against $1.4M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 1.48x at securitization to 0.87x on the latest statements.
- At 0.87x, 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 | $12.4M | Current | No | 0.87x | 77% |
| August 2026 | $12.4M | Current | No | 0.87x | 77% |
| July 2026 | $12.4M | Current | No | 0.87x | 77% |
| June 2026 | $12.4M | Current | No | 0.87x | n/a |
| May 2026 | $12.5M | Payment not received but still in grace period or not yet due | No | n/a | n/a |
| April 2026 | $12.5M | Current | No | 2.86x | 77% |
| March 2026 | $12.5M | Current | No | 2.86x | 77% |
| February 2026 | $12.5M | Current | No | 2.86x | 77% |
| January 2026 | $12.6M | Current | No | 2.86x | 77% |
| December 2025 | $12.6M | Current | No | 0.94x | 77% |
| November 2025 | $12.6M | Current | No | 0.94x | 77% |
| October 2025 | $12.6M | Current | No | 1.13x | 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 |
|---|---|---|---|---|
| COMM 2017-COR2 Mortgage Trust | 22 | $12,352,371 | Sep 2026 | SEC filing, September 25, 2026 |
Other Trenton-Princeton loans due in 2027
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Sandoz Inc. | Princeton, NJ | Other | $94.1M | 4.369% | Nov 2027 | n/a | n/a | Current |
| Princeton Place | Pennington, NJ | Office | $51.4M | 4.192% | Oct 2027 | 2.09x | 91% | Current |
| Hyatt Regency Princeton | Princeton, NJ | Hotel | $30.7M | 4.551% | Jul 2027 | n/a | n/a | Current |
| Hamilton Business Center | Hamilton Township, NJ | Industrial | $15.5M | 4.595% | Jul 2027 | 3.51x | 100% | Current |
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting period ending September 8, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.