Retail · Birmingham, Alabama
Patchwork Farms Shopping Center
Patchwork Farms Shopping Center is financed with a $14.8M CMBS loan at 4.516% that reaches maturity on March 1, 2028, in 16 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $14,750,000
- Original balance (same notes)
- $14,750,000
- Interest rate
- 4.516% fixed
- Originated
- February 20, 2018
- Maturity
- March 1, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ends
- December 31, 2027
- Master servicer
- Midland Loan Services
- Originator
- JPMorgan Chase Bank, National Association
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 3040 Healthy Way 3036,3056,3060 & 3066 Healthy Way, Birmingham, AL 35243
- Metro
- Birmingham, AL
- Rentable area
- 81,600 sq ft
- Built
- 2016
- Largest tenants
- Publix Supermarket #1545; Phenix Salon Suites; ALABAMA SLEEP CENTER
- Value at securitization
- $23.1M (Dec 2017)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.03x | 2.03x |
| Occupancy | 94% | 100% |
| Net operating income (annualized from 6 months) | $1.4M | $2.8M |
| Debt yield | 18.7% |
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 2018-B3 COMMERCIAL MORTGAGE TRUST filing for the reporting period ending September 8, 2026, filed with the SEC September 25, 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 94% when the loan was securitized to 100%.
- Net operating income is 102% above the underwritten figure ($2.8M a year against $1.4M; the latest statement covers 6 months, annualized).
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $14.8M | Current | No | 2.03x | 100% |
| August 2026 | $14.8M | Current | No | 2.03x | 100% |
| July 2026 | $14.8M | Current | No | n/a | n/a |
| June 2026 | $14.8M | Current | No | n/a | n/a |
| May 2026 | $14.8M | Current | No | n/a | n/a |
| April 2026 | $14.8M | Current | No | 2.24x | 100% |
| March 2026 | $14.8M | Current | No | 2.24x | 100% |
| February 2026 | $14.8M | Current | No | 2.24x | 100% |
| January 2026 | $14.8M | Current | No | 2.22x | 100% |
| December 2025 | $14.8M | Current | No | 2.22x | 100% |
| November 2025 | $14.8M | Current | No | 2.22x | 100% |
| October 2025 | $14.8M | Current | No | 2.23x | 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 |
|---|---|---|---|---|
| BENCHMARK 2018-B3 COMMERCIAL MORTGAGE TRUST | 30 | $14,750,000 | Sep 2026 | SEC filing, September 25, 2026 |
Other Birmingham loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 2960 John Hawkins Parkway | Birmingham, AL | Hotel | $20.0M | 4.45% | Jul 2028 | n/a | n/a | Current |
| Cahaba Mobile Estates | Trussville, AL | Manufactured housing | $2.8M | 5.38% | Oct 2028 | 3.06x | 97% | 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.