Industrial · Pennsauken, New Jersey
Pennsauken Logistics Center
Pennsauken Logistics Center is financed with a $17.1M CMBS loan at 3.85% that reaches maturity on August 1, 2031, in 4 years and 9 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $17,088,738
- Original balance (same notes)
- $17,750,000
- Interest rate
- 3.85% fixed
- Originated
- July 12, 2021
- Maturity
- August 1, 2031
- Payments
- Interest only for 36 months, then amortizing
- Prepayment lockout ends
- May 31, 2031
- Master servicer
- Midland Loan Services
- Originator
- JPMorgan Chase Bank, National Association
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 8600 River Road, Pennsauken, NJ 8110
- Metro
- Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
- Rentable area
- 326,255 sq ft
- Built
- 1964, renovated 2020
- Largest tenants
- Keymar Warehouse Company, Inc; Sunny Hill Associates, Inc.; Bimbo Bakeries USA, Inc
- Value at securitization
- $26.5M (May 2021)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.64x | -0.39x |
| Occupancy | 100% | 19% |
| Net operating income (annualized from 3 months) | $1.6M | $-395K |
| Debt yield | -2.3% |
Debt yield here is the latest NOI divided by the balance held in the trusts below. If part of the loan sits outside them, the true figure is lower.
Watch flags
Computed from the Benchmark 2021-B28 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- NOI down 20% or more from securitization
- Largest tenant's lease ends within 12 months
On the cmbs.news watch list in every report since July 2026.
cmbs.news's own rule-based labels on the filed fields (definitions), not a credit rating, a prediction or a view of the borrower.
What the filing shows
- Occupancy has fallen from 100% when the loan was securitized to 19%.
- Net operating income is 124% below the underwritten figure ($-395K a year against $1.6M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 1.64x at securitization to -0.39x on the latest statements.
- At -0.39x, the property's reported NOI does not cover its debt service.
- The filing gives Jan 2027 as the lease end date for the largest tenant (Keymar Warehouse Company, 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 | $17.1M | Current | No | -0.39x | 19% |
| August 2026 | $17.1M | Current | No | -0.39x | 15% |
| July 2026 | $17.1M | Current | No | -0.39x | 15% |
| June 2026 | $17.2M | Current | No | n/a | n/a |
| May 2026 | $17.2M | Current | No | n/a | n/a |
| April 2026 | $17.2M | Late payment but less than 30 days delinquent | No | 2.07x | 100% |
| March 2026 | $17.2M | Current | No | 2.07x | 100% |
| February 2026 | $17.3M | 30-59 days delinquent | No | 1.41x | 100% |
| January 2026 | $17.3M | Late payment but less than 30 days delinquent | No | 1.41x | 100% |
| December 2025 | $17.4M | 30-59 days delinquent | No | 1.39x | 100% |
| November 2025 | $17.4M | Late payment but less than 30 days delinquent | No | 1.39x | 100% |
| October 2025 | $17.4M | Late payment but less than 30 days delinquent | No | 1.39x | 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 2021-B28 Mortgage Trust | 32 | $17,088,738 | Sep 2026 | SEC filing, September 28, 2026 |
Other Philadelphia-Camden-Wilmington loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| The Atlantic | Philadelphia, PA | Multifamily | $125.0M | 3.456% | Feb 2031 | 1.26x | 95% | Current |
| Deptford Mall | Deptford, NJ | Retail | $115.0M | 6.95% | May 2031 | n/a | n/a | Current |
| 400 Arcola Road | Collegeville, PA | Mixed use | $110.0M | 6.781% | Mar 2031 | n/a | n/a | Current |
| Velocity Industrial Portfolio | Lansdale, PA | Industrial | $75.0M | 3.23% | Jul 2031 | 3.29x | 90% | Current |
| Two Penn Center | Philadelphia, PA | Office | $67.9M | 3.268% | Apr 2031 | 2.07x | 74% | Current |
| 300 Four Falls | Conshohocken, PA | Office | $57.6M | 6.846% | Jan 2031 | 0.96x | 89% | Current |
| Wessex House | Wayne, PA | Multifamily | $57.5M | 5.72% | Mar 2031 | n/a | n/a | Current |
| The Court at Oxford Valley | Fairless Hills, PA | Retail | $52.6M | 3.20% | Jul 2031 | 2.23x | 92% | Current |
All loans maturing in 2031 · 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.