Industrial · Romulus, Michigan
Penske Distribution Center
Public CMBS trusts hold $70.0M of the loan on Penske Distribution Center at 4.63% that reaches maturity on December 1, 2028, in 2 years and 1 month. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $70,000,000
- Original balance (same notes)
- $70,000,000
- Interest rate
- 4.63% fixed
- Originated
- November 14, 2018
- Maturity
- December 1, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ended
- December 31, 2020
- Prepayment premium ends
- August 31, 2028 (yield maintenance)
- Master servicer
- Wells Fargo
- Originator
- MSBNA
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 15220 Wayne Road, Romulus, MI 48174
- Metro
- Detroit-Warren-Dearborn, MI
- Rentable area
- 606,000 sq ft
- Built
- 2018
- Largest tenants
- The Kroger Co. of Michigan
- Value at securitization
- $126.6M (Nov 2018)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 2.38x | 2.59x |
| Occupancy | 100% | 100% |
| Net operating income | $7.8M | $8.5M |
| Debt yield | 12.2% |
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 2019-BNK16 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
- Net operating income is 9% above the underwritten figure ($8.5M a year against $7.8M).
- Debt service coverage moved from 2.38x at securitization to 2.59x on the latest statements.
- The filing gives Oct 2028 as the lease end date for the largest tenant (The Kroger Co. of Michigan), 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 | $70.0M | Current | No | 2.59x | 100% |
| August 2026 | $70.0M | Current | No | 2.59x | 100% |
| July 2026 | $70.0M | Current | No | 2.59x | 100% |
| June 2026 | $70.0M | Current | No | 2.51x | 100% |
| May 2026 | $70.0M | Current | No | 2.51x | 100% |
| April 2026 | $72.2M | Current | No | 2.52x | 100% |
| March 2026 | $70.0M | Current | No | 2.52x | 100% |
| February 2026 | $70.0M | Current | No | 2.52x | 100% |
| January 2026 | $70.0M | Current | No | 2.52x | 100% |
| December 2025 | $70.0M | Current | No | 2.52x | 100% |
| November 2025 | $70.0M | Current | No | 2.51x | 100% |
| October 2025 | $70.0M | Current | No | 2.51x | 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
The loan is split into 2 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Morgan Stanley Capital I Trust 2018-H4 | 4 | $40,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
| BANK 2019-BNK16 | 9 | $30,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other Detroit-Warren-Dearborn loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Twelve Oaks Mall | Novi, MI | Retail | $170.2M | 4.399% | Mar 2028 | 2.43x | 86% | Current |
| Romulus - Huron | Romulus, MI | Industrial | $127.8M | 7.35% | May 2028 | 1.37x | 69% | Current |
| Brasswater Warehouse Portfolio | Warren, MI | Office | $65.5M | 7.25% | Jul 2028 | n/a | n/a | Current |
| Troy Place | Troy, MI | Office | $40.0M | 5.09% | Dec 2028 | 2.38x | 65% | Current |
| Kohl's Shelby Property | Shelby Township, MI | Retail | $38.1M | 3.09% | Sep 2028 | n/a | n/a | Current |
| Travelers Tower I | Southfield, MI | Office | $33.0M | 4.82% | Jul 2028 | 2.12x | 75% | Current |
| One Kennedy Square | Detroit, MI | Office | $33.0M | 4.60% | Feb 2028 | 1.93x | 88% | Current |
| 46643 Ryan Court | Novi, MI | Industrial | $32.8M | 4.32% | Feb 2028 | n/a | n/a | Current |
All loans maturing in 2028 · All Detroit-Warren-Dearborn 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.