Mixed use · Philadelphia, Pennsylvania
Philadelphia Design and Distribution Center
Philadelphia Design and Distribution Center is financed with a $25.0M CMBS loan at 5.945% that reaches maturity on October 6, 2030, in 3 years and 11 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $25,000,000
- Original balance (same notes)
- $25,000,000
- Interest rate
- 5.945% fixed
- Originated
- September 9, 2025
- Maturity
- October 6, 2030
- Payments
- Interest only for the full term
- Prepayment lockout ends
- April 5, 2030
- Master servicer
- Midland Loan Services
- Originator
- Bank of Montreal
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 4700 Wissahickon Avenue a/k/a 4422-88 Wissahickon Avenue, Philadelphia, PA 19144
- Metro
- Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
- Rentable area
- 677,766 sq ft
- Built
- 1926, renovated 2006
- Largest tenants
- Resources for Human; Southeastern Pennsyl; Wissahickon Charter
- Value at securitization
- $45.0M (Jul 2025)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 2.68x | 2.35x |
| Occupancy | 85% | 81% |
| Net operating income (annualized from 3 months) | $4.0M | $3.6M |
| Debt yield | 14.3% |
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 BMO 2025-5C12 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC October 2, 2026.
- Coverage down 0.25x or more from securitization
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 85% when the loan was securitized to 81%.
- Net operating income is 11% below the underwritten figure ($3.6M a year against $4.0M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 2.68x at securitization to 2.35x on the latest statements.
- The filing gives Sep 2026 as the lease end date for the largest tenant (Resources for Human), before the loan matures. Lenders look hard at that rollover.
The last 11 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $25.0M | Current | No | 2.35x | 81% |
| August 2026 | $25.0M | Current | No | 2.35x | 87% |
| July 2026 | $25.0M | Current | No | 2.35x | 87% |
| June 2026 | $25.0M | Current | No | n/a | n/a |
| May 2026 | $25.0M | Current | No | n/a | n/a |
| April 2026 | $25.0M | Current | No | n/a | n/a |
| March 2026 | $25.0M | Current | No | n/a | n/a |
| February 2026 | $25.0M | Current | No | n/a | n/a |
| January 2026 | $25.0M | Current | No | n/a | n/a |
| December 2025 | $25.0M | Current | No | n/a | n/a |
| November 2025 | $25.0M | Current | No | n/a | n/a |
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 |
|---|---|---|---|---|
| BMO 2025-5C12 Mortgage Trust | 7 | $25,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
Other Philadelphia-Camden-Wilmington loans due in 2030
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Liberty Square Apartments | Philadelphia, PA | Multifamily | $70.0M | 6.385% | Nov 2030 | 1.25x | n/a | Current |
| 161 Washington Street | Conshohocken, PA | Office | $54.0M | 6.302% | Sep 2030 | n/a | n/a | Current |
| Bristol Gardens | Bristol, PA | Multifamily | $46.0M | 6.25% | Jul 2030 | 1.31x | 94% | Current |
| GM Holdings Portfolio | Philadelphia, PA | Multifamily | $46.0M | 7.055% | Apr 2030 | 1.33x | 91% | With the special servicer and 90+ days delinquent |
| Axalta Navy Yard | Philadelphia, PA | Office | $36.7M | 3.632% | Feb 2030 | 3.45x | 100% | Current |
| Hilton Christiana | Newark, DE | Hotel | $35.0M | 6.845% | Dec 2030 | 1.78x | 72% | Current |
| Whiteland Towne Center | Exton, PA | Retail | $34.4M | 4.00% | Feb 2030 | 1.32x | 92% | Current |
| 3701 Island Avenue | Philadelphia, PA | Hotel | $33.0M | 7.606% | Aug 2030 | n/a | n/a | Current |
All loans maturing in 2030 · 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.