Industrial · Philadelphia, Pennsylvania
Philadelphia Logistics Center
Philadelphia Logistics Center is financed with a $39.5M CMBS loan at 3.34% that reaches maturity on January 1, 2032, in 5 years and 2 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $39,544,121
- Original balance (same notes)
- $44,265,000
- Interest rate
- 3.34%
- Originated
- n/a
- Maturity
- January 1, 2032
- Payments
- Amortizing over 30 years
- Master servicer
- KeyBank Real Estate Capital
- Originator
- SGFC
Status
- Payment status
- Not reported
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 5501 Whitaker Avenue, Philadelphia, PA 19124
- Metro
- Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
- Rentable area
- 1,347,146 sq ft
- Built
- 1945, renovated 2021
- Largest tenants
- Best Price 3PL
- Value at securitization
- $69.5M (Apr 2021)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | n/a | 0.74x |
| Occupancy | 100% | 7% |
| Net operating income (annualized from 6 months) | n/a | $1.8M |
| Debt yield | 4.4% |
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 BBCMS Mortgage Trust 2021-C10 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- Coverage below 1.00x
- Occupancy down 10 points or more from securitization
On the cmbs.news watch list in every report since September 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 7%.
- At 0.74x, 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 | $39.5M | Not reported | No | 0.74x | 7% |
| August 2026 | $39.6M | Not reported | No | 2.19x | 7% |
| July 2026 | $39.7M | Not reported | No | 2.19x | 100% |
| June 2026 | $39.8M | Not reported | No | 2.19x | 100% |
| May 2026 | $39.9M | Not reported | No | 2.19x | 100% |
| April 2026 | $40.0M | Not reported | No | 2.19x | 100% |
| March 2026 | $40.0M | Not reported | No | 2.22x | 100% |
| February 2026 | $40.1M | Not reported | No | 2.22x | 100% |
| January 2026 | $40.2M | Not reported | No | 2.22x | 100% |
| December 2025 | $40.3M | Not reported | No | 2.22x | 100% |
| November 2025 | $40.4M | Not reported | No | 2.22x | 100% |
| October 2025 | $40.4M | Not reported | No | 2.19x | 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 |
|---|---|---|---|---|
| BBCMS Mortgage Trust 2021-C10 | 4 | $39,544,121 | Sep 2026 | SEC filing, September 29, 2026 |
Other Philadelphia-Camden-Wilmington loans due in 2032
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 350 Anchor Mill Road | New Castle, DE | Industrial | $138.0M | 3.649% | Feb 2032 | n/a | n/a | Current |
| 4000 Principio Parkway | North East, MD | Industrial | $137.9M | 3.865% | Mar 2032 | n/a | n/a | Current |
| 500 Delaware Avenue | Wilmington, DE | Office | $65.0M | 4.84% | May 2032 | 1.94x | 94% | Current |
| Center Pointe Plaza I | Newark, DE | Retail | $33.3M | 6.18% | Sep 2032 | n/a | n/a | Current |
| 980 Jolly Road | Blue Bell, PA | Office | $24.8M | 3.632% | Feb 2032 | 2.94x | 88% | Current |
| 45 Liberty Boulevard | Malvern, PA | Office | $24.5M | 3.57% | Jan 2032 | 3.29x | 100% | With the special servicer and 90+ days delinquent |
| 500 Delaware | Wilmington, DE | Office | $20.0M | 4.84% | May 2032 | 1.88x | 94% | Current |
| Rising Sun Towne Centre | Rising Sun, MD | Retail | $17.8M | 6.04% | Oct 2032 | 1.74x | 98% | Current |
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.