Multifamily · Philadelphia, Pennsylvania
Piazza Alta
Public CMBS trusts hold $185.9M of the loan on Piazza Alta at 4.676% that reaches maturity on October 8, 2028, in 23 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $185,900,000
- Original balance (same notes)
- $185,900,000
- Interest rate
- 4.676%
- Originated
- September 21, 2023
- Maturity
- October 8, 2028
- Payments
- Interest only for the full term
- Master servicer
- KeyBank Real Estate Capital
- Originator
- SGFC
Status
- Payment status
- Not reported
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 1099 Germantown Avenue, Philadelphia, PA 19123
- Metro
- Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
- Units, rooms or beds
- 695
- Built
- 2022
- Value at securitization
- $470.6M (Jun 2023)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | n/a | 0.83x |
| Occupancy | 92% | 88% |
| Net operating income | n/a | $16.4M |
| Debt yield | 8.8% |
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 2024-5C3 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC October 2, 2026.
- Coverage below 1.00x
On the cmbs.news watch list in all 12 monthly reports we hold (October 2025 to 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 92% when the loan was securitized to 88%.
- At 0.83x, 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 | $185.9M | Current | No | 0.83x | 88% |
| August 2026 | $185.9M | Current | No | 0.83x | 88% |
| July 2026 | $185.9M | Current | No | 0.84x | 88% |
| June 2026 | $185.9M | Current | No | 0.79x | 86% |
| May 2026 | $185.9M | Current | No | 0.79x | 86% |
| April 2026 | $185.9M | Current | No | 0.79x | 86% |
| March 2026 | $185.9M | Current | No | 0.78x | 86% |
| February 2026 | $185.9M | Current | No | 0.78x | 86% |
| January 2026 | $185.9M | Current | No | 0.78x | 86% |
| December 2025 | $185.9M | Current | No | 0.76x | 86% |
| November 2025 | $185.9M | Current | No | 0.76x | 88% |
| October 2025 | $185.9M | Current | No | 0.76x | 88% |
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 3 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BMO 2023-5C2 Mortgage Trust | 1-A-1 | $75,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
| BBCMS Mortgage Trust 2023-5C23 | 1 | $65,900,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BMO 2024-5C3 Mortgage Trust | 6 | $45,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
Other Philadelphia-Camden-Wilmington loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Christiana Mall | Newark, DE | Retail | $265.7M | 4.277% | Aug 2028 | 1.75x | 97% | Current |
| One & Two Commerce Square | Philadelphia, PA | Office | $207.5M | 7.787% | Jun 2028 | 1.82x | 90% | Current |
| Philadelphia Marriott Downtown | Philadelphia, PA | Hotel | $205.0M | 8.705% | Nov 2028 | 1.24x | 65% | Current |
| Rittenhouse Hill | Philadelphia, PA | Multifamily | $113.0M | 4.713% | May 2028 | 1.54x | 92% | Current |
| Three Bala Plaza | Bala Cynwyd, PA | Office | $88.0M | 8.71% | Nov 2028 | n/a | n/a | Current |
| 425 Old Morehall Road | Malvern, PA | Office | $59.8M | 4.86% | Nov 2028 | n/a | n/a | Current |
| Vanguard Portfolio | Malvern, PA | Office | $57.0M | 4.86% | Nov 2028 | 2.10x | 100% | Current |
| Christiana Center | Newark, DE | Retail | $47.0M | 5.09% | Nov 2028 | 1.75x | 97% | Current |
All loans maturing in 2028 · 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.