Office · Christiana, Delaware
Plaza 273
Plaza 273 is financed with a $5.4M CMBS loan at 4.55% that reaches maturity on August 6, 2029, in 2 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
- $5,369,434
- Original balance (same notes)
- $6,000,000
- Interest rate
- 4.55% fixed
- Originated
- July 12, 2019
- Maturity
- August 6, 2029
- Payments
- Interest only for 12 months, then amortizing
- Prepayment lockout ends
- May 5, 2029
- Master servicer
- Trimont LLC
- Originator
- BSPRT CMBS Finance, LLC
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 56 West Main Street, Christiana, DE 19702
- Metro
- Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
- Rentable area
- 76,804 sq ft
- Built
- 1992
- Largest tenants
- Kimmel Carter Roman & Peltz P.A.; Empower Real Estate DE LLC; Keystone Service Systems Inc.
- Value at securitization
- $12.6M (May 2019)
Performance
| At securitization | Latest (Dec 2025) | |
|---|---|---|
| DSCR (NOI) | 2.29x | 0.93x |
| Occupancy | 78% | 66% |
| Net operating income | $842K | $340K |
| Debt yield | 6.3% |
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 Wells Fargo Commercial Mortgage Trust 2019-C52 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 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
On the cmbs.news watch list in every report since February 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 78% when the loan was securitized to 66%.
- Net operating income is 60% below the underwritten figure ($340K a year against $842K).
- Debt service coverage moved from 2.29x at securitization to 0.93x on the latest statements.
- At 0.93x, 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 | $5.4M | Current | No | 0.93x | 66% |
| August 2026 | $5.4M | Current | No | 0.93x | 66% |
| July 2026 | $5.4M | Current | No | 0.93x | 66% |
| June 2026 | $5.4M | Current | No | 0.93x | 66% |
| May 2026 | $5.4M | Current | No | 0.93x | 66% |
| April 2026 | $5.4M | Late payment but less than 30 days delinquent | No | 0.96x | 66% |
| March 2026 | $5.4M | Current | No | 0.96x | 66% |
| February 2026 | $5.4M | Late payment but less than 30 days delinquent | No | 0.96x | 66% |
| January 2026 | $5.4M | Current | No | 1.14x | 59% |
| December 2025 | $5.5M | Current | No | 1.14x | 59% |
| November 2025 | $5.5M | Current | No | 1.14x | 59% |
| October 2025 | $5.5M | Current | No | 1.14x | 59% |
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 |
|---|---|---|---|---|
| Wells Fargo Commercial Mortgage Trust 2019-C52 | 45 | $5,369,434 | Sep 2026 | SEC filing, September 29, 2026 |
Other Philadelphia-Camden-Wilmington loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Cira Square | Philadelphia, PA | Office | $135.0M | 6.851% | Jun 2029 | 2.98x | 100% | Current |
| The Piazza | Philadelphia, PA | Multifamily | $108.5M | 5.91% | Aug 2029 | 1.15x | 100% | Current |
| Duane Morris Plaza | Philadelphia, PA | Office | $105.3M | 3.844% | Nov 2029 | 1.69x | 92% | Current |
| 3001 Red Lion Road | Philadelphia, PA | Office | $91.8M | 3.379% | Nov 2029 | n/a | n/a | Current |
| Hilton Penn's Landing | Philadelphia, PA | Hotel | $70.0M | 4.88% | Aug 2029 | 1.37x | 69% | Current |
| Presidential City | Philadelphia, PA | Multifamily | $60.0M | 3.498% | Sep 2029 | 0.91x | 92% | Current |
| One & Olney | Philadelphia, PA | Retail | $50.0M | 3.48% | Oct 2029 | 3.09x | 99% | Current |
| 1000 Chesterbrook | Berwyn, PA | Office | $37.9M | 4.14% | Oct 2029 | 1.72x | 100% | Current |
All loans maturing in 2029 · 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.