Office · Plymouth, Minnesota
Plymouth Corporate Center
Plymouth Corporate Center is financed with a $45.7M CMBS loan at 4.99% that reaches maturity on January 6, 2029, in 2 years and 2 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is with the special servicer and 90+ days delinquent.
The loan
- Balance in tracked trusts
- $45,704,696
- Original balance (same notes)
- $47,000,000
- Interest rate
- 4.99% fixed
- Originated
- December 11, 2018
- Maturity
- January 6, 2029
- Payments
- Interest only for 60 months, then amortizing
- Prepayment lockout ends
- October 5, 2028
- Master servicer
- Trimont LLC
- Originator
- German American Capital Corporation
Status
- Payment status
- 90+ days delinquent (code 3)
- Special servicing
- Transferred February 2, 2026
- Workout strategy
- Foreclosure
- Defeasance
- None reported
The property
- Address
- 1405 Xenium Lane North, Plymouth, MN 55441
- Metro
- Minneapolis-St. Paul-Bloomington, MN-WI
- Rentable area
- 605,767 sq ft
- Built
- 1973, renovated 2015
- Largest tenants
- Comm-Works Llc (Office); Vantive Us Healthcare; Aetna Health Management Llc
- Value at securitization
- $69.1M (Jul 2018)
Performance
| At securitization | Latest (Sep 2025) | |
|---|---|---|
| DSCR (NOI) | 2.27x | 1.67x |
| Occupancy | 98% | 91% |
| Net operating income (annualized from 9 months) | $5.4M | $5.0M |
| Debt yield | 11.1% |
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 BENCHMARK 2019-B9 MORTGAGE TRUST filing for the reporting period ending September 11, 2026, filed with the SEC September 30, 2026.
- With the special servicer
- 30+ days delinquent or matured unpaid
- Coverage down 0.25x or more from securitization
- Largest tenant's lease ends within 12 months
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 98% when the loan was securitized to 91%.
- Net operating income is 6% below the underwritten figure ($5.0M a year against $5.4M; the latest statement covers 9 months, annualized).
- Debt service coverage moved from 2.27x at securitization to 1.67x on the latest statements.
- The most recent valuation in the filing is $48.0M (March 25, 2026), against $69.1M at securitization.
- The filing gives Feb 2027 as the lease end date for the largest tenant (Comm-Works Llc (Office)), 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 | $45.7M | 90+ days delinquent | Yes | 1.67x | 91% |
| August 2026 | $45.7M | 90+ days delinquent | Yes | 1.67x | 91% |
| July 2026 | $45.7M | 90+ days delinquent | Yes | 1.67x | 91% |
| June 2026 | $45.7M | 90+ days delinquent | Yes | 1.67x | 91% |
| May 2026 | $45.7M | 90+ days delinquent | Yes | 1.67x | 91% |
| April 2026 | $45.7M | 90+ days delinquent | Yes | 1.67x | 91% |
| March 2026 | $45.7M | 60-89 days delinquent | Yes | 1.67x | 91% |
| February 2026 | $45.7M | 30-59 days delinquent | Yes | 1.67x | 91% |
| January 2026 | $45.7M | Late payment but less than 30 days delinquent | No | 1.67x | 91% |
| December 2025 | $45.7M | Current | No | 1.73x | 25% |
| November 2025 | $45.8M | Current | No | 1.73x | 25% |
| October 2025 | $45.8M | Current | No | 1.73x | 25% |
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.
Special-servicing history
- Transferred to the special servicer February 2, 2026, still there.
Transfer and return dates as reported in the filings of the past year; an earlier episode shows here only if a filing in that year still reports it.
Where the loan sits
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BENCHMARK 2019-B9 MORTGAGE TRUST | 3 | $45,704,696 | Sep 2026 | SEC filing, September 30, 2026 |
Other Minneapolis-St. Paul-Bloomington loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Wells Fargo Place | St. Paul, MN | Office | $60.0M | 3.40% | Nov 2029 | 2.23x | 85% | Current |
| Hy-Vee - Oakdale (10th Street), MN | Oakdale, MN | Retail | $55.0M | 4.582% | Apr 2029 | n/a | n/a | Current |
| The Archive Apartments | Minneapolis, MN | Multifamily | $47.9M | 6.92% | Jun 2029 | 1.32x | 93% | Current |
| Grand Oaks Business Park | Eagan, MN | Office | $45.7M | 4.85% | Feb 2029 | 1.02x | 64% | Current |
| Hy-Vee - Savage, MN | Savage, MN | Retail | $40.0M | 3.494% | Dec 2029 | n/a | n/a | Current |
| ATRIA Corporate Center | Plymouth, MN | Office | $37.7M | 4.895% | Apr 2029 | 1.29x | 72% | Current |
| Seagate Shakopee | Shakopee, MN | Industrial | $23.4M | 7.56% | Jan 2029 | 1.49x | 100% | Current |
| Shingle Creek Crossing | Brooklyn Center, MN | Retail | $22.1M | 5.522% | Feb 2029 | 1.35x | 85% | Current |
All loans maturing in 2029 · All Minneapolis-St. Paul-Bloomington 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.