Mixed use portfolio, 3 properties · New York
Prince and Spring Street Portfolio
Public CMBS trusts hold $41.0M of the loan on this portfolio at 5.34% that reaches maturity on April 6, 2028, in 17 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
- $41,000,000
- Original balance (same notes)
- $41,000,000
- Interest rate
- 5.34% fixed
- Originated
- March 13, 2018
- Maturity
- April 6, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ends
- January 5, 2028
- Master servicer
- Trimont LLC
- Originator
- AREF
Status
- Payment status
- 90+ days delinquent (code 3)
- Special servicing
- Transferred December 17, 2020
- Workout strategy
- REO
- Defeasance
- None reported
The property
- Value at securitization
- $66.0M
Performance
| At securitization | Latest (Mar 2025) | |
|---|---|---|
| DSCR (NOI) | 1.20x | 0.59x |
| Occupancy | 97% | 98% |
| Net operating income (annualized from 3 months) | $2.7M | $1.3M |
| Debt yield | 3.2% |
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 Morgan Stanley Capital I Trust 2018-H3 filing for the reporting period ending September 11, 2026, filed with the SEC October 2, 2026.
- With the special servicer
- 30+ days delinquent or matured unpaid
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- NOI down 20% or more from securitization
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
- Net operating income is 51% below the underwritten figure ($1.3M a year against $2.7M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 1.20x at securitization to 0.59x on the latest statements.
- At 0.59x, 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 | $41.0M | 90+ days delinquent | Yes | 0.59x | 98% |
| August 2026 | $41.0M | 90+ days delinquent | Yes | 0.59x | 98% |
| July 2026 | $41.0M | 90+ days delinquent | Yes | 0.59x | 98% |
| June 2026 | $41.0M | 90+ days delinquent | Yes | 0.59x | 98% |
| May 2026 | $41.0M | 90+ days delinquent | Yes | 0.59x | 98% |
| April 2026 | $41.0M | 90+ days delinquent | Yes | 0.59x | 98% |
| March 2026 | $41.0M | 90+ days delinquent | Yes | 0.59x | 98% |
| February 2026 | $41.0M | 90+ days delinquent | Yes | 0.59x | 98% |
| January 2026 | $41.0M | 90+ days delinquent | Yes | 0.59x | 98% |
| December 2025 | $41.0M | 90+ days delinquent | Yes | 0.59x | 98% |
| November 2025 | $41.0M | 90+ days delinquent | Yes | 0.59x | 98% |
| October 2025 | $41.0M | 90+ days delinquent | Yes | 0.59x | 98% |
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 December 17, 2020, 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
The loan is split into 2 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Wells Fargo Commercial Mortgage Trust 2018-C44 | 9 | $30,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| Morgan Stanley Capital I Trust 2018-H3 | 30 | $11,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
Other New York loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| One SoHo Square | New York, NY | Office | $469.0M | 2.725% | Aug 2028 | 1.78x | 85% | With the special servicer |
| 11 West 42nd Street | New York, NY | Office | $274.0M | 7.44% | Jul 2028 | 1.27x | 99% | Current |
| 3 Park Avenue | New York, NY | Office | $182.0M | 4.75% | Dec 2028 | 0.61x | 47% | Current |
| Gateway Center South | Brooklyn, NY | Retail | $162.5M | 6.873% | Jun 2028 | 1.69x | 98% | Current |
| 685 Fifth Avenue Retail | New York, NY | Retail | $160.0M | 3.871% | Jul 2028 | 3.13x | 100% | With the special servicer |
| 1745 Broadway | New York, NY | Office | $144.0M | 3.768% | Jun 2028 | 2.52x | 88% | Current |
| 65 Broadway, New York (2028 maturity), loan 4Sb in CF 2019-CF1 Mortgage Trust | New York, NY | Office | $136.0M | 4.935% | Dec 2028 | n/a | n/a | Current |
| 636 11th Avenue, New York (2028 maturity), loan 7 in Benchmark 2018-B4 Mortgage Trust | New York, NY | Office | $115.0M | 4.073% | Jun 2028 | 2.84x | n/a | 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.