Office · Watertown, Massachusetts
Riverworks
Riverworks is financed with a $38.6M CMBS loan at 4.857% that reaches maturity on November 6, 2028, in 2 years. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $38,629,000
- Original balance (same notes)
- $38,629,000
- Interest rate
- 4.857% fixed
- Originated
- October 15, 2018
- Maturity
- November 6, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ends
- July 5, 2028
- Master servicer
- Trimont LLC
- Originator
- Argentic Real Estate Finance LLC
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 480 Pleasant Street & 5 Bridge Street, Watertown, MA 02472
- Metro
- Boston-Cambridge-Newton, MA-NH
- Rentable area
- 201,417 sq ft
- Built
- 1907, renovated 2013
- Largest tenants
- Mount Auburn Hospital; Tutor Intelligence Inc.; Eyepoint Pharmaceuticals
- Value at securitization
- $64.4M (Sep 2018)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.16x | 2.11x |
| Occupancy | 96% | 88% |
| Net operating income (annualized from 6 months) | $3.5M | $4.0M |
| Debt yield | 10.5% |
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 2018-C48 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
None this month. No flag in the cmbs.news screen applies to this loan.
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 96% when the loan was securitized to 88%.
- Net operating income is 15% above the underwritten figure ($4.0M a year against $3.5M; the latest statement covers 6 months, annualized).
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $38.6M | Current | No | 2.11x | 88% |
| August 2026 | $38.6M | Current | No | 2.04x | 81% |
| July 2026 | $38.6M | Current | No | 2.04x | 81% |
| June 2026 | $38.6M | Current | No | 2.04x | 81% |
| May 2026 | $38.6M | Current | No | 2.04x | 81% |
| April 2026 | $38.6M | Current | No | 2.03x | 70% |
| March 2026 | $38.6M | Current | No | 2.03x | 70% |
| February 2026 | $38.6M | Current | No | 2.07x | 67% |
| January 2026 | $38.6M | Current | No | 2.07x | 67% |
| December 2025 | $38.6M | Current | No | 2.07x | 67% |
| November 2025 | $38.6M | Current | No | 2.07x | 67% |
| October 2025 | $38.6M | Current | No | 1.98x | 72% |
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 2018-C48 | 4 | $38,629,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other Boston-Cambridge-Newton loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Back Bay Office | Boston, MA | Office | $237.5M | 6.298% | Jul 2028 | 2.24x | 86% | Current |
| CrossPoint | Lowell, MA | Office | $150.0M | 4.734% | Feb 2028 | 2.29x | 74% | Current |
| Atrium Center | Chestnut Hill, MA | Mixed use | $115.0M | 3.90% | Jan 2028 | 4.70x | 100% | Current |
| Tripadvisor Hq | Needham, MA | Office | $98.2M | 4.883% | Aug 2028 | 2.35x | 100% | Current |
| 10 Brookline Place | Brookline, MA | Office | $82.0M | 4.337% | Dec 2028 | 2.50x | 100% | Current |
| Riverwalk Buildings | Lawrence, MA | Office | $55.9M | 5.176% | Jun 2028 | 1.40x | 89% | Current |
| Millennium Tower Boston | Boston, MA | Retail | $55.7M | 4.285% | Jul 2028 | n/a | n/a | Current |
| Axcelis Corporate Center | Beverly, MA | Industrial | $40.3M | 4.92% | Feb 2028 | 1.45x | 100% | Current |
All loans maturing in 2028 · All Boston-Cambridge-Newton 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.