Retail · Millbury, Massachusetts
Shoppes at Blackstone Valley
Public CMBS trusts hold $148.9M of the loan on Shoppes at Blackstone Valley at 3.844% that reaches maturity on November 6, 2029, in 3 years. As of the Sep 2026 and Oct 2026 servicer reports its status is current.
The loan
- Balance in tracked trusts
- $148,912,101
- Original balance (same notes)
- $164,000,000
- Interest rate
- 3.844% fixed
- Originated
- November 1, 2019
- Maturity
- November 6, 2029; extended by modification to November 1, 2029
- Payments
- Interest only for 24 months, then amortizing
- Prepayment lockout ends
- May 5, 2029
- Master servicer
- Midland Loan Services
- Originator
- Goldman Sachs Bank USA
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Modified
- Yes, most recently November 1, 2019
- Defeasance
- None reported
The property
- Address
- 70 Worcester-Providence Turnpike, Millbury, MA 01527
- Metro
- Worcester, MA
- Rentable area
- 786,191 sq ft
- Built
- 2003
- Largest tenants
- TARGET; KOHL'S DEPARTMENT STORE; NATIONAL AMUSEMENTS
- Value at securitization
- $238.7M (Aug 2019)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.61x | 1.93x |
| Occupancy | 96% | 96% |
| Net operating income (annualized from 6 months) | $14.8M | $35.9M |
| Debt yield | 24.1% |
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 GS Mortgage Securities Trust 2020-GC45 filing for the reporting period ending October 9, 2026, filed with the SEC October 22, 2026.
- Modified
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 142% above the underwritten figure ($35.9M a year against $14.8M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.61x at securitization to 1.93x on the latest statements.
- The filing gives Jan 2029 as the lease end date for the largest tenant (TARGET), before the loan matures. Lenders look hard at that rollover.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| October 2026 | $45.3M | Current | No | 1.93x | 96% |
| September 2026 | $149.0M | Current | No | 1.93x | 96% |
| August 2026 | $149.3M | Current | No | 1.74x | 96% |
| July 2026 | $149.5M | Current | No | 1.74x | 96% |
| June 2026 | $149.8M | Current | No | n/a | n/a |
| May 2026 | $150.1M | Current | No | n/a | n/a |
| April 2026 | $150.4M | Current | No | 1.73x | 96% |
| March 2026 | $150.7M | Current | No | 1.76x | 95% |
| February 2026 | $151.0M | Current | No | 1.76x | 95% |
| January 2026 | $151.2M | Current | No | 1.76x | 95% |
| December 2025 | $151.5M | Current | No | 1.76x | 95% |
| November 2025 | $151.8M | Current | No | n/a | n/a |
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 4 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| COMM 2019-GC44 Mortgage Trust | 3 | $49,969,784 | Sep 2026 | SEC filing, October 1, 2026 |
| GS Mortgage Securities Trust 2020-GC45 | 9 | $45,338,365 | Oct 2026 | SEC filing, October 22, 2026 |
| CITIGROUP COMMERCIAL MORTGAGE TRUST 2020-GC46 | 9 | $36,341,662 | Sep 2026 | SEC filing, September 30, 2026 |
| BENCHMARK 2020-B19 MORTGAGE TRUST | 21 | $17,262,290 | Sep 2026 | SEC filing, September 30, 2026 |
Other Worcester loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 12-14 New Bond | Worcester, MA | Mixed use | $16.4M | 4.30% | Aug 2029 | n/a | n/a | Current |
| 10-14 New Bond | Worcester, MA | Industrial | $12.7M | 4.30% | Aug 2029 | n/a | n/a | Current |
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting periods ending September 11, 2026, October 9, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.