Retail · Gloucester, Virginia
Shoppes at Gloucester
Shoppes at Gloucester is financed with a $3.5M CMBS loan at 5.70% 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 current.
The loan
- Balance in tracked trusts
- $3,456,308
- Original balance (same notes)
- $3,900,000
- Interest rate
- 5.70% fixed
- Originated
- December 21, 2018
- Maturity
- January 6, 2029
- Payments
- Amortizing over 30 years
- Prepayment lockout ends
- October 5, 2028
- Master servicer
- Midland Loan Services
- Originator
- UBS AG
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 6583 Market Drive, Gloucester, VA 23061
- Metro
- Virginia Beach-Chesapeake-Norfolk, VA-NC
- Rentable area
- 74,863 sq ft
- Built
- 1994
- Largest tenants
- Harbor Freight; Dollar Tree # 382; Los Portales Mexican Grill
- Value at securitization
- $6.2M (Nov 2018)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.77x | 0.43x |
| Occupancy | 88% | 55% |
| Net operating income (annualized from 6 months) | $481K | $236K |
| Debt yield | 6.8% |
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 UBS Commercial Mortgage Trust 2019-C16 filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 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 June 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 88% when the loan was securitized to 55%.
- Net operating income is 51% below the underwritten figure ($236K a year against $481K; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.77x at securitization to 0.43x on the latest statements.
- At 0.43x, 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 | $3.5M | Current | No | 0.43x | 55% |
| August 2026 | $3.5M | Current | No | 0.53x | 55% |
| July 2026 | $3.5M | Current | No | 0.53x | 30% |
| June 2026 | $3.5M | Current | No | 0.13x | 30% |
| May 2026 | $3.5M | Current | No | n/a | n/a |
| April 2026 | $3.5M | Current | No | 1.09x | 26% |
| March 2026 | $3.5M | Current | No | 1.09x | 26% |
| February 2026 | $3.5M | Current | No | 1.09x | 26% |
| January 2026 | $3.5M | Current | No | 1.09x | 26% |
| December 2025 | $3.5M | Current | No | 1.09x | 26% |
| November 2025 | $3.5M | Current | No | 1.09x | 26% |
| October 2025 | $3.5M | Current | No | 1.21x | 34% |
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 |
|---|---|---|---|---|
| UBS Commercial Mortgage Trust 2019-C16 | 47 | $3,456,308 | Sep 2026 | SEC filing, September 28, 2026 |
Other Virginia Beach-Chesapeake-Norfolk loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Battlefield Tech I - Battlefield | Chesapeake, VA | Office | $108.2M | 5.30% | Apr 2029 | n/a | n/a | Current |
| Dominion Tower | Norfolk, VA | Office | $57.2M | 5.29% | Jan 2029 | 1.49x | 65% | With the special servicer |
| Christopher Crossing Apartments | Newport News, VA | Multifamily | $42.0M | 6.61% | Nov 2029 | 1.55x | 92% | Current |
| Town Point Center | Norfolk, VA | Office | $14.5M | 5.35% | Jan 2029 | n/a | n/a | With the special servicer and 90+ days delinquent |
| London Bridge Industrial | Virginia Beach, VA | Industrial | $14.0M | 6.56% | Aug 2029 | 1.48x | 100% | Current |
| Delta Hotels | Chesapeake, VA | Hotel | $13.8M | 4.65% | Oct 2029 | n/a | n/a | Current |
| Springhill Suites Chesapeake | Chesapeake, VA | Hotel | $10.5M | 4.90% | Jun 2029 | 1.83x | 80% | Current |
| Harbourview North | Suffolk, VA | Retail | $9.5M | 4.98% | Apr 2029 | n/a | n/a | Current |
All loans maturing in 2029 · All Virginia Beach-Chesapeake-Norfolk 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.