Multifamily · Philadelphia, Pennsylvania
The Piazza
Public CMBS trusts hold $108.5M of the loan on The Piazza at 5.91% that reaches maturity on August 5, 2029, in 2 years and 9 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $108,550,000
- Original balance (same notes)
- $108,550,000
- Interest rate
- 5.91% fixed
- Originated
- August 5, 2024
- Maturity
- August 5, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ended
- September 4, 2026
- Prepayment premium ends
- March 4, 2029 (yield maintenance)
- Master servicer
- Midland Loan Services
- Originator
- JPMCB
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 1001-13 North 2nd Street, 1015 North 2nd Street, 1010 North Hancock Street, 1050 North Hancock Street and 145 West Wildey Street, Unit 1, Philadelphia, PA 19123
- Metro
- Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
- Units, rooms or beds
- 332
- Built
- 2006, renovated 2019
- Value at securitization
- $167.0M (May 2024)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.37x | 1.15x |
| Occupancy | 98% | 100% |
| Net operating income | $8.9M | $7.5M |
| Debt yield | 6.9% |
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 BANK5 2024-5YR9 filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 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
- Net operating income is 16% below the underwritten figure ($7.5M a year against $8.9M).
- Debt service coverage moved from 1.37x at securitization to 1.15x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $108.5M | Current | No | 1.15x | 100% |
| August 2026 | $108.5M | Current | No | 1.15x | 100% |
| July 2026 | $108.5M | Current | No | 1.15x | 100% |
| June 2026 | $108.5M | Current | No | 1.21x | 90% |
| May 2026 | $108.5M | Current | No | 1.21x | 90% |
| April 2026 | $108.5M | Current | No | 1.29x | 83% |
| March 2026 | $108.5M | Current | No | 1.29x | 83% |
| February 2026 | $108.5M | Current | No | 1.29x | 83% |
| January 2026 | $108.5M | Current | No | n/a | n/a |
| December 2025 | $108.5M | Current | No | n/a | n/a |
| November 2025 | $108.5M | Current | No | n/a | n/a |
| October 2025 | $108.5M | 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 3 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BANK5 2024-5YR9 | 1 | $75,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
| BANK5 2024-5YR10 | 16 | $18,550,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BANK5 2024-5YR9 | 1A | $15,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other Philadelphia-Camden-Wilmington loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Cira Square | Philadelphia, PA | Office | $135.0M | 6.851% | Jun 2029 | 2.98x | 100% | Current |
| Duane Morris Plaza | Philadelphia, PA | Office | $105.3M | 3.844% | Nov 2029 | 1.69x | 92% | Current |
| 3001 Red Lion Road | Philadelphia, PA | Office | $91.8M | 3.379% | Nov 2029 | n/a | n/a | Current |
| Hilton Penn's Landing | Philadelphia, PA | Hotel | $70.0M | 4.88% | Aug 2029 | 1.37x | 69% | Current |
| Presidential City | Philadelphia, PA | Multifamily | $60.0M | 3.498% | Sep 2029 | 0.91x | 92% | Current |
| One & Olney | Philadelphia, PA | Retail | $50.0M | 3.48% | Oct 2029 | 3.09x | 99% | Current |
| 1000 Chesterbrook | Berwyn, PA | Office | $37.9M | 4.14% | Oct 2029 | 1.72x | 100% | Current |
| Global Data Center | Collegeville, PA | Other | $37.0M | 4.32% | Aug 2029 | 2.84x | 100% | Current |
All loans maturing in 2029 · All Philadelphia-Camden-Wilmington 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.