Office · Yardley, Pennsylvania
The Tannery
The Tannery is financed with a $11.6M CMBS loan at 5.26% that reaches maturity on October 6, 2028, in 23 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $11,562,210
- Original balance (same notes)
- $13,250,000
- Interest rate
- 5.26% fixed
- Originated
- September 14, 2018
- Maturity
- October 6, 2028
- Payments
- Amortizing over 30 years
- 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
- 19 West College Avenue, Yardley, PA 19067
- Metro
- Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
- Rentable area
- 65,355 sq ft
- Built
- 1905, renovated 2018
- Largest tenants
- Red Nucleus Solutions LLC; Fields Howell LLP; Vault Brewing Company LLC
- Value at securitization
- $18.9M (Jul 2018)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.56x | 1.49x |
| Occupancy | 100% | 75% |
| Net operating income (annualized from 3 months) | $1.4M | $1.3M |
| Debt yield | 11.5% |
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.
- Occupancy down 10 points or more from securitization
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 100% when the loan was securitized to 75%.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $11.6M | Current | No | 1.49x | 75% |
| August 2026 | $11.6M | Current | No | 1.49x | 75% |
| July 2026 | $11.6M | Current | No | 1.49x | 75% |
| June 2026 | $11.6M | Current | No | 1.74x | 85% |
| May 2026 | $11.6M | Current | No | 1.88x | 96% |
| April 2026 | $11.7M | Current | No | 1.88x | 96% |
| March 2026 | $11.7M | Current | No | 1.88x | 96% |
| February 2026 | $11.7M | Current | No | 1.88x | 96% |
| January 2026 | $11.7M | Current | No | 1.88x | 96% |
| December 2025 | $11.8M | Current | No | 1.88x | 96% |
| November 2025 | $11.8M | Current | No | 1.88x | 96% |
| October 2025 | $11.8M | Current | No | 2.04x | 100% |
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 | 23 | $11,562,210 | Sep 2026 | SEC filing, September 29, 2026 |
Other Philadelphia-Camden-Wilmington loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Christiana Mall | Newark, DE | Retail | $265.7M | 4.277% | Aug 2028 | 1.75x | 97% | Current |
| One & Two Commerce Square | Philadelphia, PA | Office | $207.5M | 7.787% | Jun 2028 | 1.82x | 90% | Current |
| Philadelphia Marriott Downtown | Philadelphia, PA | Hotel | $205.0M | 8.705% | Nov 2028 | 1.24x | 65% | Current |
| Piazza Alta | Philadelphia, PA | Multifamily | $185.9M | 4.676% | Oct 2028 | 0.83x | 88% | Current |
| Rittenhouse Hill | Philadelphia, PA | Multifamily | $113.0M | 4.713% | May 2028 | 1.54x | 92% | Current |
| Three Bala Plaza | Bala Cynwyd, PA | Office | $88.0M | 8.71% | Nov 2028 | n/a | n/a | Current |
| 425 Old Morehall Road | Malvern, PA | Office | $59.8M | 4.86% | Nov 2028 | n/a | n/a | Current |
| Vanguard Portfolio | Malvern, PA | Office | $57.0M | 4.86% | Nov 2028 | 2.10x | 100% | Current |
All loans maturing in 2028 · 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.