Mixed use · New Hope, Pennsylvania
Union Square
Union Square is financed with a $13.3M CMBS loan at 6.748% that reaches maturity on June 11, 2033, in 6 years and 7 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $13,250,000
- Original balance (same notes)
- $13,250,000
- Interest rate
- 6.748% fixed
- Originated
- May 30, 2023
- Maturity
- June 11, 2033
- Payments
- Interest only for the full term
- Prepayment lockout ends
- March 10, 2033
- Master servicer
- Trimont LLC
- Originator
- Wells Fargo Bank, National Association
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 100-580 Union Square Drive, New Hope, PA 18938
- Metro
- Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
- Rentable area
- 114,333 sq ft
- Built
- 1868, renovated 2004
- Largest tenants
- Biopharm; Triumph Brewery; Poolside Tech
- Value at securitization
- $20.6M (May 2023)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.58x | 1.97x |
| Occupancy | 77% | 98% |
| Net operating income (annualized from 6 months) | $1.4M | $1.8M |
| Debt yield | 13.6% |
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 BANK 2023-BNK46 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- Largest tenant's lease ends within 12 months
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 risen from 77% when the loan was securitized to 98%.
- Net operating income is 26% above the underwritten figure ($1.8M a year against $1.4M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.58x at securitization to 1.97x on the latest statements.
- The filing gives Jun 2027 as the lease end date for the largest tenant (Biopharm), before the loan matures. Lenders look hard at that rollover.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $13.3M | Current | No | 1.97x | 98% |
| August 2026 | $13.3M | Current | No | 1.97x | 98% |
| July 2026 | $13.3M | Current | No | 1.76x | 95% |
| June 2026 | $13.3M | Current | No | 2.20x | 100% |
| May 2026 | $13.3M | Current | No | 2.20x | 100% |
| April 2026 | $13.3M | Current | No | 2.20x | 100% |
| March 2026 | $13.3M | Current | No | 2.05x | 99% |
| February 2026 | $13.3M | Current | No | 2.05x | 99% |
| January 2026 | $13.3M | Current | No | 2.05x | 99% |
| December 2025 | $13.3M | Current | No | 2.05x | 99% |
| November 2025 | $13.3M | Current | No | 2.05x | 99% |
| October 2025 | $13.3M | Current | No | 1.79x | 99% |
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 |
|---|---|---|---|---|
| BANK 2023-BNK46 | 19 | $13,250,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other Philadelphia-Camden-Wilmington loans due in 2033
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Gloucester Premium Outlets | Blackwood, NJ | Retail | $75.0M | 6.124% | Mar 2033 | 2.66x | 80% | Current |
| Marriott Philadelphia West | West Conshohocken, PA | Hotel | $37.8M | 7.154% | Jul 2033 | 2.10x | 56% | Current |
| Adare Dungan | Philadelphia, PA | Industrial | $23.0M | 6.16% | May 2033 | n/a | n/a | Current |
| 3800 Horizon Blvd | Feasterville-Trevose, PA | Office | $21.7M | 6.99% | Apr 2033 | 0.80x | 57% | Current |
| 1027 Filbert Street (Gallery Garage) | Philadelphia, PA | Mixed use | $15.0M | 7.12% | Apr 2033 | n/a | n/a | Current |
| 801 Bridgeboro Road | Edgewater Park, NJ | Industrial | $13.0M | 6.97% | Jun 2033 | n/a | n/a | Current |
| Rittenhouse Multifamily | Philadelphia, PA | Multifamily | $6.3M | 6.583% | May 2033 | 1.43x | 100% | Current |
| 3800 Horizon Boulevard | Feasterville-Trevose, PA | Office | $4.9M | 6.99% | Apr 2033 | 0.80x | 57% | Current |
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.