Office · Exton, Pennsylvania
Valley Creek Corporate Center
Valley Creek Corporate Center is financed with a $31.6M CMBS loan at 4.30% that reaches maturity on June 6, 2027, in 7 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is with the special servicer.
The loan
- Balance in tracked trusts
- $31,557,610
- Original balance (same notes)
- $34,000,000
- Interest rate
- 4.30% fixed
- Originated
- June 2, 2017
- Maturity
- June 6, 2027
- Payments
- Interest only for 60 months, then amortizing
- Prepayment lockout ends
- February 5, 2027
- Master servicer
- Trimont LLC
- Originator
- Barclays
Status
- Payment status
- Late payment but less than 30 days delinquent (code B)
- Special servicing
- Transferred April 16, 2026
- Workout strategy
- TBD
- Defeasance
- None reported
The property
- Address
- 220, 222 and 224 Valley Creek Boulevard, Exton, PA 19341
- Metro
- Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
- Rentable area
- 259,497 sq ft
- Built
- 2002
- Largest tenants
- Analytical Graphics Inc; Autotrader.com; Merrill Lynch
- Value at securitization
- $49.1M (Feb 2017)
Performance
| At securitization | Latest (Dec 2025) | |
|---|---|---|
| DSCR (NOI) | 2.02x | 1.18x |
| Occupancy | 93% | 49% |
| Net operating income | $4.1M | $2.4M |
| Debt yield | 7.5% |
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 2017-C38 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- With the special servicer
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- NOI down 20% or more from securitization
- Matures within 12 months
- Largest tenant's lease ends within 12 months
On the cmbs.news watch list in every report since May 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 93% when the loan was securitized to 49%.
- Net operating income is 42% below the underwritten figure ($2.4M a year against $4.1M).
- Debt service coverage moved from 2.02x at securitization to 1.18x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $31.6M | Late payment but less than 30 days delinquent | Yes | 1.18x | 49% |
| August 2026 | $31.6M | Late payment but less than 30 days delinquent | Yes | 1.18x | 49% |
| July 2026 | $31.7M | Late payment but less than 30 days delinquent | Yes | 1.18x | 49% |
| June 2026 | $31.8M | 30-59 days delinquent | Yes | 1.18x | 49% |
| May 2026 | $31.8M | Late payment but less than 30 days delinquent | Yes | 1.18x | 49% |
| April 2026 | $31.8M | Current | No | 1.18x | 49% |
| March 2026 | $31.8M | Current | No | 1.28x | 49% |
| February 2026 | $31.9M | Current | No | 1.28x | 49% |
| January 2026 | $31.9M | Current | No | 1.28x | 49% |
| December 2025 | $32.0M | Current | No | 1.28x | 49% |
| November 2025 | $32.0M | Current | No | 1.50x | 73% |
| October 2025 | $32.1M | Current | No | 1.50x | 73% |
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.
Special-servicing history
- Transferred to the special servicer April 16, 2026, still there.
Transfer and return dates as reported in the filings of the past year; an earlier episode shows here only if a filing in that year still reports it.
Where the loan sits
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Wells Fargo Commercial Mortgage Trust 2017-C38 | 9 | $31,557,610 | Sep 2026 | SEC filing, September 29, 2026 |
Other Philadelphia-Camden-Wilmington loans due in 2027
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Apex Fort Washington | Fort Washington, PA | Office | $48.0M | 5.28% | Mar 2027 | 1.12x | 66% | Current |
| Riverview Landing | Eagleville, PA | Multifamily | $44.0M | 4.944% | Nov 2027 | 1.32x | 93% | Current |
| Rodin Place | Philadelphia, PA | Mixed use | $41.6M | 4.35% | Aug 2027 | 1.55x | 76% | Current |
| Great Valley Commerce Center | Malvern, PA | Office | $40.9M | 4.48% | Aug 2027 | 1.91x | 86% | Current |
| Overlook at King of Prussia | King of Prussia, PA | Retail | $40.8M | 3.82% | Sep 2027 | 2.17x | 100% | Current |
| Kirkwood Plaza | Wilmington, DE | Retail | $32.5M | 4.59% | Nov 2027 | 2.06x | 79% | Current |
| Bakers Centre | Philadelphia, PA | Retail | $32.0M | 3.942% | Nov 2027 | 3.06x | 100% | Current |
| Shoppes At Flowers Mill | Langhorne, PA | Retail | $26.3M | 4.70% | Oct 2027 | 1.28x | 89% | Current |
All loans maturing in 2027 · 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.