Industrial · Audubon, Pennsylvania
Valley Forge Corporate Center
Valley Forge Corporate Center is financed with a $5.2M CMBS loan at 5.047% that reaches maturity on November 6, 2028, in 2 years. As of the Sep 2026 servicer report, the latest filed for this loan, its status is with the special servicer and 90+ days delinquent.
The loan
- Balance in tracked trusts
- $5,210,589
- Original balance (same notes)
- $5,925,000
- Interest rate
- 5.047% fixed
- Originated
- October 12, 2018
- Maturity
- November 6, 2028
- Payments
- Amortizing over 30 years
- Prepayment lockout ends
- August 5, 2028
- Master servicer
- Trimont LLC
- Originator
- Barclays Bank PLC
Status
- Payment status
- 90+ days delinquent (code 3)
- Special servicing
- Transferred February 20, 2026
- Workout strategy
- TBD
- Defeasance
- None reported
The property
- Address
- 970 Rittenhouse Road, Audubon, PA 19403
- Metro
- Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
- Rentable area
- 62,757 sq ft
- Built
- 1974, renovated 2003
- Largest tenants
- East Goshen Pharmacy Inc.; Bald Birds Brewing Company LLC; NX UTILITIES, LLC
- Value at securitization
- $8.3M (Aug 2018)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.87x | 0.97x |
| Occupancy | 95% | 44% |
| Net operating income | $718K | $371K |
| Debt yield | 7.1% |
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 BBCMS Mortgage Trust 2018-C2 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- With the special servicer
- 30+ days delinquent or matured unpaid
- 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 March 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 95% when the loan was securitized to 44%.
- Net operating income is 48% below the underwritten figure ($371K a year against $718K).
- Debt service coverage moved from 1.87x at securitization to 0.97x on the latest statements.
- At 0.97x, 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 | $5.2M | 90+ days delinquent | Yes | 0.97x | 44% |
| August 2026 | $5.2M | 90+ days delinquent | Yes | 0.97x | 44% |
| July 2026 | $5.2M | 90+ days delinquent | Yes | 0.97x | 44% |
| June 2026 | $5.2M | 60-89 days delinquent | Yes | 1.42x | 65% |
| May 2026 | $5.2M | 90+ days delinquent | Yes | 1.42x | 65% |
| April 2026 | $5.2M | 60-89 days delinquent | Yes | 1.42x | 65% |
| March 2026 | $5.2M | 30-59 days delinquent | Yes | 1.42x | 65% |
| February 2026 | $5.2M | Late payment but less than 30 days delinquent | No | 1.42x | 65% |
| January 2026 | $5.2M | Current | No | 1.42x | 65% |
| December 2025 | $5.2M | Current | No | 1.42x | 65% |
| November 2025 | $5.3M | Current | No | 1.42x | 65% |
| October 2025 | $5.3M | Current | No | 1.42x | 65% |
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 February 20, 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 |
|---|---|---|---|---|
| BBCMS Mortgage Trust 2018-C2 | 38 | $5,210,589 | 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.