Retail · Chesterfield, Michigan
Waterside Marketplace
Waterside Marketplace is financed with a $25.8M CMBS loan at 6.21% that reaches maturity on November 11, 2029, in 3 years. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $25,800,000
- Original balance (same notes)
- $25,800,000
- Interest rate
- 6.21% fixed
- Originated
- October 16, 2024
- Maturity
- November 11, 2029
- Payments
- Amortizing over 30 years
- Prepayment lockout ends
- May 10, 2029
- Master servicer
- Wells Fargo Bank, NA
- Originator
- WFB
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 50383, 50400, 50579, 50640 and 50769 Waterside Drive, Chesterfield, MI 48051
- Metro
- Detroit-Warren-Dearborn, MI
- Rentable area
- 276,244 sq ft
- Built
- 2007
- Largest tenants
- Best Buy; Burlington Coat Factory; TJ Maxx
- Value at securitization
- $41.1M (Aug 2024)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.90x | 2.34x |
| Occupancy | 94% | 93% |
| Net operating income (annualized from 6 months) | $3.6M | $3.8M |
| Debt yield | 14.8% |
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 2024-5C2 filing for the reporting period ending September 11, 2026, filed with the SEC October 1, 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 6% above the underwritten figure ($3.8M a year against $3.6M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.90x at securitization to 2.34x on the latest statements.
- The filing gives Mar 2029 as the lease end date for the largest tenant (Best Buy), 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 | $25.8M | Current | No | 2.34x | 93% |
| August 2026 | $25.8M | Current | No | 2.34x | 93% |
| July 2026 | $25.8M | Current | No | 2.65x | 93% |
| June 2026 | $25.8M | Current | No | 2.21x | 84% |
| May 2026 | $25.8M | Current | No | 2.21x | 84% |
| April 2026 | $25.8M | Current | No | 2.21x | 84% |
| March 2026 | $25.8M | Current | No | 2.81x | 94% |
| February 2026 | $25.8M | Current | No | 2.81x | 94% |
| January 2026 | $25.8M | Current | No | 2.81x | 94% |
| December 2025 | $25.8M | Current | No | 2.81x | 94% |
| November 2025 | $25.8M | Current | No | 2.81x | 94% |
| October 2025 | $25.8M | Current | No | 2.81x | 94% |
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 2024-5C2 | 11 | $25,800,000 | Sep 2026 | SEC filing, October 1, 2026 |
Other Detroit-Warren-Dearborn loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| First National Building | Detroit, MI | Office | $430.0M | 3.778% | Jan 2029 | n/a | n/a | Current |
| FCA USA - Detroit, MI | Detroit, MI | Industrial | $147.9M | 5.744% | Apr 2029 | n/a | n/a | Current |
| Bedrock Mixed-Use Portfolio | Detroit, MI | Other | $75.0M | 6.385% | Jun 2029 | 1.64x | 83% | Current |
| Garfield Commons | Clinton Township, MI | Multifamily | $75.0M | 7.32% | Jan 2029 | n/a | n/a | Current |
| Amazon Distribution Livonia | Livonia, MI | Industrial | $34.0M | 3.73% | May 2029 | 3.79x | 100% | Current |
| Pointe Plaza | Grosse Pointe Woods, MI | Mixed use | $30.5M | 7.955% | Jul 2029 | 1.61x | 100% | Current |
| Northville Village Shopping Center Phase I | Northville, MI | Retail | $29.5M | 6.50% | Sep 2029 | 1.65x | 98% | Current |
| Home Depot Livonia Mi | Livonia, MI | Retail | $24.7M | 4.75% | Apr 2029 | 2.04x | 100% | Current |
All loans maturing in 2029 · All Detroit-Warren-Dearborn 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.