Industrial · Gaithersburg, Maryland
Willco Business Center
Willco Business Center is financed with a $22.0M CMBS loan at 4.786% that reaches maturity on December 6, 2026, in 1 month. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $22,034,513
- Original balance (same notes)
- $25,450,000
- Interest rate
- 4.786% fixed
- Originated
- November 10, 2016
- Maturity
- December 6, 2026
- Payments
- Interest only for 24 months, then amortizing
- Prepayment lockout ended
- September 5, 2026
- Master servicer
- Trimont LLC
- Originator
- SMC
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 19300-19326 Woodfield Road; 7501-7527, 7510-7564 & 7537-7585 Rickenbacker Drive; 19209 & 19211 Chennault Way; 7601, 7605 & 7609 Airpark Road, Gaithersburg, MD 20879
- Metro
- Washington-Arlington-Alexandria, DC-VA-MD-WV
- Rentable area
- 284,943 sq ft
- Built
- 1986
- Largest tenants
- CollisionRight LLC; Nyla Auto Detailing LLC; The Steiding Corporation
- Value at securitization
- $37.8M (Oct 2016)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.49x | 1.27x |
| Occupancy | 82% | 80% |
| Net operating income (annualized from 6 months) | $2.4M | $2.0M |
| Debt yield | 9.3% |
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 Morgan Stanley Bank of America Merrill Lynch Trust 2016-C32 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- Matures 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
- Net operating income is 14% below the underwritten figure ($2.0M a year against $2.4M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.49x at securitization to 1.27x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $22.0M | Current | No | 1.27x | 80% |
| August 2026 | $22.1M | Current | No | 1.27x | 80% |
| July 2026 | $22.1M | Current | No | 1.41x | 78% |
| June 2026 | $22.2M | Current | No | 1.41x | 78% |
| May 2026 | $22.2M | Current | No | 1.41x | 78% |
| April 2026 | $22.3M | Current | No | 1.35x | 78% |
| March 2026 | $22.3M | Current | No | 1.81x | 78% |
| February 2026 | $22.3M | Current | No | 1.81x | 78% |
| January 2026 | $22.4M | Current | No | 1.81x | 78% |
| December 2025 | $22.4M | Current | No | 1.81x | 78% |
| November 2025 | $22.5M | Current | No | 1.81x | 78% |
| October 2025 | $22.5M | Current | No | 1.84x | 85% |
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 |
|---|---|---|---|---|
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C32 | 12 | $22,034,513 | Sep 2026 | SEC filing, September 29, 2026 |
Other Washington-Arlington-Alexandria loans due in 2026
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Fair Oaks Mall | Fairfax, VA | Retail | $151.1M | 4.258% | Nov 2026 | 1.53x | 90% | Current |
| Potomac Mills | Woodbridge, VA | Retail | $145.5M | 2.988% | Nov 2026 | 4.48x | 95% | Current |
| Silver Spring Plaza | Silver Spring, MD | Office | $35.0M | 4.90% | Jul 2026 | 1.26x | 58% | Past maturity and not performing |
| East Market | Fairfax, VA | Retail | $30.0M | 4.169% | Dec 2026 | 1.96x | 97% | Current |
| Georgetown Plaza | Washington, DC | Mixed use | $23.0M | 4.30% | Nov 2026 | 0.65x | 84% | Current |
| Enterprise Plaza | Lanham, MD | Retail | $21.7M | 4.68% | Dec 2026 | 1.99x | 100% | Current |
| Carmax Sterling | Sterling, VA | Retail | $15.2M | 4.78% | Dec 2026 | 2.11x | 100% | Current |
| Sacramento Center | Alexandria, VA | Mixed use | $9.5M | 4.44% | Oct 2026 | 2.59x | 99% | Current |
All loans maturing in 2026 · All Washington-Arlington-Alexandria 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.