Office · Cherry Hill, New Jersey
Woodland Falls
Woodland Falls is financed with a $23.3M CMBS loan at 3.45% that reaches maturity on December 1, 2029, in 3 years and 1 month. 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
- $23,344,033
- Original balance (same notes)
- $24,750,000
- Interest rate
- 3.45% fixed
- Originated
- November 4, 2019
- Maturity
- December 1, 2029
- Payments
- Interest only for 36 months, then amortizing
- Prepayment lockout ends
- August 31, 2029
- Master servicer
- Trimont LLC
- Originator
- BANA
Status
- Payment status
- 90+ days delinquent (code 3)
- Special servicing
- Transferred November 1, 2024
- Workout strategy
- Modification
- Defeasance
- None reported
The property
- Address
- 200, 210, and 220 Lake Drive East, Cherry Hill, NJ 08002
- Metro
- Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
- Rentable area
- 218,283 sq ft
- Built
- 1986, renovated 2018
- Largest tenants
- PNC; CorCentric; Flaster Greenberg P.C.
- Value at securitization
- $33.7M (Aug 2019)
Performance
| At securitization | Latest (Jun 2024) | |
|---|---|---|
| DSCR (NOI) | 2.14x | 2.44x |
| Occupancy | 97% | 77% |
| Net operating income (annualized from 6 months) | $2.8M | $3.2M |
| Debt yield | 13.9% |
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 2019-BNK23 filing for the reporting period ending September 11, 2026, filed with the SEC October 1, 2026.
- With the special servicer
- 30+ days delinquent or matured unpaid
- Occupancy down 10 points or more from securitization
On the cmbs.news watch list in all 12 monthly reports we hold (October 2025 to September 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 97% when the loan was securitized to 77%.
- Net operating income is 14% above the underwritten figure ($3.2M a year against $2.8M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 2.14x at securitization to 2.44x on the latest statements.
- The most recent valuation in the filing is $17.5M (May 7, 2026), against $33.7M at securitization.
- The filing gives Jan 2029 as the lease end date for the largest tenant (PNC), 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 | $23.3M | 90+ days delinquent | Yes | 2.44x | 77% |
| August 2026 | $23.3M | 90+ days delinquent | Yes | 2.44x | 77% |
| July 2026 | $23.3M | 90+ days delinquent | Yes | 2.44x | 77% |
| June 2026 | $23.3M | 90+ days delinquent | Yes | 2.44x | 77% |
| May 2026 | $23.3M | 90+ days delinquent | Yes | 2.44x | 77% |
| April 2026 | $24.0M | 90+ days delinquent | Yes | 2.44x | 77% |
| March 2026 | $24.0M | 90+ days delinquent | Yes | 2.44x | 77% |
| February 2026 | $24.0M | 90+ days delinquent | Yes | 2.44x | 77% |
| January 2026 | $24.0M | 90+ days delinquent | Yes | 2.44x | 77% |
| December 2025 | $24.0M | 90+ days delinquent | Yes | 2.44x | 77% |
| November 2025 | $24.0M | 90+ days delinquent | Yes | 2.44x | 77% |
| October 2025 | $24.0M | 90+ days delinquent | Yes | 2.44x | 77% |
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 November 1, 2024, 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 |
|---|---|---|---|---|
| BANK 2019-BNK23 | 18 | $23,344,033 | Sep 2026 | SEC filing, October 1, 2026 |
Other Philadelphia-Camden-Wilmington loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Cira Square | Philadelphia, PA | Office | $135.0M | 6.851% | Jun 2029 | 2.98x | 100% | Current |
| The Piazza | Philadelphia, PA | Multifamily | $108.5M | 5.91% | Aug 2029 | 1.15x | 100% | Current |
| Duane Morris Plaza | Philadelphia, PA | Office | $105.3M | 3.844% | Nov 2029 | 1.69x | 92% | Current |
| 3001 Red Lion Road | Philadelphia, PA | Office | $91.8M | 3.379% | Nov 2029 | n/a | n/a | Current |
| Hilton Penn's Landing | Philadelphia, PA | Hotel | $70.0M | 4.88% | Aug 2029 | 1.37x | 69% | Current |
| Presidential City | Philadelphia, PA | Multifamily | $60.0M | 3.498% | Sep 2029 | 0.91x | 92% | Current |
| One & Olney | Philadelphia, PA | Retail | $50.0M | 3.48% | Oct 2029 | 3.09x | 99% | Current |
| 1000 Chesterbrook | Berwyn, PA | Office | $37.9M | 4.14% | Oct 2029 | 1.72x | 100% | Current |
All loans maturing in 2029 · 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.