Birch Run Premium Outlets
A retail property in Birch Run, Michigan. Securitized in 3 CMBS deals between 2016 and 2026.
$158.7MAppraised value (latest deal)
90.1%Occupancy
$13.8MUnderwritten NOI
8.7%Implied cap rate
- Address
- 12240 South Beyer Road, Birch Run, MI 48415
- Property type
- Retail · Outlet Center
- Year built
- 1986
- Size
- 593,930 SF
- Sponsor
- Simon Property Group, L.P.
- Loan purpose
- Refinance
- Largest tenant
- Pottery Barn
Appearances in CMBS deals
| Deal | Cut-off / filing | Appraised | Occ. | UW NOI | Cap | Loan / alloc. bal. | LTV | DSCR | Source |
|---|---|---|---|---|---|---|---|---|---|
| COMM 2016-DC2 | 2016-03-16 | $207.2M | 87.1% | $16.0M | 7.7% | $20.0M | 59.4% | 2.84x | 424B |
| CD 2016-CD2 | 2016-12-08 | $207.2M | 88.6% | $16.5M | 8.0% | $45.0M | 59.4% | 2.94x | 424B |
| WFCM 2026-C66 | 2026-03-30 | $158.7M | 90.1% | $13.8M | 8.7% | $15.0M | 56.7% | 1.92x | 424B |
Historical NOI reported in WFCM 2026-C66
| Period ending | NOI |
|---|---|
| 9/30/2025 | $14.2M |
| 12/31/2024 | $14.7M |
| 12/31/2023 | $14.6M |
More CMBS properties in Michigan →
Figures are read from Annex A-1 of the trust's SEC prospectus as of the deal's cut-off date. Parsing can misread a cell; the prospectus link is the authoritative source. Implied cap rate = underwritten NOI ÷ appraised value, shown only between 2% and 20%.