Benchmark 2023-B38 Mortgage Trust: loan annex

Data as of loan data through September 2026; ratings as held in the dataset at 2026-10-13

← Benchmark 2023-B38 Mortgage Trust · CMBS market

Detail sections for the 12 loans of this deal that do not have a page of their own. Loans with a surveillance history, loans at or above the section's size threshold of $25.0M, and the largest loans in the deal have their own pages, linked from the loan table on the deal page. Every loan in the deal appears either here or on its own page.

Crowne Plaza Indianapolis

Property	Crowne Plaza Indianapolis
Address	123 West Louisiana Street 39 West Jackson Place; Indianapolis, IN 46225
Property type	Lodging
Units, beds or keys	273
Net rentable square feet	not yet reported
Year built	1880
Year last renovated	2014
Original balance	$24.0M
Current balance	$23.2M (September 2026)
Share of deal balance	3.9%
Interest rate at origination	7.15%
Current interest rate	7.15%
Origination date	03-01-2023
Original term	120 months
Amortization term	360 months
Interest-only period	not yet reported
Scheduled maturity	2033-03-06
Prepayment lockout end	11-05-2032
Yield maintenance end	not yet reported
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	DBR Investments Co. Limited
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$50.5M	12-15-2023	MAI
Most recent reported	$50.5M	2023-12-15	MAI

Change from securitization to the most recent reported valuation: 0.0%.

Latest financials

Financial period end (latest)	06-30-2026
Revenue	$19.9M
Operating expenses	$16.7M
Net operating income	$3.2M
Net cash flow	$2.4M
DSCR (net cash flow)	1.23
DSCR (net operating income)	1.64
Occupancy	61%
Servicer advances outstanding	$0

Hyatt Place Crocker Park

Property	Hyatt Place Crocker Park
Address	2020 Crocker Rd; Westlake, OH 44145
Property type	Lodging
Units, beds or keys	not yet reported
Net rentable square feet	not yet reported
Year built	2015
Year last renovated	not yet reported
Original balance	$16.0M
Current balance	$16.0M (September 2026)
Share of deal balance	2.7%
Interest rate at origination	6.72%
Current interest rate	6.72%
Origination date	03-20-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2033-04-06
Prepayment lockout end	02-05-2033
Yield maintenance end	not yet reported
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	Citi Real Estate Funding Inc.
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$25.0M	01-23-2023	MAI
Most recent reported	$25.0M	2023-01-23	MAI

Change from securitization to the most recent reported valuation: 0.0%.

Latest financials

Financial period end (latest)	06-30-2026
Revenue	$6.6M
Operating expenses	$4.3M
Net operating income	$2.3M
Net cash flow	$2.0M
DSCR (net cash flow)	1.83
DSCR (net operating income)	2.12
Occupancy	83%
Servicer advances outstanding	$0

Riverport Tower

Property	Riverport Tower
Address	13736 Riverport Dr; Maryland Heights, MO 63043
Property type	Office
Units, beds or keys	not yet reported
Net rentable square feet	317,891
Year built	1991
Year last renovated	not yet reported
Original balance	$15.0M
Current balance	$15.0M (September 2026)
Share of deal balance	2.5%
Interest rate at origination	5.83%
Current interest rate	5.83%
Origination date	06-28-2022
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2032-07-06
Prepayment lockout end	05-05-2025
Yield maintenance end	01-05-2032
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	Goldman Sachs Bank USA
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$37.1M	05-05-2022	MAI
Most recent reported	$37.1M	2023-12-15	MAI

Change from securitization to the most recent reported valuation: 0.0%.

Largest tenants

Tenant	Square feet	Lease expiration
Spectrum Mid-America LLC	255,498	10-31-2029
Essence Group Holdings Corporation	27,778	12-31-2029
Greenzini, LLC	not yet reported	not yet reported

The three largest tenants as reported in the latest asset-level record.

Latest financials

Financial period end (latest)	06-30-2026
Revenue	$7.2M
Operating expenses	$3.8M
Net operating income	$3.3M
Net cash flow	$2.9M
DSCR (net cash flow)	2.24
DSCR (net operating income)	2.61
Occupancy	89%
Servicer advances outstanding	$0

1027 Filbert Street (Gallery Garage)

Property	1027 Filbert Street (Gallery Garage)
Address	1027 Filbert Street; Philadelphia, PA 19107
Property type	Mixed use
Units, beds or keys	not yet reported
Net rentable square feet	12,569
Year built	1982
Year last renovated	2000
Original balance	$15.5M
Current balance	$15.0M (September 2026)
Share of deal balance	2.5%
Interest rate at origination	7.12%
Current interest rate	7.12%
Origination date	03-20-2023
Original term	120 months
Amortization term	360 months
Interest-only period	not yet reported
Scheduled maturity	2033-04-01
Prepayment lockout end	01-31-2033
Yield maintenance end	not yet reported
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	Citi Real Estate Funding Inc.
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$34.7M	12-01-2022	MAI
Most recent reported	$34.7M	2022-12-01	MAI

Change from securitization to the most recent reported valuation: 0.0%.

Largest tenants

Tenant	Square feet	Lease expiration
Philly Dim Sum Garden - 59 N.	2,066	01-31-2036
Crown Fried Chicken	1,908	07-31-2030
Dunkin Donuts	1,650	12-31-2040

The three largest tenants as reported in the latest asset-level record.

Latest financials

Financial period end (latest)	not yet reported
Revenue	not yet reported
Operating expenses	not yet reported
Net operating income	not yet reported
Net cash flow	not yet reported
DSCR (net cash flow)	not yet reported
DSCR (net operating income)	not yet reported
Occupancy	not yet reported
Servicer advances outstanding	$0

The Grove

Property	The Grove
Address	5519,5619,5541,5532 Grove Boulevard & 5500 Grove Blvd; Hoover, AL 35244
Property type	Retail
Units, beds or keys	not yet reported
Net rentable square feet	136,614
Year built	2009
Year last renovated	not yet reported
Original balance	$12.0M
Current balance	$12.0M (September 2026)
Share of deal balance	2.0%
Interest rate at origination	7.05%
Current interest rate	7.05%
Origination date	11-17-2022
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2032-12-06
Prepayment lockout end	09-05-2032
Yield maintenance end	not yet reported
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	BSPRT CMBS Finance, LLC
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$27.6M	09-16-2022	MAI
Most recent reported	$27.6M	2023-01-23	MAI

Change from securitization to the most recent reported valuation: 0.0%.

Largest tenants

Tenant	Square feet	Lease expiration
Marshalls	25,000	11-30-2028
Petco Store	15,000	02-28-2030
Let's Play	14,900	07-31-2028

The three largest tenants as reported in the latest asset-level record.

Latest financials

Financial period end (latest)	not yet reported
Revenue	not yet reported
Operating expenses	not yet reported
Net operating income	not yet reported
Net cash flow	not yet reported
DSCR (net cash flow)	not yet reported
DSCR (net operating income)	not yet reported
Occupancy	not yet reported
Servicer advances outstanding	$0

Chatsworth Retail Portfolio

Property	Chatsworth Retail Portfolio
Address	9805, 9825, 9843, 9845, 9847, 9849, 9853 North Mason Avenue; Los Angeles, CA 91311
Property type	Retail
Units, beds or keys	not yet reported
Net rentable square feet	48,040
Year built	2020
Year last renovated	not yet reported
Original balance	$11.7M
Current balance	$11.7M (September 2026)
Share of deal balance	1.9%
Interest rate at origination	6.26%
Current interest rate	6.26%
Origination date	03-09-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2033-04-06
Prepayment lockout end	10-05-2032
Yield maintenance end	not yet reported
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	Citi Real Estate Funding Inc.
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$25.9M	11-30-2022	MAI
Most recent reported	$25.9M	2022-12-01	MAI

Change from securitization to the most recent reported valuation: 0.0%.

Largest tenants

Tenant	Square feet	Lease expiration
Planet Fitness	20,040	12-31-2036
Grocery Outlet	18,000	03-31-2031
El Porton	2,400	04-30-2034

The three largest tenants as reported in the latest asset-level record.

Latest financials

Financial period end (latest)	not yet reported
Revenue	not yet reported
Operating expenses	not yet reported
Net operating income	not yet reported
Net cash flow	not yet reported
DSCR (net cash flow)	not yet reported
DSCR (net operating income)	not yet reported
Occupancy	not yet reported
Servicer advances outstanding	$0

CVS 5 Portfolio (and 4 more properties)

Property	CVS 5 Portfolio (and 4 more properties)
Address	2650 Gateway Rd; 1170 Emmet Street; 635 Lexington Ave; 7979 Belt Line Road; 4645 Airport Blvd.; Carlsbad, CA (and 4 more) 92009
Property type	Retail
Units, beds or keys	not yet reported
Net rentable square feet	61,506
Year built	not yet reported
Year last renovated	not yet reported
Original balance	$10.1M
Current balance	$10.1M (September 2026)
Share of deal balance	1.7%
Interest rate at origination	6.68%
Current interest rate	6.68%
Origination date	11-18-2022
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2032-12-06
Prepayment lockout end	09-05-2032
Yield maintenance end	not yet reported
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	Citi Real Estate Funding Inc.
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$20.1M	not yet reported	not yet reported
Most recent reported	not yet reported	not yet reported	["MAI", "MAI", "MAI", "MAI", "MAI"]

Largest tenants

Tenant	Square feet	Lease expiration
Garfield Beach CVS, LLC	not yet reported	["01-31-2044", "01-31-2041", "01-30-2045", "01-31-2040", "01-31-2044"]
New Jersey CVS Pharmacy LLC	13,415	01-30-2045
Virginia CVS Pharmacy, L.L.C.	13,376	01-31-2041

The three largest tenants as reported in the latest asset-level record.

Latest financials

Financial period end (latest)	not yet reported
Revenue	not yet reported
Operating expenses	not yet reported
Net operating income	not yet reported
Net cash flow	not yet reported
DSCR (net cash flow)	not yet reported
DSCR (net operating income)	not yet reported
Occupancy	not yet reported
Servicer advances outstanding	$0

Center Point on Hamilton (and 5 more properties)

Property	Center Point on Hamilton (and 5 more properties)
Address	309 E Russell Ave 401-421 & 416 South Hamilton St; 400-418 E Russell Ave 403-445 South Centennial St, 404-432 Tate St; 324 E Russell ave; 319 South Centennial St; 411 Manning Street; 212 E Russell Ave; High Point, NC (and 5 more) 27260
Property type	Mixed use
Units, beds or keys	not yet reported
Net rentable square feet	not yet reported
Year built	not yet reported
Year last renovated	["1995", "2001", "2002", "1999", "2006"]
Original balance	$9.6M
Current balance	$9.5M (September 2026)
Share of deal balance	1.6%
Interest rate at origination	6.50%
Current interest rate	6.50%
Origination date	01-09-2023
Original term	60 months
Amortization term	360 months
Interest-only period	30 months
Scheduled maturity	2028-02-06
Prepayment lockout end	11-05-2027
Yield maintenance end	not yet reported
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	DBR Investments Co. Limited
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$44.1M	10-12-2022	not yet reported
Most recent reported	not yet reported	not yet reported	["MAI", "MAI", "MAI", "MAI", "MAI", "MAI"]

Largest tenants

Tenant	Square feet	Lease expiration
Hillsdale Furniture	not yet reported	["10-01-2023", "04-01-2025", "10-31-2028", "10-01-2024", "10-01-2024", "04-01-2024"]
Behold Home	not yet reported	["04-01-2027", "04-01-2027", "10-31-2031", "10-01-2025"]
Corinthian	not yet reported	["10-01-2025", "10-01-2023", "04-30-2026", "04-01-2026"]

The three largest tenants as reported in the latest asset-level record.

Latest financials

Financial period end (latest)	not yet reported
Revenue	not yet reported
Operating expenses	not yet reported
Net operating income	not yet reported
Net cash flow	not yet reported
DSCR (net cash flow)	not yet reported
DSCR (net operating income)	not yet reported
Occupancy	not yet reported
Servicer advances outstanding	$0

Dollar Walgreens Portfolio (Oak Park) (and 4 more properties)

Property	Dollar Walgreens Portfolio (Oak Park) (and 4 more properties)
Address	13550 Nine Mile Road 23090 Coolidge Hwy.; 1343 Bessemer Road; 19 N. Arlington Street; 314 Highway 167 North; 3911 Joy Road; Oak Park, MI (and 4 more) 48237
Property type	Retail
Units, beds or keys	not yet reported
Net rentable square feet	not yet reported
Year built	not yet reported
Year last renovated	["2005", "2007"]
Original balance	$8.1M
Current balance	$8.1M (September 2026)
Share of deal balance	1.3%
Interest rate at origination	6.36%
Current interest rate	6.36%
Origination date	01-30-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2033-02-06
Prepayment lockout end	11-05-2032
Yield maintenance end	not yet reported
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	Citi Real Estate Funding Inc.
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$12.8M	not yet reported	not yet reported
Most recent reported	not yet reported	not yet reported	["MAI", "MAI", "MAI", "MAI", "MAI"]

Largest tenants

Tenant	Square feet	Lease expiration
Dollar Tree	not yet reported	["11-30-2029", "09-20-2029", "12-31-2045", "07-30-2030", "07-01-2026"]
Walgreens	not yet reported	["10-31-2027", "04-30-2026", "03-01-2030"]

The three largest tenants as reported in the latest asset-level record.

Latest financials

Financial period end (latest)	not yet reported
Revenue	not yet reported
Operating expenses	not yet reported
Net operating income	not yet reported
Net cash flow	not yet reported
DSCR (net cash flow)	not yet reported
DSCR (net operating income)	not yet reported
Occupancy	not yet reported
Servicer advances outstanding	$0

Equinox Summit

Property	Equinox Summit
Address	68- 78 River Road; Summit, NJ 7901
Property type	Retail
Units, beds or keys	not yet reported
Net rentable square feet	32,100
Year built	1930
Year last renovated	2011
Original balance	$8.0M
Current balance	$8.0M (September 2026)
Share of deal balance	1.3%
Interest rate at origination	6.63%
Current interest rate	6.63%
Origination date	03-10-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2033-04-06
Prepayment lockout end	01-05-2033
Yield maintenance end	not yet reported
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	Goldman Sachs Bank USA
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$15.2M	02-14-2023	MAI
Most recent reported	$15.2M	2023-02-14	MAI

Change from securitization to the most recent reported valuation: 0.0%.

Largest tenants

Tenant	Square feet	Lease expiration
Equinox Summit Inc	32,100	10-31-2037

The three largest tenants as reported in the latest asset-level record.

Latest financials

Financial period end (latest)	06-30-2026
Revenue	$1.1M
Operating expenses	$148,678
Net operating income	$917,166
Net cash flow	$909,141
DSCR (net cash flow)	1.69
DSCR (net operating income)	1.71
Occupancy	100%
Servicer advances outstanding	$0

Town Place Suites - BWI Airport

Property	Town Place Suites - BWI Airport
Address	1171 Winterson Road; Linthicum Heights, MD 21090
Property type	Lodging
Units, beds or keys	not yet reported
Net rentable square feet	not yet reported
Year built	2007
Year last renovated	2018
Original balance	$8.0M
Current balance	$7.7M (September 2026)
Share of deal balance	1.3%
Interest rate at origination	6.84%
Current interest rate	6.84%
Origination date	03-10-2023
Original term	120 months
Amortization term	360 months
Interest-only period	not yet reported
Scheduled maturity	2033-04-06
Prepayment lockout end	01-05-2033
Yield maintenance end	not yet reported
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	Goldman Sachs Bank USA
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$15.3M	01-03-2023	MAI
Most recent reported	$15.3M	2023-01-03	MAI

Change from securitization to the most recent reported valuation: 0.0%.

Latest financials

Financial period end (latest)	06-30-2026
Revenue	$4.0M
Operating expenses	$3.3M
Net operating income	$696,373
Net cash flow	$537,804
DSCR (net cash flow)	0.86
DSCR (net operating income)	1.11
Occupancy	68%
Servicer advances outstanding	$0

Sylvan Heights

Property	Sylvan Heights
Address	903-941 East Park Row Dr; Arlington, TX 76010
Property type	Retail
Units, beds or keys	not yet reported
Net rentable square feet	42,277
Year built	1956
Year last renovated	not yet reported
Original balance	$3.9M
Current balance	$3.8M (September 2026)
Share of deal balance	0.6%
Interest rate at origination	7.23%
Current interest rate	7.23%
Origination date	11-14-2022
Original term	120 months
Amortization term	360 months
Interest-only period	not yet reported
Scheduled maturity	2032-12-06
Prepayment lockout end	09-05-2032
Yield maintenance end	not yet reported
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	Citi Real Estate Funding Inc.
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$6.9M	08-25-2022	MAI
Most recent reported	$6.9M	2022-12-06	MAI

Change from securitization to the most recent reported valuation: 0.0%.

Largest tenants

Tenant	Square feet	Lease expiration
EI Ahorro supermarket	16,500	04-30-2028
Dollar general	8,812	02-28-2030
Rent A center	6,711	07-31-2028

The three largest tenants as reported in the latest asset-level record.

Latest financials

Financial period end (latest)	not yet reported
Revenue	not yet reported
Operating expenses	not yet reported
Net operating income	not yet reported
Net cash flow	not yet reported
DSCR (net cash flow)	not yet reported
DSCR (net operating income)	not yet reported
Occupancy	not yet reported
Servicer advances outstanding	$0