← Benchmark 2023-B38 Mortgage Trust · Loan annex · CMBS market
- Deal
- Benchmark 2023-B38 Mortgage Trust
- Current balance
- $32.3M (September 2026)
- Share of deal
- 5.4%
- Status
- 90+ days delinquent
- DSCR (latest)
- not yet reported
- Occupancy (latest)
- not yet reported
- Scheduled maturity
- 2028-04-06
Property and terms
| Property | 1700 Schuster Road (and 4 more properties) |
| Address | 1700 Schuster Road; 101 Michelin Drive; 1525 West 2960 South; 5685 Raiders Road; 840 Complex Street Southwest; Delano, CA (and 4 more) 93215 |
| Property type | Multiple property types |
| Units, beds or keys | not yet reported |
| Net rentable square feet | not yet reported |
| Year built | not yet reported |
| Year last renovated | ["2022", "2022"] |
| Original balance | $35.0M |
| Current balance | $32.3M (September 2026) |
| Share of deal balance | 5.4% |
| Interest rate at origination | 6.81% |
| Current interest rate | 6.81% |
| Origination date | 03-10-2023 |
| Original term | 60 months |
| Amortization term | 360 months |
| Interest-only period | not yet reported |
| Scheduled maturity | 2028-04-06 |
| Prepayment lockout end | 10-05-2027 |
| Yield maintenance end | not yet reported |
| Servicer | Wells Fargo Bank |
| Loan servicer | not yet reported |
| Originator | Citi Real Estate Funding Inc. |
| Current status | 90+ days delinquent |
| Specially serviced now | Yes |
| Defeased | No |
Valuation
| Basis | Amount | Date | Source (as filed) |
|---|---|---|---|
| At securitization | $276.7M | 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 |
|---|---|---|
| CVB, Inc. | not yet reported | ["12-31-2038", "12-31-2038", "12-31-2038", "12-31-2038", "12-31-2038"] |
| CVB Inc | not yet reported | ["12-31-2038", "12-31-2038", "03-31-2027"] |
The three largest tenants as reported in the latest asset-level record.
Monthly history
| Month | Balance | Status | Rate | DSCR (NCF) | DSCR (NOI) | Occupancy | Advances | Financial period end | Revenue | Expenses | NOI | NCF |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| April 2023 | $35.0M | Matured balloon, performing | 6.81% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| May 2023 | $35.0M | Current | 6.81% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| June 2023 | $35.0M | Matured balloon, non-performing | 6.81% | not yet reported | not yet reported | not yet reported | $228,294 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| July 2023 | $34.9M | Matured balloon, non-performing | 6.81% | not yet reported | not yet reported | not yet reported | $228,298 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| August 2023 | $34.9M | Current | 6.81% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| September 2023 | $34.9M | Matured balloon, non-performing | 6.81% | not yet reported | not yet reported | not yet reported | $228,294 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| October 2023 | $34.8M | Current | 6.81% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| November 2023 | $34.8M | Current | 6.81% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| December 2023 | $34.8M | Current | 6.81% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| January 2024 | $34.8M | Current | 6.81% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| February 2024 | $34.7M | Current | 6.81% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| March 2024 | $34.7M | Current | 6.81% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| April 2024 | $34.7M | Current | 6.81% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| May 2024 | $34.6M | Current | 6.81% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| June 2024 | $34.6M | Matured balloon, non-performing | 6.81% | not yet reported | not yet reported | not yet reported | $228,295 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| July 2024 | $34.6M | Current | 6.81% | 1.62 | 1.71 | 100% | $0 | 03-31-2024 | $1.9M | not yet reported | $1.9M | $1.8M |
| August 2024 | $34.6M | Current | 6.81% | 1.62 | 1.71 | 100% | $0 | 03-31-2024 | $1.9M | not yet reported | $1.9M | $1.8M |
| September 2024 | $34.5M | Current | 6.81% | 1.62 | 1.71 | 100% | $0 | 03-31-2024 | $1.9M | not yet reported | $1.9M | $1.8M |
| October 2024 | $34.5M | Current | 6.81% | 1.62 | 1.71 | 100% | $0 | 03-31-2024 | $1.9M | not yet reported | $1.9M | $1.8M |
| November 2024 | $34.5M | Current | 6.81% | not yet reported | not yet reported | not yet reported | $0 | ["06-30-2024", "06-30-2024", "06-30-2024", "06-30-2024", "06-30-2024"] | not yet reported | not yet reported | not yet reported | not yet reported |
| December 2024 | $34.4M | Current | 6.81% | not yet reported | not yet reported | not yet reported | $0 | ["06-30-2024", "06-30-2024", "06-30-2024", "06-30-2024", "06-30-2024"] | not yet reported | not yet reported | not yet reported | not yet reported |
| January 2025 | $34.4M | Current | 6.81% | not yet reported | not yet reported | not yet reported | $0 | ["06-30-2024", "06-30-2024", "06-30-2024", "06-30-2024", "06-30-2024"] | not yet reported | not yet reported | not yet reported | not yet reported |
| February 2025 | $34.4M | Current | 6.81% | not yet reported | not yet reported | not yet reported | $0 | ["06-30-2024", "06-30-2024", "06-30-2024", "06-30-2024", "06-30-2024"] | not yet reported | not yet reported | not yet reported | not yet reported |
| March 2025 | $34.3M | Current | 6.81% | not yet reported | not yet reported | not yet reported | $0 | ["06-30-2024", "06-30-2024", "06-30-2024", "06-30-2024", "06-30-2024"] | not yet reported | not yet reported | not yet reported | not yet reported |
| April 2025 | $34.3M | Current | 6.81% | not yet reported | not yet reported | not yet reported | $0 | ["06-30-2024", "06-30-2024", "06-30-2024", "06-30-2024", "06-30-2024"] | not yet reported | not yet reported | not yet reported | not yet reported |
| May 2025 | $34.3M | Current | 6.81% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| June 2025 | $34.3M | Current | 6.81% | 1.87 | 2.03 | 100% | $0 | 12-31-2024 | $3.5M | not yet reported | $3.5M | $3.2M |
| July 2025 | $34.2M | Current | 6.81% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| August 2025 | $34.2M | Current | 6.81% | not yet reported | not yet reported | not yet reported | $0 | ["03-31-2025", "03-31-2025", "06-30-2025", "03-31-2025", "03-31-2025"] | not yet reported | not yet reported | not yet reported | not yet reported |
| September 2025 | $34.2M | Current | 6.81% | not yet reported | not yet reported | not yet reported | $0 | ["03-31-2025", "03-31-2025", "03-31-2025", "03-31-2025", "03-31-2025"] | not yet reported | not yet reported | not yet reported | not yet reported |
| October 2025 | $34.1M | Current | 6.81% | not yet reported | not yet reported | not yet reported | $0 | ["06-30-2025", "06-30-2025", "06-30-2025", "06-30-2025", "06-30-2025"] | not yet reported | not yet reported | not yet reported | not yet reported |
| November 2025 | $34.1M | Current | 6.81% | not yet reported | not yet reported | not yet reported | $0 | ["06-30-2025", "06-30-2025", "06-30-2025", "06-30-2025", "06-30-2025"] | not yet reported | not yet reported | not yet reported | not yet reported |
| December 2025 | $34.1M | Current | 6.81% | not yet reported | not yet reported | not yet reported | $0 | ["06-30-2025", "06-30-2025", "06-30-2025", "06-30-2025", "06-30-2025"] | not yet reported | not yet reported | not yet reported | not yet reported |
| January 2026 | $34.0M | Current | 6.81% | not yet reported | not yet reported | not yet reported | $0 | ["09-30-2025", "09-30-2025", "09-30-2025", "09-30-2025", "09-30-2025"] | not yet reported | not yet reported | not yet reported | not yet reported |
| February 2026 | $34.0M | Current | 6.81% | not yet reported | not yet reported | not yet reported | $0 | ["09-30-2025", "09-30-2025", "09-30-2025", "09-30-2025", "09-30-2025"] | not yet reported | not yet reported | not yet reported | not yet reported |
| March 2026 | $34.0M | Matured balloon, non-performing | 6.81% | not yet reported | not yet reported | not yet reported | $228,308 | ["09-30-2025", "09-30-2025", "09-30-2025", "09-30-2025", "09-30-2025"] | not yet reported | not yet reported | not yet reported | not yet reported |
| April 2026 | $32.4M | 30-59 days delinquent | 6.81% | not yet reported | not yet reported | not yet reported | $456,610 | ["09-30-2025", "09-30-2025", "09-30-2025", "09-30-2025", "09-30-2025"] | not yet reported | not yet reported | not yet reported | not yet reported |
| May 2026 | $32.4M | 60-89 days delinquent | 6.81% | not yet reported | not yet reported | not yet reported | $684,917 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| June 2026 | $32.4M | 90+ days delinquent | 6.81% | not yet reported | not yet reported | not yet reported | $913,219 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| July 2026 | $32.4M | 90+ days delinquent | 6.81% | not yet reported | not yet reported | not yet reported | $1.1M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| August 2026 | $32.4M | 90+ days delinquent | 6.81% | not yet reported | not yet reported | not yet reported | $1.4M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| September 2026 | $32.3M | 90+ days delinquent | 6.81% | not yet reported | not yet reported | not yet reported | $1.1M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
Revenue, expenses, net operating income (NOI) and net cash flow (NCF) are the most recent financials reported as of each month, for the financial period ending on the date shown. DSCR is debt service coverage on the net cash flow and net operating income bases as reported.
Status timeline
| Date | Event |
|---|---|
| 2026-02-20 | Transferred to the special servicer |
| 2026-02-23 | Liquidated |
| April 2026 | First reported 30 or more days delinquent |
Also filed in other trusts
Loans are sometimes split across trusts (pari passu), and each trust files the loan at its whole-loan amount. A loan with the same property name and origination date is filed in: Benchmark 2023-V2 Mortgage Trust.
Sources: SEC Form ABS-EE asset-level reports for the deal. Definitions are in the methods note on the market page.