← Benchmark 2023-V3 Mortgage Trust · Loan annex · CMBS market
- Deal
- Benchmark 2023-V3 Mortgage Trust
- Current balance
- $65.5M (September 2026)
- Share of deal
- 7.0%
- Status
- Current
- DSCR (latest)
- 1.22
- Occupancy (latest)
- 95%
- Scheduled maturity
- 2028-07-06
Property and terms
| Property | Brasswater Warehouse Portfolio (and 1 more properties) |
| Address | 6500 Fourteen Mile Road; 30450 & 30500 Little Mack Avenue; Warren, MI (and 1 more) 48092 |
| Property type | Office |
| Units, beds or keys | not yet reported |
| Net rentable square feet | not yet reported |
| Year built | not yet reported |
| Year last renovated | ["2023", "2012"] |
| Original balance | $65.5M |
| Current balance | $65.5M (September 2026) |
| Share of deal balance | 7.0% |
| Interest rate at origination | 7.25% |
| Current interest rate | 7.25% |
| Origination date | 06-07-2023 |
| Original term | 60 months |
| Amortization term | not yet reported |
| Interest-only period | 60 months |
| Scheduled maturity | 2028-07-06 |
| Prepayment lockout end | 05-05-2028 |
| 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 | $111.7M | 04-21-2023 | not yet reported |
| Most recent reported | not yet reported | not yet reported | ["MAI", "MAI"] |
Largest tenants
| Tenant | Square feet | Lease expiration |
|---|---|---|
| Samsung SDI America, Inc (t0088392) | not yet reported | ["05-15-2028", "03-31-2037"] |
| The Dufresne Spencer Group, LLC (Ashley Furniture) (t0088407) | 187,395 | 07-31-2032 |
| Gardner White Furniture Co. of Warren, Inc. - Showroom (t0088388) | 160,800 | 05-18-2032 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| July 2023 | $65.5M | Matured balloon, performing | 7.25% | 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 2023 | $65.5M | Current | 7.25% | 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 | $65.5M | Current | 7.25% | 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 |
| October 2023 | $65.5M | Current | 7.25% | 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 | $65.5M | Current | 7.25% | 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 | $65.5M | Current | 7.25% | 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 | $65.5M | Current | 7.25% | 0.64 | 0.64 | 92% | $0 | 10-31-2023 | $8.3M | $5.2M | $3.1M | $3.1M |
| February 2024 | $65.5M | Current | 7.25% | 0.83 | 0.89 | 92% | $0 | 10-31-2023 | $8.3M | $4.1M | $4.3M | $4.0M |
| March 2024 | $65.5M | Current | 7.25% | 0.83 | 0.89 | 91% | $0 | 10-31-2023 | $8.3M | $4.1M | $4.3M | $4.0M |
| April 2024 | $65.5M | Current | 7.25% | 0.82 | 0.88 | 91% | $0 | 12-31-2023 | $8.5M | $4.3M | $4.2M | $3.9M |
| May 2024 | $65.5M | Current | 7.25% | 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 | $65.5M | Matured balloon, non-performing | 7.25% | 0.77 | 0.83 | 91% | $408,779 | 03-31-2024 | $2.6M | $1.6M | $1.0M | $929,405 |
| July 2024 | $65.5M | 30-59 days delinquent | 7.25% | 0.77 | 0.83 | 91% | $804,372 | 03-31-2024 | $2.6M | $1.6M | $1.0M | $929,405 |
| August 2024 | $65.5M | Matured balloon, non-performing | 7.25% | 0.77 | 0.83 | 91% | $408,779 | 03-31-2024 | $2.6M | $1.6M | $1.0M | $929,405 |
| September 2024 | $65.5M | Matured balloon, non-performing | 7.25% | 0.77 | 0.83 | 91% | $408,779 | 03-31-2024 | $2.6M | $1.6M | $1.0M | $929,405 |
| October 2024 | $65.5M | 30-59 days delinquent | 7.25% | 0.77 | 0.83 | 91% | $804,372 | 03-31-2024 | $2.6M | $1.6M | $1.0M | $929,405 |
| November 2024 | $65.5M | Matured balloon, non-performing | 7.25% | 0.77 | 0.83 | 91% | $408,779 | 03-31-2024 | $2.6M | $1.6M | $1.0M | $929,405 |
| December 2024 | $65.5M | Current | 7.25% | 0.77 | 0.83 | 91% | $0 | 03-31-2024 | $2.6M | $1.6M | $1.0M | $929,405 |
| January 2025 | $65.5M | Current | 7.25% | 0.77 | 0.83 | 91% | $0 | 03-31-2024 | $2.6M | $1.6M | $1.0M | $929,405 |
| February 2025 | $65.5M | Current | 7.25% | 0.77 | 0.83 | 91% | $0 | 03-31-2024 | $2.6M | $1.6M | $1.0M | $929,405 |
| March 2025 | $65.5M | Current | 7.25% | 0.77 | 0.83 | 91% | $0 | 03-31-2024 | $2.6M | $1.6M | $1.0M | $929,405 |
| April 2025 | $65.5M | Current | 7.25% | 0.77 | 0.83 | 91% | $0 | 03-31-2024 | $2.6M | $1.6M | $1.0M | $929,405 |
| May 2025 | $65.5M | Current | 7.25% | 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 | $65.5M | Matured balloon, non-performing | 7.25% | not yet reported | not yet reported | not yet reported | $77,957 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| July 2025 | $65.5M | Current | 7.25% | 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 | $65.5M | Current | 7.25% | 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 2025 | $65.5M | Current | 7.25% | 1.22 | 1.28 | not yet reported | $0 | 06-30-2025 | $10.9M | $4.7M | $6.2M | $5.9M |
| October 2025 | $65.5M | Current | 7.25% | 1.22 | 1.28 | not yet reported | $0 | 06-30-2025 | $10.9M | $4.7M | $6.2M | $5.9M |
| November 2025 | $65.5M | Current | 7.25% | 1.22 | 1.28 | not yet reported | $0 | 06-30-2025 | $10.9M | $4.7M | $6.2M | $5.9M |
| December 2025 | $65.5M | Current | 7.25% | 1.22 | 1.28 | not yet reported | $0 | 06-30-2025 | $10.9M | $4.7M | $6.2M | $5.9M |
| January 2026 | $65.5M | Current | 7.25% | 1.22 | 1.28 | not yet reported | $0 | 06-30-2025 | $10.9M | $4.7M | $6.2M | $5.9M |
| February 2026 | $65.5M | Current | 7.25% | 1.22 | 1.28 | not yet reported | $0 | 06-30-2025 | $10.9M | $4.7M | $6.2M | $5.9M |
| March 2026 | $65.5M | Current | 7.25% | 1.22 | 1.28 | not yet reported | $0 | 12-31-2025 | $10.7M | $4.5M | $6.2M | $5.9M |
| April 2026 | $65.5M | Current | 7.25% | 1.22 | 1.28 | not yet reported | $0 | 12-31-2025 | $10.7M | $4.5M | $6.2M | $5.9M |
| May 2026 | $65.5M | Current | 7.25% | 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 2026 | $65.5M | Current | 7.25% | 1.21 | 1.27 | 95% | $0 | 03-31-2026 | $2.6M | $1.0M | $1.5M | $1.5M |
| July 2026 | $65.5M | Current | 7.25% | 1.21 | 1.27 | 95% | $0 | 03-31-2026 | $2.6M | $1.0M | $1.5M | $1.5M |
| August 2026 | $65.5M | Current | 7.25% | 1.21 | 1.27 | 95% | $0 | 03-31-2026 | $2.6M | $1.0M | $1.5M | $1.5M |
| September 2026 | $65.5M | Current | 7.25% | 1.22 | 1.28 | 95% | $0 | 06-30-2026 | $10.5M | $4.3M | $6.2M | $5.9M |
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 |
|---|---|
| July 2024 | First reported 30 or more days delinquent |
Sources: SEC Form ABS-EE asset-level reports for the deal. Definitions are in the methods note on the market page.