← Benchmark 2026-V23 Mortgage Trust / Loan annex / CMBS market
- Deal
- Benchmark 2026-V23 Mortgage Trust
- Current balance
- $6.0M (October 2026)
- Share of deal
- 0.9%
- Status
- 30-59 days delinquent
- DSCR (latest)
- not yet reported
- Occupancy (latest)
- not yet reported
- Scheduled maturity
- 2031-06-06
Property and terms
| Property | Treasure by the Sea |
| Address | 2982 & 2975 N. Ocean Shore Blvd.; Flagler Beach, FL 32136 |
| Property type | Manufactured housing |
| Units, beds or keys | 43 |
| Net rentable square feet | not yet reported |
| Year built | 1985 |
| Year last renovated | not yet reported |
| Original balance | $6.0M |
| Current balance | $6.0M (October 2026) |
| Share of deal balance | 0.9% |
| Interest rate at origination | 6.75% |
| Current interest rate | 6.75% |
| Origination date | 06-03-2026 |
| Original term | 60 months |
| Amortization term | not yet reported |
| Interest-only period | 60 months |
| Scheduled maturity | 2031-06-06 |
| Prepayment lockout end | 07-05-2028 |
| Yield maintenance end | 02-05-2031 |
| Servicer | Midland |
| Loan servicer | not yet reported |
| Originator | German American Capital Corporation |
| Current status | 30-59 days delinquent |
| Specially serviced now | No |
| Defeased | No |
Valuation
| Basis | Amount | Date | Source (as filed) |
|---|---|---|---|
| At securitization | $9.3M | 04-03-2026 | MAI |
| Most recent reported | $9.3M | 2026-04-03 | MAI |
Change from securitization to the most recent reported valuation: 0.0%.
Monthly history
| Month | Balance | Status | Rate | DSCR (NCF) | DSCR (NOI) | Occupancy | Advances | Financial period end | Revenue | Expenses | NOI | NCF |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| August 2026 | $6.0M | Current | 6.75% | 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 2026 | $6.0M | Current | 6.75% | 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 2026 | $6.0M | 30-59 days delinquent | 6.75% | not yet reported | not yet reported | not yet reported | $68,569 | 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 |
|---|---|
| October 2026 | 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.