← Benchmark 2026-V23 Mortgage Trust · Loan annex · CMBS market
- Deal
- Benchmark 2026-V23 Mortgage Trust
- Current balance
- $34.9M (September 2026)
- Share of deal
- 5.0%
- Status
- Current
- DSCR (latest)
- not yet reported
- Occupancy (latest)
- not yet reported
- Scheduled maturity
- 2031-01-09
Property and terms
| Property | 535-545 Fifth Avenue |
| Address | 535-545 Fifth Avenue; New York, NY 10017 |
| Property type | Mixed use |
| Units, beds or keys | not yet reported |
| Net rentable square feet | 507,207 |
| Year built | 1897 |
| Year last renovated | 2017 |
| Original balance | $35.0M |
| Current balance | $34.9M (September 2026) |
| Share of deal balance | 5.0% |
| Interest rate at origination | 7.06% |
| Current interest rate | 7.06% |
| Origination date | 01-09-2026 |
| Original term | 60 months |
| Amortization term | 3720 months |
| Interest-only period | not yet reported |
| Scheduled maturity | 2031-01-09 |
| Prepayment lockout end | 01-08-2028 |
| Yield maintenance end | 10-08-2030 |
| Servicer | Midland |
| 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 | $490.0M | 11-21-2025 | MAI |
| Most recent reported | $490.0M | 2025-11-21 | MAI |
Change from securitization to the most recent reported valuation: 0.0%.
Largest tenants
| Tenant | Square feet | Lease expiration |
|---|---|---|
| Empire Offices 535 Fifth Holdings LLC | 48,758 | 08-31-2031 |
| Best Buy Stores, L.P. | 36,787 | 03-31-2031 |
| Laboratory Institute of Merchandising, Inc. | 30,160 | 11-30-2031 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| August 2026 | $34.9M | Current | 7.06% | 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 | $34.9M | Current | 7.06% | 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 |
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.
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: BBCMS Mortgage Trust 2026-5C40; BBCMS Mortgage Trust 2026-5C42; Benchmark 2026-V20 Mortgage Trust; BMO 2026-5C14 Mortgage Trust.
Sources: SEC Form ABS-EE asset-level reports for the deal. Definitions are in the methods note on the market page.