Multifamily · Memphis, Tennessee
Addison Apartments III
Addison Apartments III is financed with a $3.1M CMBS loan at 8.244% that reaches maturity on October 11, 2028, in 23 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $3,100,000
- Original balance (same notes)
- $3,100,000
- Interest rate
- 8.244% fixed
- Originated
- September 28, 2023
- Maturity
- October 11, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ends
- July 10, 2028
- Master servicer
- Trimont LLC
- Originator
- Wells Fargo Bank, National Association
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 3267 Southern Avenue, Memphis, TN 38111
- Metro
- Memphis, TN-MS-AR
- Units, rooms or beds
- 30
- Built
- 1967, renovated 2022
- Value at securitization
- $5.4M (Aug 2023)
Performance
| At securitization | Latest (Dec 2025) | |
|---|---|---|
| DSCR (NOI) | 1.24x | 0.63x |
| Occupancy | 90% | 73% |
| Net operating income | $322K | $163K |
| Debt yield | 5.3% |
Debt yield here is the latest NOI divided by the balance held in the trusts below. If part of the loan sits outside them, the true figure is lower.
Watch flags
Computed from the BANK5 2023-5YR4 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- NOI down 20% or more from securitization
On the cmbs.news watch list in all 12 monthly reports we hold (October 2025 to September 2026).
cmbs.news's own rule-based labels on the filed fields (definitions), not a credit rating, a prediction or a view of the borrower.
What the filing shows
- Occupancy has fallen from 90% when the loan was securitized to 73%.
- Net operating income is 49% below the underwritten figure ($163K a year against $322K).
- Debt service coverage moved from 1.24x at securitization to 0.63x on the latest statements.
- At 0.63x, the property's reported NOI does not cover its debt service.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $3.1M | Current | No | 0.63x | 73% |
| August 2026 | $3.1M | 30-59 days delinquent | No | 0.63x | 73% |
| July 2026 | $3.1M | Late payment but less than 30 days delinquent | No | 0.63x | 73% |
| June 2026 | $3.1M | Late payment but less than 30 days delinquent | No | 0.63x | 73% |
| May 2026 | $3.1M | Late payment but less than 30 days delinquent | No | 0.63x | 73% |
| April 2026 | $3.1M | Current | No | 0.63x | 73% |
| March 2026 | $3.1M | Current | No | 0.90x | 70% |
| February 2026 | $3.1M | Current | No | 0.90x | 70% |
| January 2026 | $3.1M | Current | No | 0.90x | 70% |
| December 2025 | $3.1M | Current | No | 0.90x | 70% |
| November 2025 | $3.1M | Current | No | 0.90x | 70% |
| October 2025 | $3.1M | Current | No | 0.90x | 70% |
From each trust's ABS-EE filing for that month. Coverage and occupancy change only when the servicer reports new statements. If one trust holding a piece of the loan skipped a month, that month's balance reads low.
Where the loan sits
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BANK5 2023-5YR4 | 26 | $3,100,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other Memphis loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Crescent Center | Memphis, TN | Office | $52.0M | 7.513% | Oct 2028 | 1.62x | 97% | Current |
| Highland Chateau Property | Memphis, TN | Multifamily | $20.6M | 5.21% | Sep 2028 | n/a | n/a | With the special servicer and 90+ days delinquent |
| Green Tree Villas | Memphis, TN | Multifamily | $10.5M | 8.18% | Nov 2028 | n/a | n/a | With the special servicer and 30-59 days delinquent |
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting period ending September 11, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.