Office · Boston, Massachusetts
Back Bay Office
Public CMBS trusts hold $237.5M of the loan on Back Bay Office at 6.298% that reaches maturity on July 6, 2028, in 20 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $237,500,000
- Original balance (same notes)
- $297,500,000
- Interest rate
- 6.298% fixed
- Originated
- June 7, 2023
- Maturity
- July 6, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ended
- September 5, 2025
- Prepayment premium ends
- January 5, 2028 (yield maintenance)
- Master servicer
- Midland Loan Services
- Originator
- Deutsche Bank AG, acting through its New York Branch
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 222 Berkeley Street 500 Boylston Street, Boston, MA 02116
- Metro
- Boston-Cambridge-Newton, MA-NH
- Rentable area
- 1,306,559 sq ft
- Built
- 1987, renovated 2022
- Largest tenants
- Wayfair; DraftKings Inc.; Summit Partners
- Value at securitization
- $1.4B (Oct 2022)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 2.55x | 2.24x |
| Occupancy | 96% | 86% |
| Net operating income (annualized from 3 months) | $77.5M | $68.8M |
| Debt yield | 29.0% |
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 BMO 2023-5C1 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC October 2, 2026.
- Coverage down 0.25x or more from securitization
- Largest tenant's lease ends within 12 months
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 96% when the loan was securitized to 86%.
- Net operating income is 11% below the underwritten figure ($68.8M a year against $77.5M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 2.55x at securitization to 2.24x on the latest statements.
- The filing gives Dec 2026 as the lease end date for the largest tenant (Wayfair), before the loan matures. Lenders look hard at that rollover.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $237.5M | Current | No | 2.24x | 89% |
| August 2026 | $237.5M | Current | No | 2.24x | 89% |
| July 2026 | $237.5M | Late payment but less than 30 days delinquent | No | 2.24x | 85% |
| June 2026 | $237.5M | Current | No | 2.24x | 85% |
| May 2026 | $237.5M | Current | No | 2.24x | 85% |
| April 2026 | $237.5M | Current | No | 2.44x | 85% |
| March 2026 | $237.5M | Current | No | 2.44x | 85% |
| February 2026 | $237.5M | Current | No | 2.44x | 85% |
| January 2026 | $237.5M | Current | No | 2.55x | 87% |
| December 2025 | $237.5M | Current | No | 2.55x | 87% |
| November 2025 | $237.5M | Current | No | 2.55x | 87% |
| October 2025 | $237.5M | Current | No | 2.55x | 87% |
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
The loan is split into 10 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BANK5 2023-5YR2 | 3 | $50,000,000 | Sep 2026 | SEC filing, October 1, 2026 |
| Benchmark 2023-B39 Mortgage Trust | 7 | $50,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
| Benchmark 2023-V3 Mortgage Trust | 6 | $45,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
| BMO 2023-C6 Mortgage Trust | 8 | $25,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
| BMO 2023-5C1 Mortgage Trust | 10A-5-1 | $17,500,000 | Sep 2026 | SEC filing, October 2, 2026 |
| BANK5 2023-5YR3 | 23 | $15,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BBCMS Mortgage Trust 2023-C21 | 19 | $12,500,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BANK5 2023-5YR2 | 3A | $10,000,000 | Sep 2026 | SEC filing, October 1, 2026 |
| BMO 2023-5C1 Mortgage Trust | 10A-8-3 | $10,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
| BMO 2023-5C1 Mortgage Trust | 10A-8-2-B | $2,500,000 | Sep 2026 | SEC filing, October 2, 2026 |
Other Boston-Cambridge-Newton loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| CrossPoint | Lowell, MA | Office | $150.0M | 4.734% | Feb 2028 | 2.29x | 74% | Current |
| Atrium Center | Chestnut Hill, MA | Mixed use | $115.0M | 3.90% | Jan 2028 | 4.70x | 100% | Current |
| Tripadvisor Hq | Needham, MA | Office | $98.2M | 4.883% | Aug 2028 | 2.35x | 100% | Current |
| 10 Brookline Place | Brookline, MA | Office | $82.0M | 4.337% | Dec 2028 | 2.50x | 100% | Current |
| Riverwalk Buildings | Lawrence, MA | Office | $55.9M | 5.176% | Jun 2028 | 1.40x | 89% | Current |
| Millennium Tower Boston | Boston, MA | Retail | $55.7M | 4.285% | Jul 2028 | n/a | n/a | Current |
| Axcelis Corporate Center | Beverly, MA | Industrial | $40.3M | 4.92% | Feb 2028 | 1.45x | 100% | Current |
| Riverworks | Watertown, MA | Office | $38.6M | 4.857% | Nov 2028 | 2.11x | 88% | Current |
All loans maturing in 2028 · All Boston-Cambridge-Newton loans
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.