Multifamily · Cleveland, Ohio
Baricelli Little Italy
Baricelli Little Italy is financed with a $16.8M CMBS loan at 6.417% that reaches maturity on January 6, 2028, in 14 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is late, less than 30 days.
The loan
- Balance in tracked trusts
- $16,750,000
- Original balance (same notes)
- $16,750,000
- Interest rate
- 6.417% fixed
- Originated
- December 19, 2022
- Maturity
- January 6, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ends
- July 5, 2027
- Master servicer
- Berkadia
- Originator
- DBR Investments Co. Limited
Status
- Payment status
- Late payment but less than 30 days delinquent (code B)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 2189 & 2203 Cornell Road, Cleveland, OH 44106
- Metro
- Cleveland, OH
- Units, rooms or beds
- 51
- Built
- 1900, renovated 2022
- Value at securitization
- $23.4M (Nov 2022)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.16x | 0.82x |
| Occupancy | 94% | 92% |
| Net operating income (annualized from 3 months) | $1.3M | $893K |
| 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 FIVE 2023-V1 Mortgage Trust filing for the reporting period ending September 8, 2026, filed with the SEC September 25, 2026.
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- NOI down 20% or more from securitization
On the cmbs.news watch list in every report since 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
- Net operating income is 29% below the underwritten figure ($893K a year against $1.3M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 1.16x at securitization to 0.82x on the latest statements.
- At 0.82x, 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 | $16.8M | Late payment but less than 30 days delinquent | No | 0.82x | 92% |
| August 2026 | $16.8M | Payment not received but still in grace period or not yet due | No | n/a | n/a |
| July 2026 | $16.8M | Payment not received but still in grace period or not yet due | No | n/a | n/a |
| June 2026 | $16.8M | Current | No | n/a | n/a |
| May 2026 | $16.8M | Current | No | n/a | n/a |
| April 2026 | $16.8M | Payment not received but still in grace period or not yet due | No | 0.90x | 94% |
| March 2026 | $16.8M | Current | No | 0.89x | 90% |
| February 2026 | $16.8M | Current | No | 0.89x | 90% |
| January 2026 | $16.8M | Payment not received but still in grace period or not yet due | No | 0.89x | 84% |
| December 2025 | $16.8M | Current | No | 0.87x | 84% |
| November 2025 | $16.8M | Current | No | 0.87x | 84% |
| October 2025 | $16.8M | Payment not received but still in grace period or not yet due | No | 0.87x | 84% |
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 |
|---|---|---|---|---|
| FIVE 2023-V1 Mortgage Trust | 16 | $16,750,000 | Sep 2026 | SEC filing, September 25, 2026 |
Other Cleveland loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Indian Hills Senior Community | Euclid, OH | Multifamily | $49.1M | 5.13% | Sep 2028 | 1.50x | 88% | Current |
| Steelyard Commons | Cleveland, OH | Retail | $39.6M | 4.855% | Apr 2028 | 2.24x | 84% | Current |
| Summit Office Park | Independence, OH | Office | $25.0M | 4.865% | Sep 2028 | 0.79x | 65% | Current |
| Hyatt Regency at the Arcade (Hyatt Regency Cleveland) | Cleveland, OH | Hotel | $25.0M | 7.99% | May 2028 | 1.24x | 63% | Current |
| Cross Creek Apartments | Brunswick, OH | Multifamily | $17.1M | 4.841% | Mar 2028 | n/a | n/a | Late, less than 30 days |
| The IMG Building | Cleveland, OH | Office | $16.7M | 5.382% | Mar 2028 | n/a | n/a | With the special servicer and 90+ days delinquent |
| Corporate Plaza, Independence | Independence, OH | Office | $16.3M | 4.57% | Jan 2028 | 2.34x | 96% | Current |
| Lee Harvard Shopping Center | Cleveland, OH | Retail | $10.4M | 4.78% | May 2028 | 2.15x | 84% | Current |
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting period ending September 8, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.