Retail portfolio, 2 properties · Buffalo, New York
BJ's Plaza & McKinley Milestrip Center
This portfolio is financed with a $42.5M CMBS loan at 7.95% that reaches maturity on November 1, 2028, in 2 years. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $42,500,000
- Original balance (same notes)
- $42,500,000
- Interest rate
- 7.95% fixed
- Originated
- October 16, 2023
- Maturity
- November 1, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ends
- April 30, 2028
- Originator
- Societe Generale Financial Corporation
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 4405 & 4408 Milestrip Road and 3540 & 3560 McKinley Parkway, Buffalo, NY 14219
- Metro
- Buffalo-Cheektowaga, NY
- Rentable area
- 416,712 sq ft
- Built
- 1990, renovated 1991
- Largest tenants
- Home Depot U.S.A.; BYs Wholesale Club; OfficeMax North Amer
- Value at securitization
- $68.0M (Aug 2023)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.47x | 1.34x |
| Occupancy | 100% | 89% |
| Net operating income (annualized from 3 months) | $5.0M | $4.1M |
| Debt yield | 9.7% |
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 BBCMS Mortgage Trust 2023-5C23 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- Occupancy down 10 points or more from securitization
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 100% when the loan was securitized to 89%.
- Net operating income is 19% below the underwritten figure ($4.1M a year against $5.0M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 1.47x at securitization to 1.34x on the latest statements.
- The filing gives Oct 2027 as the lease end date for the largest tenant (Home Depot U.S.A.), 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 | $42.5M | Current | No | 1.34x | 89% |
| August 2026 | $42.5M | Current | No | 1.34x | 89% |
| July 2026 | $42.5M | Current | No | n/a | n/a |
| June 2026 | $42.5M | Current | No | n/a | n/a |
| May 2026 | $42.5M | Current | No | n/a | n/a |
| April 2026 | $42.5M | Current | No | 1.68x | 89% |
| March 2026 | $42.5M | Current | No | 1.68x | 90% |
| February 2026 | $42.5M | Current | No | 1.68x | 90% |
| January 2026 | $42.5M | Current | No | 1.68x | 90% |
| December 2025 | $42.5M | Current | No | 1.68x | 90% |
| November 2025 | $42.5M | Current | No | 1.68x | 90% |
| October 2025 | $42.5M | Current | No | 1.68x | 90% |
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 |
|---|---|---|---|---|
| BBCMS Mortgage Trust 2023-5C23 | 7 | $42,500,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other Buffalo-Cheektowaga loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Villages of Mission Hills - Phase II | Hamburg, NY | Multifamily | $7.6M | 5.49% | Jun 2028 | 1.39x | 98% | Current |
| Waterfront Village | Buffalo, NY | Office | $7.0M | 4.872% | Apr 2028 | n/a | n/a | Current |
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.