Office · Boca Raton, Florida
Boca Corporate Center, Boca Raton (2033 maturity)
Boca Corporate Center is financed with a $18.1M CMBS loan at 6.76% that reaches maturity on January 1, 2033, in 6 years and 2 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $18,145,000
- Original balance (same notes)
- $18,145,000
- Interest rate
- 6.76% fixed
- Originated
- December 19, 2022
- Maturity
- January 1, 2033
- Payments
- Interest only for the full term
- Prepayment lockout ends
- August 31, 2032
- Master servicer
- Trimont LLC
- Originator
- Morgan Stanley Bank, N.A.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 7775-7777 Glades Road, Boca Raton, FL 33434
- Metro
- Miami-Fort Lauderdale-West Palm Beach, FL
- Rentable area
- 81,637 sq ft
- Built
- 1985, renovated 2021
- Largest tenants
- Shapiro & Dector; Saxena White; West Boca Executive Suites Inc
- Value at securitization
- $28.1M (Oct 2022)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.61x | 1.83x |
| Occupancy | 88% | 90% |
| Net operating income (annualized from 6 months) | $2.0M | $2.3M |
| Debt yield | 12.6% |
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 BANK 2023-BNK45 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
None this month. No flag in the cmbs.news screen applies to this loan.
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 15% above the underwritten figure ($2.3M a year against $2.0M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.61x at securitization to 1.83x on the latest statements.
- The filing gives Jan 2031 as the lease end date for the largest tenant (Shapiro & Dector), 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 | $18.1M | Current | No | 1.83x | 90% |
| August 2026 | $18.1M | Current | No | 1.83x | 90% |
| July 2026 | $18.1M | Current | No | 1.83x | 90% |
| June 2026 | $18.1M | Current | No | 1.75x | 89% |
| May 2026 | $18.1M | Current | No | 1.75x | 89% |
| April 2026 | $18.1M | Current | No | 1.73x | 88% |
| March 2026 | $18.1M | Current | No | 1.73x | 88% |
| February 2026 | $18.1M | Current | No | 1.71x | 89% |
| January 2026 | $18.1M | Current | No | 1.71x | 89% |
| December 2025 | $18.1M | Current | No | 1.71x | 89% |
| November 2025 | $18.1M | Current | No | 1.71x | 89% |
| October 2025 | $18.1M | Current | No | 1.72x | 89% |
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 |
|---|---|---|---|---|
| BANK 2023-BNK45 | 15 | $18,145,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other Miami-Fort Lauderdale-West Palm Beach loans due in 2033
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Soho Beach House Miami | Miami Beach, FL | Hotel | $140.0M | 6.99% | Jun 2033 | 2.91x | 81% | Current |
| Cross County Plaza | West Palm Beach, FL | Retail | $40.0M | 7.66% | Nov 2033 | 1.21x | 100% | Current |
| 151 NW 24th Street | Miami, FL | Retail | $6.8M | 7.305% | Jan 2033 | 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.