Retail · Honolulu, Hawaii
Center of Waikiki
Center of Waikiki is financed with a $36.8M CMBS loan at 6.976% that reaches maturity on December 11, 2028, in 2 years and 1 month. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $36,750,000
- Original balance (same notes)
- $36,750,000
- Interest rate
- 6.976% fixed
- Originated
- December 7, 2023
- Maturity
- December 11, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ends
- June 10, 2028
- Master servicer
- Trimont LLC
- Originator
- WFB
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 2280 Kalakaua Avenue, 325 and 333 Seaside Avenue, Honolulu, HI 96815
- Metro
- Urban Honolulu, HI
- Rentable area
- 70,324 sq ft
- Built
- 1970, renovated 2020
- Largest tenants
- Ross Dress for Less; Earls BBQ; ABC Store
- Value at securitization
- $137.2M (Oct 2023)
Performance
| At securitization | Latest (Dec 2025) | |
|---|---|---|
| DSCR (NOI) | 2.75x | 2.60x |
| Occupancy | 67% | 68% |
| Net operating income | $7.2M | $6.8M |
| Debt yield | 18.4% |
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 2024-5YR5 filing for the reporting period ending September 11, 2026, filed with the SEC October 1, 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 6% below the underwritten figure ($6.8M a year against $7.2M).
- Debt service coverage moved from 2.75x at securitization to 2.60x on the latest statements.
- The filing gives Jan 2028 as the lease end date for the largest tenant (Ross Dress for Less), 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 | $36.8M | Current | No | 2.60x | 68% |
| August 2026 | $36.8M | Current | No | 2.60x | 68% |
| July 2026 | $36.8M | Current | No | 2.60x | 68% |
| June 2026 | $36.8M | Current | No | 2.60x | 68% |
| May 2026 | $36.8M | Current | No | 2.60x | 68% |
| April 2026 | $36.8M | Current | No | 2.60x | 68% |
| March 2026 | $36.8M | Current | No | 2.60x | 68% |
| February 2026 | $36.8M | Current | No | 2.64x | 68% |
| January 2026 | $36.8M | Current | No | 2.64x | 68% |
| December 2025 | $36.8M | Current | No | 2.64x | 68% |
| November 2025 | $36.8M | Current | No | 2.68x | 60% |
| October 2025 | $36.8M | Current | No | 2.68x | 60% |
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 2024-5YR5 | 6 | $36,750,000 | Sep 2026 | SEC filing, October 1, 2026 |
Other Urban Honolulu loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Queen Kapiolani Hotel | Honolulu, HI | Hotel | $60.3M | 6.713% | Mar 2028 | 1.17x | 90% | 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.