Hotel · Detroit, Michigan
Element Hotel Detroit
Element Hotel Detroit is financed with a $24.3M CMBS loan at 7.98% that reaches maturity on February 1, 2029, in 2 years and 3 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $24,300,000
- Original balance (same notes)
- $24,300,000
- Interest rate
- 7.98% fixed
- Originated
- January 9, 2024
- Maturity
- February 1, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ends
- September 30, 2028
- Master servicer
- Trimont LLC
- Originator
- MSBNA
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 33 John R Street, Detroit, MI 48226
- Metro
- Detroit-Warren-Dearborn, MI
- Units, rooms or beds
- 110
- Built
- 1925, renovated 2018
- Value at securitization
- $44.5M (Nov 2023)
Performance
| At securitization | Latest (Dec 2025) | |
|---|---|---|
| DSCR (NOI) | 1.83x | 1.51x |
| Occupancy | 71% | 66% |
| Net operating income | $3.6M | $3.0M |
| Debt yield | 12.2% |
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.
- Coverage down 0.25x 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 71% when the loan was securitized to 66%.
- Net operating income is 18% below the underwritten figure ($3.0M a year against $3.6M).
- Debt service coverage moved from 1.83x at securitization to 1.51x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $24.3M | Current | No | 1.51x | 66% |
| August 2026 | $24.3M | Current | No | 1.51x | 66% |
| July 2026 | $24.3M | Current | No | 1.51x | 66% |
| June 2026 | $24.3M | Current | No | 1.51x | 66% |
| May 2026 | $24.3M | Current | No | 1.60x | 67% |
| April 2026 | $24.3M | Current | No | 1.60x | 67% |
| March 2026 | $24.3M | Current | No | 1.60x | 67% |
| February 2026 | $24.3M | Current | No | 1.60x | 67% |
| January 2026 | $24.3M | Current | No | 1.30x | 63% |
| December 2025 | $24.3M | Current | No | 1.30x | 63% |
| November 2025 | $24.3M | Current | No | 1.30x | 63% |
| October 2025 | $24.3M | Current | No | 1.94x | 71% |
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 | 8 | $24,300,000 | Sep 2026 | SEC filing, October 1, 2026 |
Other Detroit-Warren-Dearborn loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| First National Building | Detroit, MI | Office | $430.0M | 3.778% | Jan 2029 | n/a | n/a | Current |
| FCA USA - Detroit, MI | Detroit, MI | Industrial | $147.9M | 5.744% | Apr 2029 | n/a | n/a | Current |
| Bedrock Mixed-Use Portfolio | Detroit, MI | Other | $75.0M | 6.385% | Jun 2029 | 1.64x | 83% | Current |
| Garfield Commons | Clinton Township, MI | Multifamily | $75.0M | 7.32% | Jan 2029 | n/a | n/a | Current |
| Amazon Distribution Livonia | Livonia, MI | Industrial | $34.0M | 3.73% | May 2029 | 3.79x | 100% | Current |
| Pointe Plaza | Grosse Pointe Woods, MI | Mixed use | $30.5M | 7.955% | Jul 2029 | 1.61x | 100% | Current |
| Northville Village Shopping Center Phase I | Northville, MI | Retail | $29.5M | 6.50% | Sep 2029 | 1.65x | 98% | Current |
| Waterside Marketplace | Chesterfield, MI | Retail | $25.8M | 6.21% | Nov 2029 | 2.34x | 93% | Current |
All loans maturing in 2029 · All Detroit-Warren-Dearborn 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.