Multifamily portfolio, 3 properties · Cincinnati, Ohio
Ferncrest Apartments
This portfolio is financed with a $39.0M CMBS loan at 6.91% that reaches maturity on April 6, 2033, in 6 years and 5 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is with the special servicer and 90+ days delinquent.
The loan
- Balance in tracked trusts
- $39,000,000
- Original balance (same notes)
- $39,000,000
- Interest rate
- 6.91% fixed
- Originated
- April 3, 2023
- Maturity
- April 6, 2033
- Payments
- Interest only for the full term
- Prepayment lockout ends
- January 5, 2033
- Master servicer
- Midland
- Originator
- Bank of Montreal
Status
- Payment status
- 90+ days delinquent (code 3)
- Special servicing
- Transferred July 26, 2024
- Workout strategy
- Foreclosure
- Defeasance
- None reported
The property
- Address
- 3173 aka 3175 Ferncrest Court, Cincinnati, OH 45211
- Metro
- Cincinnati, OH-KY-IN
- Value at securitization
- $60.6M
Performance
| At securitization | Latest | |
|---|---|---|
| DSCR (NOI) | n/a | n/a |
| Occupancy | n/a | n/a |
| Net operating income (annualized from 3 months) | $4.2M | $2.5M |
| Debt yield | 6.4% |
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 BMO 2023-C5 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC October 2, 2026.
- With the special servicer
- 30+ days delinquent or matured unpaid
- NOI down 20% or more from securitization
On the cmbs.news watch list in all 12 monthly reports we hold (October 2025 to 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 40% below the underwritten figure ($2.5M a year against $4.2M; the latest statement covers 3 months, annualized).
Properties securing the loan
| Property | Location | Type | Occupancy | DSCR |
|---|---|---|---|---|
| Ferncrest Apartments | Cincinnati, OH | Multifamily | 51% | 0.08x |
| Candlewood Apartments | Cincinnati, OH | Multifamily | 65% | 0.04x |
| Renata Apartments | Cincinnati, OH | Multifamily | 62% | 0.13x |
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $39.0M | 90+ days delinquent | Yes | 0.08x | 51% |
| August 2026 | $39.0M | 90+ days delinquent | Yes | 0.08x | 51% |
| July 2026 | $39.0M | 90+ days delinquent | Yes | n/a | n/a |
| June 2026 | $39.0M | 90+ days delinquent | Yes | n/a | n/a |
| May 2026 | $39.0M | 90+ days delinquent | Yes | n/a | n/a |
| April 2026 | $39.0M | 90+ days delinquent | Yes | n/a | n/a |
| March 2026 | $39.0M | 90+ days delinquent | Yes | n/a | n/a |
| February 2026 | $39.0M | 90+ days delinquent | Yes | n/a | n/a |
| January 2026 | $39.0M | 90+ days delinquent | Yes | n/a | n/a |
| December 2025 | $39.0M | 90+ days delinquent | Yes | n/a | n/a |
| November 2025 | $39.0M | 90+ days delinquent | Yes | n/a | n/a |
| October 2025 | $39.0M | 90+ days delinquent | Yes | n/a | n/a |
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.
Special-servicing history
- Transferred to the special servicer July 26, 2024, still there.
Transfer and return dates as reported in the filings of the past year; an earlier episode shows here only if a filing in that year still reports it.
Where the loan sits
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BMO 2023-C5 Mortgage Trust | 4 | $39,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
Other Cincinnati loans due in 2033
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 2000 Commerce Center Drive | Franklin, OH | Industrial | $125.0M | 6.226% | Jun 2033 | n/a | n/a | Current |
| Centre Pointe Portfolio | West Chester, OH | Office | $47.6M | 7.024% | Jul 2033 | 1.89x | 87% | Current |
| Valley Hill Apartments | Cincinnati, OH | Multifamily | $21.0M | 7.03% | Jul 2033 | n/a | n/a | With the special servicer and 90+ days delinquent |
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.