Retail · Auburn Hill, Michigan
Great Lakes Crossing Outlets
Public CMBS trusts hold $180.0M of the loan on Great Lakes Crossing Outlets at 6.521% that reaches maturity on February 1, 2033, in 6 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
- $180,000,000
- Original balance (same notes)
- $180,000,000
- Interest rate
- 6.521% fixed
- Originated
- January 5, 2023
- Maturity
- February 1, 2033
- Payments
- Interest only for the full term
- Prepayment lockout ends
- August 31, 2032
- Master servicer
- Midland
- Originator
- Bank of Montreal, DBR Investments Co. Limited
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 4002 Baldwin Road, Auburn Hill, MI 48326
- Metro
- Detroit-Warren-Dearborn, MI
- Rentable area
- 1,310,272 sq ft
- Built
- 1998, renovated 2010
- Largest tenants
- Bass Pro Shops Outdoor World; Loeks-Star Partners, a Michigan co-; Burlington
- Value at securitization
- $400.0M (Nov 2022)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 2.65x | 2.84x |
| Occupancy | 90% | 94% |
| Net operating income (annualized from 3 months) | $31.6M | $34.3M |
| Debt yield | 19.0% |
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 2023-C20 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
- Occupancy has risen from 90% when the loan was securitized to 94%.
- Net operating income is 9% above the underwritten figure ($34.3M a year against $31.6M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 2.65x at securitization to 2.84x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $180.0M | Current | No | 2.84x | 94% |
| August 2026 | $180.0M | Current | No | 2.84x | 97% |
| July 2026 | $180.0M | Current | No | 2.84x | 97% |
| June 2026 | $180.0M | Current | No | 2.84x | 97% |
| May 2026 | $180.0M | Current | No | 2.55x | 93% |
| April 2026 | $180.0M | Current | No | 2.61x | 93% |
| March 2026 | $180.0M | Current | No | 2.61x | 93% |
| February 2026 | $180.0M | Late payment but less than 30 days delinquent | No | 2.61x | 93% |
| January 2026 | $180.0M | Current | No | 2.61x | 93% |
| December 2025 | $180.0M | Current | No | 2.66x | 93% |
| November 2025 | $180.0M | Current | No | 2.66x | 92% |
| October 2025 | $180.0M | Current | No | 2.66x | 92% |
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
The loan is split into 7 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Benchmark 2023-B38 Mortgage Trust | 5 | $50,000,000 | Sep 2026 | SEC filing, October 1, 2026 |
| BMO 2023-C5 Mortgage Trust | 5 | $37,500,000 | Sep 2026 | SEC filing, October 2, 2026 |
| BMO 2023-C4 Mortgage Trust | 12 | $25,750,000 | Sep 2026 | SEC filing, October 2, 2026 |
| BBCMS 2023-C20 | 7-A-1-2 | $17,500,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BBCMS 2023-C20 | 7-A-1-3 | $17,500,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BBCMS Mortgage Trust 2023-C21 | 13 | $17,500,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BBCMS 2023-C20 | 7-A-3-2 | $14,250,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other Detroit-Warren-Dearborn loans due in 2033
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Park at Trowbridge | Southfield, MI | Multifamily | $28.8M | 7.28% | Nov 2033 | n/a | n/a | With the special servicer and 90+ days delinquent |
| Utica Park Place | Utica, MI | Retail | $27.0M | 7.75% | Nov 2033 | 1.31x | 100% | Current |
| Dollar Walgreens Portfolio (Oak Park) | Oak Park, MI | Retail | $8.1M | 6.36% | Feb 2033 | n/a | n/a | Current |
| Peterboro Office & Retail | Detroit, MI | Mixed use | $6.3M | 7.555% | Jun 2033 | 1.49x | 100% | 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.