Office · Houston, Texas
Heritage Plaza, Houston
Public CMBS trusts hold $172.0M of the loan on Heritage Plaza at 7.63% that reaches maturity on May 6, 2028, in 18 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $172,000,000
- Original balance (same notes)
- $192,000,000
- Interest rate
- 7.63% fixed
- Originated
- April 13, 2023
- Maturity
- May 6, 2028
- Payments
- Interest only for the full term
- Prepayment premium ends
- November 5, 2027 (yield maintenance)
- Master servicer
- Trimont LLC
- Originator
- MSBNA
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 1111 & 1200 Bagby Street, Houston, TX 77002
- Metro
- Houston-Pasadena-The Woodlands, TX
- Rentable area
- 1,158,165 sq ft
- Built
- 1986, renovated 2021
- Largest tenants
- EOG Resources Inc.; Deloitte & Touche USA LLP; Perella Weinberg Partners Group LP
- Value at securitization
- $521.8M (Feb 2023)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.64x | 2.13x |
| Occupancy | 70% | 78% |
| Net operating income (annualized from 6 months) | $21.8M | $28.5M |
| Debt yield | 16.6% |
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 BANK5 2023-5YR3 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 70% when the loan was securitized to 78%.
- Net operating income is 31% above the underwritten figure ($28.5M a year against $21.8M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.64x at securitization to 2.13x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $172.0M | Current | No | 2.13x | 77% |
| August 2026 | $172.0M | Current | No | 2.09x | 76% |
| July 2026 | $172.0M | Late payment but less than 30 days delinquent | No | 2.09x | 76% |
| June 2026 | $172.0M | Current | No | 2.09x | 76% |
| May 2026 | $172.0M | Current | No | 1.97x | 76% |
| April 2026 | $172.0M | Current | No | 1.89x | 75% |
| March 2026 | $172.0M | Payment not received but still in grace period or not yet due | No | 1.89x | 75% |
| February 2026 | $172.0M | Current | No | 1.89x | 75% |
| January 2026 | $172.0M | Current | No | 1.89x | 75% |
| December 2025 | $172.0M | Current | No | 1.89x | 75% |
| November 2025 | $172.0M | Current | No | 1.94x | 75% |
| October 2025 | $172.0M | Current | No | 1.94x | 75% |
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 9 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Benchmark 2023-V2 Mortgage Trust | 8 | $40,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
| Benchmark 2023-V3 Mortgage Trust | 13 | $32,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
| BANK5 2023-5YR2 | 14 | $22,000,000 | Sep 2026 | SEC filing, October 1, 2026 |
| MSWF Commercial Mortgage Trust 2023-1 | 16 | $20,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
| BANK5 2023-5YR3 | 10 | $18,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BANK5 2023-5YR3 | 10B | $15,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BMO 2023-5C1 Mortgage Trust | 15A-3-1 | $12,500,000 | Sep 2026 | SEC filing, October 2, 2026 |
| BMO 2023-5C1 Mortgage Trust | 15A-3-2 | $7,500,000 | Sep 2026 | SEC filing, October 2, 2026 |
| BANK5 2023-5YR3 | 10A | $5,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other Houston-Pasadena-The Woodlands loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Sugar Land Town Square | Sugar Land, TX | Mixed use | $105.0M | 7.966% | Nov 2028 | 1.19x | 69% | Current |
| Rockridge Apartments | Houston, TX | Multifamily | $54.0M | 8.00% | Nov 2028 | 0.44x | 25% | With the special servicer and 90+ days delinquent |
| Pin Oak North Medical Office | Bellaire, TX | Office | $53.6M | 4.647% | Feb 2028 | 0.85x | 66% | With the special servicer and 90+ days delinquent |
| 5444 & 5430 Westheimer | Houston, TX | Office | $51.0M | 4.72% | Nov 2028 | 0.68x | 43% | Current |
| 6330 West Loop South | Bellaire, TX | Office | $48.4M | 8.18% | May 2028 | 1.21x | 88% | Current |
| Victory Lakes | League City, TX | Retail | $39.0M | 5.01% | Oct 2028 | n/a | n/a | Current |
| Market Center at Aliana | Richmond, TX | Retail | $37.0M | 7.03% | Oct 2028 | 1.29x | 95% | Current |
| 1001 McKinney | Houston, TX | Office | $31.2M | 7.675% | Jul 2028 | n/a | n/a | Current |
All loans maturing in 2028 · All Houston-Pasadena-The Woodlands 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.