Industrial portfolio, 5 properties · Multiple locations
National Warehouse & Distribution Portfolio
This portfolio is financed with a $46.1M CMBS loan at 6.81% that reaches maturity on April 6, 2028, in 17 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
- $46,118,141
- Original balance (same notes)
- $50,000,000
- Interest rate
- 6.81% fixed
- Originated
- March 10, 2023
- Maturity
- April 6, 2028
- Payments
- Amortizing over 30 years
- Prepayment lockout ends
- October 5, 2027
- Master servicer
- Trimont LLC
- Originator
- Citi Real Estate Funding Inc.
Status
- Payment status
- 90+ days delinquent (code 3)
- Special servicing
- Transferred February 20, 2026
- Workout strategy
- Foreclosure
- Defeasance
- None reported
The property
- Value at securitization
- $276.7M
Performance
| At securitization | Latest (Sep 2025) | |
|---|---|---|
| DSCR (NOI) | 1.65x | 1.85x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 9 months) | $20.3M | $22.8M |
| Debt yield | 49.4% |
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 2023-5YR1 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- With the special servicer
- 30+ days delinquent or matured unpaid
On the cmbs.news watch list in every report since March 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 12% above the underwritten figure ($22.8M a year against $20.3M; the latest statement covers 9 months, annualized).
- Debt service coverage moved from 1.65x at securitization to 1.85x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $46.1M | 90+ days delinquent | Yes | 1.85x | 100% |
| August 2026 | $46.1M | 90+ days delinquent | Yes | 1.85x | 100% |
| July 2026 | $46.2M | 90+ days delinquent | Yes | 1.85x | 100% |
| June 2026 | $46.2M | 60-89 days delinquent | Yes | 1.85x | 100% |
| May 2026 | $46.2M | 30-59 days delinquent | Yes | 1.85x | 100% |
| April 2026 | $46.2M | 30-59 days delinquent | Yes | 1.85x | 100% |
| March 2026 | $46.2M | Late payment but less than 30 days delinquent | Yes | 1.85x | 100% |
| February 2026 | $48.6M | Current | No | 1.85x | 100% |
| January 2026 | $48.6M | Current | No | 1.85x | 100% |
| December 2025 | $48.7M | Current | No | 1.85x | 100% |
| November 2025 | $48.7M | Current | No | 1.85x | 100% |
| October 2025 | $48.8M | Current | No | 1.85x | 100% |
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 February 20, 2026, 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 |
|---|---|---|---|---|
| BANK5 2023-5YR1 | 1 | $46,118,141 | Sep 2026 | SEC filing, September 29, 2026 |
Other industrial loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 375 Kenyon Road | Suffolk, VA | Industrial | $163.1M | 2.484% | Apr 2028 | n/a | n/a | Current |
| Airport Business Center, Irvine | Irvine, CA | Industrial | $150.0M | 4.375% | Feb 2028 | 3.15x | 90% | Current |
| Romulus - Huron | Romulus, MI | Industrial | $127.8M | 7.35% | May 2028 | 1.37x | 69% | Current |
| Tryad Industrial & Business Center | Rochester, NY | Industrial | $73.3M | 5.021% | Jan 2028 | -0.03x | 53% | With the special servicer and 90+ days delinquent |
| California High Tech Logistics | Riverside, CA | Industrial | $70.0M | 8.122% | Apr 2028 | 1.35x | 100% | Current |
| Penske Distribution Center | Romulus, MI | Industrial | $70.0M | 4.63% | Dec 2028 | 2.59x | 100% | Current |
| Equus Industrial Portfolio | Industrial | $69.9M | 2.484% | Apr 2028 | 2.75x | 100% | Current | |
| Miami Industrial Portfolio | Miami, FL | Industrial | $66.1M | 4.981% | Dec 2028 | 3.32x | 87% | 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.