Hotel · Norfolk, Virginia
Norfolk Waterside Marriott
Norfolk Waterside Marriott is financed with a $33.5M CMBS loan at 7.915% that reaches maturity on June 11, 2028, in 19 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
- $33,500,000
- Original balance (same notes)
- $33,500,000
- Interest rate
- 7.915% fixed
- Originated
- June 9, 2023
- Maturity
- June 11, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ends
- December 10, 2027
- Master servicer
- Trimont LLC
- Originator
- WFB
Status
- Payment status
- 90+ days delinquent (code 3)
- Special servicing
- Transferred January 21, 2026
- Workout strategy
- Foreclosure
- Defeasance
- None reported
The property
- Address
- 235 East Main Street, Norfolk, VA 23510
- Metro
- Virginia Beach-Chesapeake-Norfolk, VA-NC
- Units, rooms or beds
- 407
- Built
- 1991, renovated 2019
- Value at securitization
- $65.2M (Apr 2023)
Performance
| At securitization | Latest (Sep 2025) | |
|---|---|---|
| DSCR (NOI) | 1.98x | 0.40x |
| Occupancy | 71% | 68% |
| Net operating income | $5.3M | $1.1M |
| Debt yield | 3.2% |
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 2023-5YR2 filing for the reporting period ending September 11, 2026, filed with the SEC October 1, 2026.
- With the special servicer
- 30+ days delinquent or matured unpaid
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- 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 80% below the underwritten figure ($1.1M a year against $5.3M).
- Debt service coverage moved from 1.98x at securitization to 0.40x on the latest statements.
- At 0.40x, the property's reported NOI does not cover its debt service.
- The most recent valuation in the filing is $45.0M (March 9, 2026), against $65.2M at securitization.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $33.5M | 90+ days delinquent | Yes | 0.40x | 68% |
| August 2026 | $33.5M | 90+ days delinquent | Yes | 0.40x | 68% |
| July 2026 | $33.5M | 60-89 days delinquent | Yes | 0.40x | 68% |
| June 2026 | $33.5M | 30-59 days delinquent | Yes | 0.40x | 68% |
| May 2026 | $33.5M | Late payment but less than 30 days delinquent | Yes | 0.40x | 68% |
| April 2026 | $33.5M | Current | Yes | 0.40x | 68% |
| March 2026 | $33.5M | Late payment but less than 30 days delinquent | Yes | 0.40x | 68% |
| February 2026 | $33.5M | Late payment but less than 30 days delinquent | Yes | 0.40x | 68% |
| January 2026 | $33.5M | Current | No | 0.40x | 68% |
| December 2025 | $33.5M | Current | No | 0.40x | 68% |
| November 2025 | $33.5M | Current | No | 0.40x | 68% |
| October 2025 | $33.5M | Current | No | 0.66x | 68% |
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 January 21, 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 2023-5YR2 | 10 | $33,500,000 | Sep 2026 | SEC filing, October 1, 2026 |
Other Virginia Beach-Chesapeake-Norfolk 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 |
| Residence Inn by Marriott Newport News Airport | Newport News, VA | Hotel | $9.7M | 4.851% | Sep 2028 | 2.10x | 68% | Current |
| Springhill Suites - Norfolk, Va | Norfolk, VA | Hotel | $7.7M | 5.483% | May 2028 | 1.88x | 73% | Current |
| Dam Neck Shopping Center | Virginia Beach, VA | Retail | $6.9M | 5.28% | Apr 2028 | 2.42x | 98% | Current |
| Davis Mhp | Newport News, VA | Manufactured housing | $6.3M | 7.26% | Sep 2028 | 1.50x | 96% | Current |
| Holiday Inn Express Newport News | Newport News, VA | Hotel | $6.0M | 5.225% | Apr 2028 | 1.56x | 64% | Current |
| Newport News Flex Portfolio | Newport News, VA | Industrial | $4.8M | 5.19% | Feb 2028 | 3.24x | 95% | Current |
All loans maturing in 2028 · All Virginia Beach-Chesapeake-Norfolk 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.