Hotel · Philadelphia, Pennsylvania
Philadelphia Marriott Downtown
Public CMBS trusts hold $205.0M of the loan on Philadelphia Marriott Downtown at 8.705% that reaches maturity on November 6, 2028, in 2 years. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $205,000,000
- Original balance (same notes)
- $205,000,000
- Interest rate
- 8.705% fixed
- Originated
- October 25, 2023
- Maturity
- November 6, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ended
- January 5, 2026
- Prepayment premium ends
- May 5, 2028 (yield maintenance)
- Originator
- Barclays Capital Real Estate Inc.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 1201 Market Street 1113-1131 Market Street, 12th & Market HH Unit 1, Philadelphia, PA 19107
- Metro
- Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
- Units, rooms or beds
- 1,408
- Built
- 1990, renovated 2023
- Value at securitization
- $391.3M (Sep 2023)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.82x | 1.24x |
| Occupancy | 57% | 65% |
| Net operating income (annualized from 3 months) | $34.5M | $23.9M |
| Debt yield | 11.6% |
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 2023-5YR4 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- Coverage down 0.25x or more from securitization
- NOI down 20% or more from securitization
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 57% when the loan was securitized to 65%.
- Net operating income is 31% below the underwritten figure ($23.9M a year against $34.5M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 1.82x at securitization to 1.24x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $205.0M | Current | No | 1.24x | 65% |
| August 2026 | $205.0M | Current | No | 1.24x | 65% |
| July 2026 | $205.0M | Current | No | 1.24x | 65% |
| June 2026 | $205.0M | Current | No | 1.92x | 69% |
| May 2026 | $205.0M | Current | No | 1.92x | 69% |
| April 2026 | $205.0M | Current | No | 1.92x | 69% |
| March 2026 | $205.0M | Current | No | 1.92x | 69% |
| February 2026 | $205.0M | Current | No | 1.80x | 69% |
| January 2026 | $205.0M | Current | No | 1.80x | 70% |
| December 2025 | $205.0M | Current | No | 2.05x | 70% |
| November 2025 | $205.0M | Current | No | 2.05x | 71% |
| October 2025 | $205.0M | Current | No | 2.05x | 71% |
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 8 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BBCMS Mortgage Trust 2023-5C23 | 3 | $65,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| Benchmark 2023-V4 Mortgage Trust | 5 | $50,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
| MSWF Commercial Mortgage Trust 2023-2 | 4B | $26,666,666 | Sep 2026 | SEC filing, September 29, 2026 |
| MSWF Commercial Mortgage Trust 2023-2 | 4 | $20,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| MSWF Commercial Mortgage Trust 2023-2 | 4A | $15,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| Benchmark 2023-B40 Mortgage Trust | 18 | $11,666,667 | Sep 2026 | SEC filing, September 28, 2026 |
| BANK5 2023-5YR4 | 17 | $10,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| Benchmark 2024-V5 Mortgage Trust | 29 | $6,666,667 | Sep 2026 | SEC filing, September 25, 2026 |
Other Philadelphia-Camden-Wilmington loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Christiana Mall | Newark, DE | Retail | $265.7M | 4.277% | Aug 2028 | 1.75x | 97% | Current |
| One & Two Commerce Square | Philadelphia, PA | Office | $207.5M | 7.787% | Jun 2028 | 1.82x | 90% | Current |
| Piazza Alta | Philadelphia, PA | Multifamily | $185.9M | 4.676% | Oct 2028 | 0.83x | 88% | Current |
| Rittenhouse Hill | Philadelphia, PA | Multifamily | $113.0M | 4.713% | May 2028 | 1.54x | 92% | Current |
| Three Bala Plaza | Bala Cynwyd, PA | Office | $88.0M | 8.71% | Nov 2028 | n/a | n/a | Current |
| 425 Old Morehall Road | Malvern, PA | Office | $59.8M | 4.86% | Nov 2028 | n/a | n/a | Current |
| Vanguard Portfolio | Malvern, PA | Office | $57.0M | 4.86% | Nov 2028 | 2.10x | 100% | Current |
| Christiana Center | Newark, DE | Retail | $47.0M | 5.09% | Nov 2028 | 1.75x | 97% | Current |
All loans maturing in 2028 · All Philadelphia-Camden-Wilmington loans
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting periods ending September 8, 2026, September 11, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.