Multifamily · Houston, Texas
Rockridge Apartments
Rockridge Apartments is financed with a $54.0M CMBS loan at 8.00% 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 with the special servicer and 90+ days delinquent.
The loan
- Balance in tracked trusts
- $54,000,000
- Original balance (same notes)
- $54,000,000
- Interest rate
- 8.00% fixed
- Originated
- October 18, 2023
- Maturity
- November 6, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ends
- July 5, 2028
- Master servicer
- Midland
- Originator
- Starwood Mortgage Capital LLC
Status
- Payment status
- 90+ days delinquent (code 3)
- Special servicing
- Transferred October 7, 2024
- Workout strategy
- Foreclosure
- Advancing
- The servicer has stopped advancing on this loan (non-recoverable)
- Defeasance
- None reported
The property
- Address
- 16818 City View Place, Houston, TX 77060
- Metro
- Houston-Pasadena-The Woodlands, TX
- Units, rooms or beds
- 881
- Built
- 1976
- Value at securitization
- $86.3M (Sep 2023)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.30x | 0.44x |
| Occupancy | 98% | 25% |
| Net operating income (annualized from 3 months) | $5.7M | $7.9M |
| Debt yield | 14.6% |
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 BBCMS Mortgage Trust 2023-5C23 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
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- Servicer stopped advancing
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
- Occupancy has fallen from 98% when the loan was securitized to 25%.
- Net operating income is 39% above the underwritten figure ($7.9M a year against $5.7M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 1.30x at securitization to 0.44x on the latest statements.
- At 0.44x, the property's reported NOI does not cover its debt service.
- The most recent valuation in the filing is $27.7M (December 29, 2025), against $86.3M at securitization.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $54.0M | 90+ days delinquent | Yes | 0.44x | 25% |
| August 2026 | $54.0M | 90+ days delinquent | Yes | 0.44x | 25% |
| July 2026 | $54.0M | 90+ days delinquent | Yes | 0.44x | 25% |
| June 2026 | $54.0M | 90+ days delinquent | Yes | 0.44x | 25% |
| May 2026 | $54.0M | 90+ days delinquent | Yes | n/a | n/a |
| April 2026 | $54.0M | 90+ days delinquent | Yes | 4.20x | 75% |
| March 2026 | $54.0M | 90+ days delinquent | Yes | 4.20x | 75% |
| February 2026 | $54.0M | 90+ days delinquent | Yes | 4.20x | 75% |
| January 2026 | $54.0M | 90+ days delinquent | Yes | 4.20x | 75% |
| December 2025 | $54.0M | 90+ days delinquent | Yes | 4.20x | 75% |
| November 2025 | $54.0M | 90+ days delinquent | Yes | 4.20x | 75% |
| October 2025 | $54.0M | 90+ days delinquent | Yes | 4.20x | 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.
Special-servicing history
- Transferred to the special servicer October 7, 2024, 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 |
|---|---|---|---|---|
| BBCMS Mortgage Trust 2023-5C23 | 6 | $54,000,000 | 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 |
|---|---|---|---|---|---|---|---|---|
| Heritage Plaza, Houston | Houston, TX | Office | $172.0M | 7.63% | May 2028 | 2.13x | 78% | Current |
| Sugar Land Town Square | Sugar Land, TX | Mixed use | $105.0M | 7.966% | Nov 2028 | 1.19x | 69% | Current |
| 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.