Industrial · Romulus, Michigan
Romulus - Huron
Public CMBS trusts hold $127.8M of the loan on Romulus - Huron at 7.35% that reaches maturity on May 1, 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
- $127,800,000
- Original balance (same notes)
- $115,392,000
- Interest rate
- 7.35% fixed
- Originated
- n/a
- Maturity
- May 1, 2028
- Payments
- Amortizing
- Master servicer
- KeyBank Real Estate Capital
- Originator
- 3650 REIT
Status
- Payment status
- Not reported
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 38481 Huron River Drive, Romulus, MI 48174
- Metro
- Detroit-Warren-Dearborn, MI
- Rentable area
- 1,112,004 sq ft
- Built
- 1956, renovated 2015
- Largest tenants
- Renaissance Global Logistics LLC; Renaissance Global Logistics LLC; Renaissance Global Logistics LLC
- Value at securitization
- $70.7M (Sep 2022)
Performance
| At securitization | Latest (Jun 2025) | |
|---|---|---|
| DSCR (NOI) | n/a | 1.37x |
| Occupancy | 100% | 69% |
| Net operating income | n/a | $18.3M |
| Debt yield | 14.3% |
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 BMO 2023-5C1 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC October 2, 2026.
- Occupancy down 10 points 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 fallen from 100% when the loan was securitized to 69%.
- The filing gives Oct 2027 as the lease end date for the largest tenant (Renaissance Global Logistics LLC), before the loan matures. Lenders look hard at that rollover.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $127.8M | Current | No | 1.37x | 69% |
| August 2026 | $127.8M | Current | No | 1.37x | 69% |
| July 2026 | $127.8M | Late payment but less than 30 days delinquent | No | 1.37x | 69% |
| June 2026 | $127.8M | Current | No | 1.37x | 69% |
| May 2026 | $127.8M | Current | No | 1.37x | 74% |
| April 2026 | $127.8M | Current | No | 1.37x | 74% |
| March 2026 | $127.8M | Current | No | 1.37x | 74% |
| February 2026 | $127.8M | Current | No | 1.37x | 74% |
| January 2026 | $127.8M | Current | No | 1.37x | 74% |
| December 2025 | $127.8M | Current | No | 1.37x | 74% |
| November 2025 | $127.8M | Current | No | 1.40x | 74% |
| October 2025 | $127.8M | Current | No | 1.40x | 74% |
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 4 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Benchmark 2023-V2 Mortgage Trust | 1 | $75,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
| BMO 2023-5C1 Mortgage Trust | 5A-1-B-1 | $30,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
| BMO 2023-5C1 Mortgage Trust | 5A-1-B-2 | $14,300,000 | Sep 2026 | SEC filing, October 2, 2026 |
| BMO 2023-5C1 Mortgage Trust | 5A-1-A-2 | $8,500,000 | Sep 2026 | SEC filing, October 2, 2026 |
Other Detroit-Warren-Dearborn loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Twelve Oaks Mall | Novi, MI | Retail | $170.2M | 4.399% | Mar 2028 | 2.43x | 86% | Current |
| Penske Distribution Center | Romulus, MI | Industrial | $70.0M | 4.63% | Dec 2028 | 2.59x | 100% | Current |
| Brasswater Warehouse Portfolio | Warren, MI | Office | $65.5M | 7.25% | Jul 2028 | n/a | n/a | Current |
| Troy Place | Troy, MI | Office | $40.0M | 5.09% | Dec 2028 | 2.38x | 65% | Current |
| Kohl's Shelby Property | Shelby Township, MI | Retail | $38.1M | 3.09% | Sep 2028 | n/a | n/a | Current |
| Travelers Tower I | Southfield, MI | Office | $33.0M | 4.82% | Jul 2028 | 2.12x | 75% | Current |
| One Kennedy Square | Detroit, MI | Office | $33.0M | 4.60% | Feb 2028 | 1.93x | 88% | Current |
| 46643 Ryan Court | Novi, MI | Industrial | $32.8M | 4.32% | Feb 2028 | n/a | n/a | Current |
All loans maturing in 2028 · All Detroit-Warren-Dearborn 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.