Retail · Scottsdale, Arizona
Scottsdale Fashion Square
Public CMBS trusts hold $200.0M of the loan on Scottsdale Fashion Square at 6.214% that reaches maturity on March 6, 2028, in 16 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $200,000,000
- Original balance (same notes)
- $200,000,000
- Interest rate
- 6.214% fixed
- Originated
- March 3, 2023
- Maturity
- March 6, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ended
- May 5, 2025
- Prepayment premium ends
- September 5, 2027 (yield maintenance)
- Master servicer
- Berkadia
- Originator
- Goldman Sachs Bank USA
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 7014 East Camelback Road, Scottsdale, AZ 85251
- Metro
- Phoenix-Mesa-Chandler, AZ
- Rentable area
- 1,555,459 sq ft
- Built
- 1961, renovated 2023
- Largest tenants
- Dillard's; Macy's; Nordstrom
- Value at securitization
- $1.8B (Jan 2023)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.95x | 2.08x |
| Occupancy | 96% | n/a |
| Net operating income (annualized from 6 months) | $86.1M | $184.5M |
| Debt yield | 92.2% |
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 Benchmark 2023-V3 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
None this month. No flag in the cmbs.news screen applies to this loan.
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 114% above the underwritten figure ($184.5M a year against $86.1M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.95x at securitization to 2.08x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $200.0M | Current | No | 2.08x | 96% |
| August 2026 | $200.0M | Current | No | 1.97x | 93% |
| July 2026 | $200.0M | Current | No | 1.97x | 93% |
| June 2026 | $200.0M | Current | No | 1.97x | 93% |
| May 2026 | $200.0M | Current | No | 1.83x | 93% |
| April 2026 | $200.0M | Current | No | 1.83x | 93% |
| March 2026 | $200.0M | Payment not received but still in grace period or not yet due | No | 1.83x | 93% |
| February 2026 | $200.0M | Current | No | 1.83x | 93% |
| January 2026 | $200.0M | Current | No | 1.83x | 93% |
| December 2025 | $200.0M | Payment not received but still in grace period or not yet due | No | 1.79x | 93% |
| November 2025 | $200.0M | Current | No | 1.79x | 93% |
| October 2025 | $200.0M | Current | No | 1.79x | 93% |
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 6 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Benchmark 2023-B38 Mortgage Trust | 6 | $49,000,000 | Sep 2026 | SEC filing, October 1, 2026 |
| Benchmark 2023-B39 Mortgage Trust | 9 | $41,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
| BBCMS Mortgage Trust 2023-C19 | 1-A-2-C1 | $40,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| Benchmark 2023-V2 Mortgage Trust | 11 | $35,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
| BBCMS Mortgage Trust 2023-C19 | 1-A-2-C3-1 | $25,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| Benchmark 2023-V3 Mortgage Trust | 28 | $10,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other Phoenix-Mesa-Chandler loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Marina Heights State Farm | Tempe, AZ | Office | $210.0M | 3.56% | Jan 2028 | 2.93x | 100% | Current |
| Liberty Portfolio | AZ | Office | $90.7M | 4.755% | Oct 2028 | 1.75x | 97% | Current |
| Marina Heights | Tempe, AZ | Office | $86.0M | 3.56% | Jan 2028 | 2.99x | 100% | Current |
| PetSmart HQ | Phoenix, AZ | Office | $68.0M | 4.28% | Apr 2028 | 2.28x | 100% | Current |
| Park West Shopping Center | Peoria, AZ | Retail | $58.6M | 7.25% | Jun 2028 | 1.66x | 88% | Current |
| Phoenix Marriott Tempe at the Buttes | Tempe, AZ | Hotel | $56.9M | 5.11% | Oct 2028 | 3.29x | 77% | Current |
| Liberty Center at Rio Salado | Tempe, AZ | Office | $50.0M | 4.755% | Oct 2028 | n/a | n/a | Current |
| Residence Inn & Courtyard Phoenix Downtown | Phoenix, AZ | Hotel | $44.8M | 4.696% | Jul 2028 | 2.46x | 71% | Current |
All loans maturing in 2028 · All Phoenix-Mesa-Chandler 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.