Office · Washington, District of Columbia
Sentinel Square II
Public CMBS trusts hold $104.0M of the loan on Sentinel Square II at 6.05% that reaches maturity on December 6, 2028, in 2 years and 1 month. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $104,000,000
- Original balance (same notes)
- $104,000,000
- Interest rate
- 6.05% fixed
- Originated
- November 18, 2022
- Maturity
- December 6, 2027; extended by modification to December 6, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ends
- December 5, 2026
- Master servicer
- Midland Loan Services
- Originator
- German American Capital Corporation
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Modified
- Yes, most recently June 1, 2026
- Defeasance
- None reported
The property
- Address
- 1050 First Street NE, Washington, DC 20002
- Metro
- Washington-Arlington-Alexandria, DC-VA-MD-WV
- Rentable area
- 283,915 sq ft
- Built
- 2013
- Largest tenants
- Government of the Office District of Columbia (t0003521); GSA -Federal Office OW, Election Commission; LA LUXE Retail DENTAL, PLLC (t0003691)
- Value at securitization
- $167.0M (Sep 2022)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.48x | 1.18x |
| Occupancy | 94% | 94% |
| Net operating income (annualized from 6 months) | $9.5M | $15.1M |
| 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 Benchmark 2023-B38 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC October 1, 2026.
- Coverage down 0.25x or more from securitization
- Modified
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 60% above the underwritten figure ($15.1M a year against $9.5M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.48x at securitization to 1.18x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $104.0M | Current | No | 1.18x | 94% |
| August 2026 | $104.0M | Current | No | 1.17x | 94% |
| July 2026 | $104.0M | Late payment but less than 30 days delinquent | No | 1.17x | 94% |
| June 2026 | $104.0M | Current | No | 1.17x | 94% |
| May 2026 | $104.0M | Current | No | 1.23x | 94% |
| April 2026 | $104.0M | Current | No | 1.23x | 94% |
| March 2026 | $104.0M | Current | No | 1.23x | 94% |
| February 2026 | $104.0M | Current | No | 1.26x | 94% |
| January 2026 | $104.0M | Current | No | 1.26x | 94% |
| December 2025 | $104.0M | Current | No | 1.17x | 94% |
| November 2025 | $104.0M | Current | No | 1.17x | 94% |
| October 2025 | $104.0M | Current | No | 1.17x | 94% |
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 3 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| FIVE 2023-V1 Mortgage Trust | 4 | $64,000,000 | Sep 2026 | SEC filing, September 25, 2026 |
| BBCMS Mortgage Trust 2023-C19 | 12 | $30,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| Benchmark 2023-B38 Mortgage Trust | 20 | $10,000,000 | Sep 2026 | SEC filing, October 1, 2026 |
Other Washington-Arlington-Alexandria loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Tysons Corner Center | McLean, VA | Retail | $269.8M | 6.601% | Dec 2028 | 1.93x | 86% | Current |
| One Dulles Tower | Herndon, VA | Office | $152.0M | 3.986% | Mar 2028 | 2.32x | 100% | Current |
| Village at Leesburg | Leesburg, VA | Retail | $124.3M | 4.758% | Apr 2028 | 1.19x | 96% | Current |
| Extra Space Washington | Washington, DC | Self storage | $105.0M | 4.532% | Mar 2028 | n/a | n/a | Current |
| Braddock Metro Center | Alexandria, VA | Office | $71.6M | 4.57% | Feb 2028 | 1.01x | 81% | With the special servicer and 90+ days delinquent |
| Ellsworth Place | Silver Spring, MD | Retail | $64.5M | 5.01% | Aug 2028 | 1.31x | 91% | With the special servicer and 90+ days delinquent |
| South Lake at Dulles | Herndon, VA | Office | $60.5M | 6.058% | Mar 2028 | 2.36x | 100% | Current |
| Commonwealth Centre | Chantilly, VA | Office | $49.0M | 3.986% | May 2028 | 3.25x | 100% | Current |
All loans maturing in 2028 · All Washington-Arlington-Alexandria 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.