Retail · Las Vegas, Nevada
Showcase I
Public CMBS trusts hold $169.5M of the loan on Showcase I at 6.36% that reaches maturity on July 1, 2029, in 2 years and 8 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $169,500,000
- Original balance (same notes)
- $169,500,000
- Interest rate
- 6.36% fixed
- Originated
- June 7, 2024
- Maturity
- July 1, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ended
- July 31, 2026
- Prepayment premium ends
- December 31, 2028 (yield maintenance)
- Master servicer
- Wells Fargo Bank, NA
- Originator
- Citi Real Estate Funding Inc.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 3785 South Las Vegas Boulevard, Las Vegas, NV 89109
- Metro
- Las Vegas-Henderson-North Las Vegas, NV
- Rentable area
- 180,848 sq ft
- Built
- 1997, renovated 2003
- Largest tenants
- Flvover Las Vegas; Ethel M Chocolates; Marshalls
- Value at securitization
- $250.0M (Mar 2024)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.32x | 1.18x |
| Occupancy | 90% | 99% |
| Net operating income (annualized from 6 months) | $14.4M | $13.0M |
| Debt yield | 7.7% |
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 2024-5YR9 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
- Occupancy has risen from 90% when the loan was securitized to 99%.
- Net operating income is 10% below the underwritten figure ($13.0M a year against $14.4M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.32x 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 | $169.5M | Current | No | 1.18x | 99% |
| August 2026 | $169.5M | Current | No | 1.16x | 99% |
| July 2026 | $169.5M | Current | No | 1.16x | 99% |
| June 2026 | $169.5M | Current | No | 1.16x | 99% |
| May 2026 | $169.5M | Current | No | 1.16x | 100% |
| April 2026 | $169.5M | Current | No | 1.16x | 100% |
| March 2026 | $169.5M | Current | No | 1.16x | 100% |
| February 2026 | $169.5M | Current | No | 1.16x | 100% |
| January 2026 | $169.5M | Current | No | 1.19x | 99% |
| December 2025 | $169.5M | Current | No | 1.19x | 99% |
| November 2025 | $169.5M | Current | No | 1.16x | 99% |
| October 2025 | $169.5M | Current | No | 1.16x | 99% |
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 |
|---|---|---|---|---|
| BANK5 2024-5YR8 | 1 | $69,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| Benchmark 2024-V8 Mortgage Trust | 3 | $40,000,000 | Sep 2026 | SEC filing, October 1, 2026 |
| Benchmark 2024-V8 Mortgage Trust | 3A | $29,500,000 | Sep 2026 | SEC filing, October 1, 2026 |
| BANK5 2024-5YR9 | 11A | $20,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
| BANK5 2024-5YR9 | 11B | $10,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
| BANK5 2024-5YR9 | 11 | $1,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other Las Vegas-Henderson-North Las Vegas loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Grand Canal Shoppes | Las Vegas, NV | Retail | $710.0M | 3.741% | Jul 2029 | 2.98x | 85% | Current |
| Bellagio Hotel and Casino | Las Vegas, NV | Hotel | $600.0M | 3.17% | Dec 2029 | 6.51x | 97% | Current |
| Galleria At Sunset | Henderson, NV | Retail | $47.6M | 8.46% | Mar 2029 | 2.05x | 100% | Current |
| Hilton Dual Brand Las Vegas | Las Vegas, NV | Hotel | $46.0M | 7.93% | Apr 2029 | n/a | n/a | Current |
| Shadow Mountain Marketplace | Las Vegas, NV | Retail | $46.0M | 5.14% | Feb 2029 | 1.39x | 94% | Current |
| Oasis Plaza | Las Vegas, NV | Mixed use | $45.0M | 6.70% | Aug 2029 | 1.33x | 93% | Current |
| Rainbow Sunset Pavilion | Las Vegas, NV | Office | $39.4M | 5.145% | Jan 2029 | 1.83x | 87% | Current |
| Solitude at Centennial | Las Vegas, NV | Multifamily | $35.5M | 3.391% | Nov 2029 | 2.78x | 94% | Current |
All loans maturing in 2029 · All Las Vegas-Henderson-North Las Vegas 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.