Multifamily · Winooski, Vermont
Spinner Place
Spinner Place is financed with a $17.7M CMBS loan at 8.162% that reaches maturity on November 1, 2028, in 2 years. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $17,680,000
- Original balance (same notes)
- $17,680,000
- Interest rate
- 8.162% fixed
- Originated
- October 20, 2023
- Maturity
- November 1, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ended
- December 31, 2025
- Prepayment premium ends
- August 31, 2028 (yield maintenance)
- Master servicer
- Midland Loan Services
- Originator
- JPMorgan Chase Bank, National Association
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 23 and 25 Winooski Falls Way, Winooski, VT 05404
- Units, rooms or beds
- 304
- Built
- 2005
- Value at securitization
- $27.7M (Aug 2023)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.37x | 0.60x |
| Occupancy | 98% | 82% |
| Net operating income (annualized from 6 months) | $2.0M | $1.8M |
| Debt yield | 10.0% |
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-V4 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
On the cmbs.news watch list in every report since July 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 82%.
- Net operating income is 12% below the underwritten figure ($1.8M a year against $2.0M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.37x at securitization to 0.60x on the latest statements.
- At 0.60x, the property's reported NOI does not cover its debt service.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $17.7M | Current | No | 0.60x | 82% |
| August 2026 | $17.7M | Current | No | 0.59x | 86% |
| July 2026 | $17.7M | Current | No | 0.59x | 86% |
| June 2026 | $17.7M | Current | No | n/a | n/a |
| May 2026 | $17.7M | Current | No | n/a | n/a |
| April 2026 | $17.7M | Current | No | 1.06x | 79% |
| March 2026 | $17.7M | Late payment but less than 30 days delinquent | No | 1.06x | 79% |
| February 2026 | $17.7M | Current | No | 1.10x | 84% |
| January 2026 | $17.7M | Current | No | 1.10x | 84% |
| December 2025 | $17.7M | Current | No | 1.10x | 84% |
| November 2025 | $17.7M | Current | No | 1.35x | 54% |
| October 2025 | $17.7M | Current | No | 1.35x | 54% |
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
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Benchmark 2023-V4 Mortgage Trust | 14 | $17,680,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other Vermont loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Hampton Inn Burlington | Colchester, VT | Hotel | $10.9M | 4.87% | Mar 2028 | 1.66x | n/a | Current |
| Champlain Mill | Winooski, VT | Mixed use | $10.5M | 4.82% | Jun 2028 | 3.78x | 79% | Current |
| Dorset Street and Market Street | South Burlington, VT | Office | $9.5M | 4.973% | Jan 2028 | 0.67x | 76% | Current |
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.