Office · Brooklyn, New York
The Howard
The Howard is financed with a $39.0M CMBS loan at 7.99% that reaches maturity on November 6, 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
- $39,000,000
- Original balance (same notes)
- $39,000,000
- Interest rate
- 7.99% fixed
- Originated
- October 13, 2023
- Maturity
- November 6, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ends
- August 5, 2028
- Master servicer
- Midland
- Originator
- Starwood Mortgage Capital LLC
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 40 Flatbush Avenue Extension, Brooklyn, NY 11201
- Metro
- New York-Newark-Jersey City, NY-NJ
- Rentable area
- 297,831 sq ft
- Built
- 1915, renovated 2006
- Largest tenants
- BROOKLYN LABORATORY CHARTER SCHOOL; CENTER FOR ALTERNATIVE SENTENCING; GERSH MANAGEMENT OF BELLROSE CORP
- Value at securitization
- $89.0M (Aug 2023)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.61x | 0.70x |
| Occupancy | 71% | 78% |
| Net operating income (annualized from 3 months) | $5.1M | $2.2M |
| Debt yield | 5.7% |
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 BBCMS Mortgage Trust 2023-5C23 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- NOI down 20% or more from securitization
On the cmbs.news watch list in every report since August 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 risen from 71% when the loan was securitized to 78%.
- Net operating income is 56% below the underwritten figure ($2.2M a year against $5.1M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 1.61x at securitization to 0.70x on the latest statements.
- At 0.70x, 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 | $39.0M | Current | No | 0.70x | 78% |
| August 2026 | $39.0M | Current | No | 0.65x | 78% |
| July 2026 | $39.0M | Current | No | n/a | n/a |
| June 2026 | $39.0M | Current | No | n/a | n/a |
| May 2026 | $39.0M | Current | No | n/a | n/a |
| April 2026 | $39.0M | Current | No | 1.63x | 78% |
| March 2026 | $39.0M | Current | No | 1.63x | 78% |
| February 2026 | $39.0M | Current | No | 1.38x | 79% |
| January 2026 | $39.0M | Current | No | 1.38x | 79% |
| December 2025 | $39.0M | Current | No | 1.38x | 79% |
| November 2025 | $39.0M | Current | No | 1.03x | 79% |
| October 2025 | $39.0M | Current | No | 1.03x | 64% |
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 |
|---|---|---|---|---|
| BBCMS Mortgage Trust 2023-5C23 | 8 | $39,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other New York-Newark-Jersey City loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| One SoHo Square | New York, NY | Office | $469.0M | 2.725% | Aug 2028 | 1.78x | 85% | With the special servicer |
| 11 West 42nd Street | New York, NY | Office | $274.0M | 7.44% | Jul 2028 | 1.27x | 99% | Current |
| Harborside 2-3 | Jersey City, NJ | Office | $225.0M | 5.84% | Apr 2028 | 2.29x | 76% | Current |
| 3 Park Avenue | New York, NY | Office | $182.0M | 4.75% | Dec 2028 | 0.61x | 47% | Current |
| Gateway Center South | Brooklyn, NY | Retail | $162.5M | 6.873% | Jun 2028 | 1.69x | 98% | Current |
| 685 Fifth Avenue Retail | New York, NY | Retail | $160.0M | 3.871% | Jul 2028 | 3.13x | 100% | With the special servicer |
| 1745 Broadway | New York, NY | Office | $144.0M | 3.768% | Jun 2028 | 2.52x | 88% | Current |
| 65 Broadway, New York (2028 maturity), loan 4Sb in CF 2019-CF1 Mortgage Trust | New York, NY | Office | $136.0M | 4.935% | Dec 2028 | n/a | n/a | Current |
All loans maturing in 2028 · All New York-Newark-Jersey City 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.