Hotel · New York, New York
Warwick New York
Public CMBS trusts hold $70.5M of the loan on Warwick New York at 7.42% 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
- $70,500,000
- Original balance (same notes)
- $70,500,000
- Interest rate
- 7.42% fixed
- Originated
- October 24, 2023
- Maturity
- November 6, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ends
- May 5, 2028
- Master servicer
- Midland Loan Services
- Originator
- Citi Real Estate Funding Inc.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 65 West 54th Street, New York, NY 10019
- Metro
- New York-Newark-Jersey City, NY-NJ
- Rentable area
- 173,062 sq ft
- Units, rooms or beds
- 426
- Built
- 1926, renovated 2014
- Value at securitization
- $216.0M (Oct 2023)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.72x | 0.85x |
| Occupancy | 87% | 82% |
| Net operating income (annualized from 6 months) | $14.4M | $9.1M |
| Debt yield | 12.9% |
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
- NOI down 20% or more from securitization
On the cmbs.news watch list in every report since September 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 87% when the loan was securitized to 82%.
- Net operating income is 37% below the underwritten figure ($9.1M a year against $14.4M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 2.72x at securitization to 0.85x on the latest statements.
- At 0.85x, 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 | $70.5M | Current | No | 0.85x | 82% |
| August 2026 | $70.5M | Current | No | n/a | n/a |
| July 2026 | $70.5M | Current | No | n/a | n/a |
| June 2026 | $70.5M | Current | No | n/a | n/a |
| May 2026 | $70.5M | Current | No | n/a | n/a |
| April 2026 | $70.5M | Current | No | 1.20x | 84% |
| March 2026 | $70.5M | Current | No | 1.20x | 84% |
| February 2026 | $70.5M | Current | No | 1.20x | 84% |
| January 2026 | $70.5M | Current | No | 1.20x | 84% |
| December 2025 | $70.5M | Current | No | 1.20x | 84% |
| November 2025 | $70.5M | Current | No | 1.20x | 84% |
| October 2025 | $70.5M | Current | No | 1.20x | 84% |
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 2 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Benchmark 2023-V4 Mortgage Trust | 1 | $60,500,000 | Sep 2026 | SEC filing, September 28, 2026 |
| Benchmark 2024-V5 Mortgage Trust | 23 | $10,000,000 | Sep 2026 | SEC filing, September 25, 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 periods ending September 8, 2026, September 11, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.