Retail · Cincinnati, Ohio
Waterstone Center
Waterstone Center is financed with a $20.9M CMBS loan at 7.34% that reaches maturity on October 6, 2028, in 23 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $20,887,900
- Original balance (same notes)
- $20,887,900
- Interest rate
- 7.34% fixed
- Originated
- September 22, 2023
- Maturity
- October 6, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ends
- April 5, 2028
- Master servicer
- Midland Loan Services
- Originator
- Goldman Sachs Bank USA
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 9040 Union Cemetery Road a/k/a/ 9851-9891 Waterstone Blvd, Cincinnati, OH 45249
- Metro
- Cincinnati, OH-KY-IN
- Rentable area
- 161,781 sq ft
- Built
- 1996
- Largest tenants
- Best Buy Stores L.P.; Ross Dress for Less, inc Store 2457; Michaels Stores, Inc
- Value at securitization
- $31.9M (Aug 2023)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.59x | 1.66x |
| Occupancy | 100% | 98% |
| Net operating income (annualized from 6 months) | $2.5M | $5.2M |
| Debt yield | 25.0% |
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.
- Largest tenant's lease ends within 12 months
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 111% above the underwritten figure ($5.2M a year against $2.5M; the latest statement covers 6 months, annualized).
- The filing gives Jul 2027 as the lease end date for the largest tenant (Best Buy Stores L.P.), before the loan matures. Lenders look hard at that rollover.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $20.9M | Current | No | 1.66x | 98% |
| August 2026 | $20.9M | Current | No | n/a | n/a |
| July 2026 | $20.9M | Current | No | n/a | n/a |
| June 2026 | $20.9M | Current | No | n/a | n/a |
| May 2026 | $20.9M | Current | No | n/a | n/a |
| April 2026 | $20.9M | Current | No | 2.10x | 98% |
| March 2026 | $20.9M | Current | No | 2.07x | 98% |
| February 2026 | $20.9M | Current | No | 2.07x | 98% |
| January 2026 | $20.9M | Current | No | 2.07x | 98% |
| December 2025 | $20.9M | Current | No | 2.07x | 98% |
| November 2025 | $20.9M | Current | No | 2.07x | 98% |
| October 2025 | $20.9M | Current | No | 2.49x | 98% |
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 | 12 | $20,887,900 | Sep 2026 | SEC filing, September 28, 2026 |
Other Cincinnati loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Atrium Two | Cincinnati, OH | Office | $49.5M | 5.059% | Dec 2028 | 1.54x | 78% | Current |
| Anderson Towne Center | Cincinnati, OH | Retail | $36.7M | 5.28% | May 2028 | 1.90x | 95% | Current |
| Dolwick Business Center | Erlanger, KY | Office | $22.1M | 4.744% | May 2028 | 1.73x | 85% | Current |
| 32 East Shopping Center | Cincinnati, OH | Retail | $18.6M | 4.62% | Feb 2028 | 2.05x | 100% | Current |
| Belcan Headquarters | Blue Ash, OH | Office | $15.9M | 3.871% | Nov 2028 | n/a | n/a | Current |
| Linden Pointe | Cincinnati, OH | Mixed use | $13.5M | 5.32% | Sep 2028 | n/a | n/a | Current |
| Batavia Founders | Batavia, OH | Industrial | $10.3M | 5.49% | Oct 2028 | 1.63x | 88% | Current |
| Kohl's - Florence KY | Florence, KY | Retail | $6.4M | 5.10% | Oct 2028 | 1.37x | 100% | 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.