BANK5 2023-5YR1 - Charts and Resources

The Loan transferred to SS on 3/31/25 due to a potential default associated with properties with a total ALA representing over 40% of total $425MM ALA having been rejected in BK court. The subject Loan is a $425MM1st lien, fixed-rate, interest-only, mortgage loan. The $425MM Loan is comprised of 9 notes, secured by the fee and leasehold interest in 42, primarily grocery store properties. The 42 Properties, which were 100% leased to six tenants, pursuant to triple net (NNN) leases, consisted of 31 retail Properties, 7 industrial, and 4 office Properties located in 8 states. In 3Q24, the tenants in the 3 largest properties filed BK. The BKs ultimately resulted in the rejection of leases on 9 of the pools 42 properties by 3/31/25. Those lease rejections represented 45% of the Loans ALA. The Borrower contacted the Master in 3/25 and self-reported. The 2023 UW appraisals have go dark values that allow the Trust to quantify the potential diminution of value associated with the subject buildings going dark. The go dark values indicate a drop $178.1MM, which results in a Loan LTV of only 48.68%. The Borrower has entered into a 6-mos. forbearance, which requires the Loan remains current, while the Borrower works to get below the 40% level. The Borrowers marketing efforts for the 9 dark properties have produced a $475M purchase contract on the smallest dark property (ALA $250M). The Special will accept