Office · Las Vegas, Nevada
1700 Pavilion
Public CMBS trusts hold $75.0M of the loan on 1700 Pavilion at 7.073% that reaches maturity on June 6, 2030, in 3 years and 7 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $75,000,000
- Original balance (same notes)
- $75,000,000
- Interest rate
- 7.073% fixed
- Originated
- May 9, 2025
- Maturity
- June 6, 2030
- Payments
- Interest only for the full term
- Prepayment lockout ends
- February 5, 2030
- Master servicer
- Trimont LLC
- Originator
- German American Capital Corporation
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 1700 South Pavilion Center Drive, Las Vegas, NV 89135
- Metro
- Las Vegas-Henderson-North Las Vegas, NV
- Rentable area
- 265,898 sq ft
- Built
- 2022
- Largest tenants
- Wynn Design & Development, LLC; Snell & Wilmer; MP Mine Operations LLC
- Value at securitization
- $121.9M (Feb 2025)
Performance
| At securitization | Latest | |
|---|---|---|
| DSCR (NOI) | 1.59x | n/a |
| Occupancy | 92% | n/a |
| Net operating income | $8.6M | n/a |
Watch flags
Computed from the Benchmark 2025-V15 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
None this month. No flag in the cmbs.news screen applies to this loan.
cmbs.news's own rule-based labels on the filed fields (definitions), not a credit rating, a prediction or a view of the borrower.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $75.0M | Current | No | 1.31x | 93% |
| August 2026 | $75.0M | Current | No | 1.26x | 92% |
| July 2026 | $75.0M | Current | No | 1.26x | 92% |
| June 2026 | $75.0M | Current | No | 1.26x | 92% |
| May 2026 | $75.0M | Current | No | 1.37x | 92% |
| April 2026 | $75.0M | Late payment but less than 30 days delinquent | No | 1.37x | 92% |
| March 2026 | $75.0M | Late payment but less than 30 days delinquent | No | 1.37x | 92% |
| February 2026 | $75.0M | Current | No | 1.37x | 92% |
| January 2026 | $75.0M | Current | No | 1.37x | 92% |
| December 2025 | $75.0M | Current | No | 1.37x | 92% |
| November 2025 | $55.0M | Current | No | n/a | n/a |
| October 2025 | $55.0M | Current | No | n/a | n/a |
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 4 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Benchmark 2025-V15 Mortgage Trust | 3 | $25,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
| Benchmark 2025-V15 Mortgage Trust | 3A | $20,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
| Benchmark 2025-V19 Mortgage Trust | 13 | $20,000,000 | Sep 2026 | SEC filing, September 30, 2026 |
| Benchmark 2025-V15 Mortgage Trust | 3B | $10,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other Las Vegas-Henderson-North Las Vegas loans due in 2030
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| MGM Grand, Las Vegas (2030 maturity), loan 4 in BENCHMARK 2020-B19 MORTGAGE TRUST | Las Vegas, NV | Hotel | $847.8M | 3.558% | Mar 2030 | n/a | n/a | Current |
| CityCenter (Aria & Vdara) | Las Vegas, NV | Hotel | $552.0M | 6.079% | Dec 2030 | n/a | n/a | Current |
| Tropical Distribution Center | Las Vegas, NV | Industrial | $75.0M | 3.593% | Jul 2030 | 1.99x | 100% | Current |
| MGM Grand, Las Vegas (2030 maturity), loan 4 in CSAIL 2021-C20 Commercial Mortgage Trust | Las Vegas, NV | Hotel | $39.1M | 3.558% | Mar 2030 | n/a | n/a | Current |
| Silver City Plaza | Las Vegas, NV | Retail | $38.5M | 4.155% | Jan 2030 | 1.99x | 100% | Current |
| Lake Mead Crossing | Henderson, NV | Retail | $28.0M | 6.71% | Dec 2030 | 1.36x | 98% | Current |
| Walgreens - Las Vegas Strip | Las Vegas, NV | Retail | $27.7M | 4.18% | Jan 2030 | 1.80x | 100% | Current |
| 3300 West Sahara | Las Vegas, NV | Office | $23.2M | 3.60% | Apr 2030 | 1.17x | 34% | Current |
All loans maturing in 2030 · All Las Vegas-Henderson-North Las Vegas 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.