Office · Honolulu, Hawaii
Ali'i Place
Ali'i Place is financed with a $46.6M CMBS loan at 7.022% that reaches maturity on February 6, 2035, in 8 years and 3 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $46,575,000
- Original balance (same notes)
- $46,575,000
- Interest rate
- 7.022% fixed
- Originated
- January 23, 2025
- Maturity
- February 6, 2035
- Payments
- Interest only for the full term
- Prepayment lockout ended
- March 5, 2026
- Prepayment premium ends
- August 5, 2034 (yield maintenance)
- Master servicer
- Midland Loan Services
- Originator
- UBS AG
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 1099 Alakea Street, Honolulu, HI 96813
- Metro
- Urban Honolulu, HI
- Rentable area
- 337,370 sq ft
- Built
- 1992
- Largest tenants
- HAWAIIAN ELECTRIC COMPANY; CITY & COUNTY OF HONOLULU; NORDIC PCL CONSTRUCTION INC
- Value at securitization
- $69.4M (Oct 2024)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 2.15x | 2.45x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 3 months) | $7.1M | $8.2M |
| Debt yield | 17.7% |
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 BMO 2025-C11 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC October 2, 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.
What the filing shows
- Net operating income is 15% above the underwritten figure ($8.2M a year against $7.1M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 2.15x at securitization to 2.45x on the latest statements.
- The filing gives Dec 2032 as the lease end date for the largest tenant (HAWAIIAN ELECTRIC COMPANY), 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 | $46.6M | Current | No | 2.45x | 100% |
| August 2026 | $46.6M | Current | No | 2.45x | 100% |
| July 2026 | $46.6M | Current | No | 2.45x | 100% |
| June 2026 | $46.6M | Current | No | n/a | n/a |
| May 2026 | $46.6M | Current | No | n/a | n/a |
| April 2026 | $46.6M | Current | No | 2.33x | 100% |
| March 2026 | $46.6M | Current | No | 2.33x | 100% |
| February 2026 | $46.6M | Current | No | 2.29x | 100% |
| January 2026 | $46.6M | Current | No | 2.29x | 100% |
| December 2025 | $46.6M | Current | No | 2.29x | 100% |
| November 2025 | $46.6M | Current | No | 2.19x | 100% |
| October 2025 | $46.6M | Current | No | 2.19x | 100% |
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 |
|---|---|---|---|---|
| BMO 2025-C11 Mortgage Trust | 4 | $46,575,000 | Sep 2026 | SEC filing, October 2, 2026 |
Other Urban Honolulu loans due in 2035
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Honolulu Fbi Office | Kapolei, HI | Office | $47.2M | 7.253% | Jul 2035 | n/a | n/a | Current |
| StorQuest Kapolei | Kapolei, HI | Self storage | $5.8M | 6.445% | Mar 2035 | n/a | n/a | 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.