Office · Menlo Park, California
Beltramo Office
Beltramo Office is financed with a $16.1M CMBS loan at 6.141% that reaches maturity on June 6, 2035, in 8 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
- $16,150,000
- Original balance (same notes)
- $16,150,000
- Interest rate
- 6.141% fixed
- Originated
- May 27, 2025
- Maturity
- June 6, 2035
- Payments
- Interest only for the full term
- Prepayment lockout ends
- December 5, 2034
- Master servicer
- Midland
- Originator
- German American Capital Corporation
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 1460 El Camino Real, Menlo Park, CA 94025
- Metro
- San Francisco-Oakland-Fremont, CA
- Rentable area
- 26,927 sq ft
- Built
- 2014
- Largest tenants
- A&O Shearman Stering; USVP Management; Lawyers Title Company
- Value at securitization
- $40.3M (Apr 2025)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.70x | 2.89x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 6 months) | $2.7M | $5.9M |
| Debt yield | 36.2% |
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 BBCMS Mortgage Trust 2025-C35 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 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 116% above the underwritten figure ($5.9M a year against $2.7M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 2.70x at securitization to 2.89x on the latest statements.
- The filing gives May 2029 as the lease end date for the largest tenant (A&O Shearman Stering), 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 | $16.1M | Current | No | 2.89x | 100% |
| August 2026 | $16.1M | Current | No | 2.89x | 100% |
| July 2026 | $16.1M | Current | No | n/a | n/a |
| June 2026 | $16.1M | Current | No | n/a | n/a |
| May 2026 | $16.1M | Current | No | n/a | n/a |
| April 2026 | $16.1M | Current | No | 2.80x | 100% |
| March 2026 | $16.1M | Current | No | 2.80x | 100% |
| February 2026 | $16.1M | Current | No | 2.80x | 100% |
| January 2026 | $16.1M | Current | No | 2.65x | 100% |
| December 2025 | $16.1M | Current | No | 2.45x | 100% |
| November 2025 | $16.1M | Current | No | 2.45x | 100% |
| October 2025 | $16.1M | 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
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BBCMS Mortgage Trust 2025-C35 | 14 | $16,150,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other San Francisco-Oakland-Fremont loans due in 2035
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Ventana Residences | San Francisco, CA | Multifamily | $73.5M | 6.166% | Feb 2035 | 0.94x | 96% | Current |
| Menlo Center | Menlo Park, CA | Mixed use | $18.0M | 6.60% | Jun 2035 | 2.64x | 81% | Current |
| Security Public Storage - Richmond | Richmond, CA | Self storage | $15.8M | 5.849% | Oct 2035 | n/a | n/a | Current |
| Security Public Storage - Pittsburg | Pittsburg, CA | Self storage | $11.7M | 5.822% | Dec 2035 | n/a | n/a | Current |
| StorQuest - San Leandro, CA | San Leandro, CA | Self storage | $5.2M | 5.593% | Oct 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.