Retail · Epping, New Hampshire
Brickyard Square
Brickyard Square is financed with a $36.5M CMBS loan at 6.87% 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
- $36,550,000
- Original balance (same notes)
- $36,550,000
- Interest rate
- 6.87% fixed
- Originated
- May 8, 2025
- Maturity
- June 6, 2030
- Payments
- Interest only for the full term
- Prepayment lockout ends
- March 5, 2030
- Master servicer
- Midland Loan Services
- Originator
- Starwood Mortgage Capital LLC
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 24 Calef Highway, Epping, NH 03042
- Metro
- Boston-Cambridge-Newton, MA-NH
- Rentable area
- 174,550 sq ft
- Built
- 2011
- Largest tenants
- Marshalls; Michaels #1153; OLD NAVY STORE #9590
- Value at securitization
- $52.5M (Apr 2025)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.33x | 0.80x |
| Occupancy | 99% | 82% |
| Net operating income (annualized from 6 months) | $3.4M | $4.1M |
| Debt yield | 11.2% |
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 BMO 2025-5C11 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC October 2, 2026.
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
On the cmbs.news watch list in every report since August 2026.
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
- Occupancy has fallen from 99% when the loan was securitized to 82%.
- Net operating income is 21% above the underwritten figure ($4.1M a year against $3.4M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.33x at securitization to 0.80x on the latest statements.
- At 0.80x, the property's reported NOI does not cover its debt service.
- The filing gives Jan 2028 as the lease end date for the largest tenant (Marshalls), 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 | $36.5M | Current | No | 0.80x | 82% |
| August 2026 | $36.5M | Current | No | 0.80x | 87% |
| July 2026 | $36.5M | Current | No | 1.25x | 98% |
| June 2026 | $36.5M | Late payment but less than 30 days delinquent | No | n/a | n/a |
| May 2026 | $36.5M | Current | No | n/a | n/a |
| April 2026 | $36.5M | Current | No | 1.23x | 98% |
| March 2026 | $36.5M | Current | No | 1.14x | 98% |
| February 2026 | $36.5M | Current | No | 1.14x | 98% |
| January 2026 | $36.5M | Current | No | 1.14x | 98% |
| December 2025 | $36.5M | Current | No | 1.14x | 98% |
| November 2025 | $36.5M | Current | No | n/a | n/a |
| October 2025 | $36.5M | 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 |
|---|---|---|---|---|
| BMO 2025-5C11 Mortgage Trust | 5 | $36,550,000 | Sep 2026 | SEC filing, October 2, 2026 |
Other Boston-Cambridge-Newton loans due in 2030
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Vertex Hq | Boston, MA | Mixed use | $311.5M | 4.936% | Sep 2030 | 1.41x | 100% | Current |
| 500 Kendall Street | Cambridge, MA | Mixed use | $230.0M | 5.912% | Feb 2030 | n/a | n/a | Current |
| Logan Cargo Park | East Boston, MA | Industrial | $120.0M | 6.90% | Mar 2030 | 1.22x | 96% | Current |
| Staples HQ | Framingham, MA | Office | $90.0M | 3.11% | Feb 2030 | 5.08x | 100% | Current |
| 38 Swampscott Road | Salem, MA | Self storage | $67.5M | 6.741% | Mar 2030 | n/a | n/a | Current |
| 825 Morton Street | Boston, MA | Retail | $50.0M | 5.819% | Nov 2030 | n/a | n/a | Current |
| Fresh Pond Cambridge | Cambridge, MA | Retail | $50.0M | 3.15% | Nov 2030 | 3.80x | 98% | Current |
| 133 Peterborough Street | Boston, MA | Multifamily | $41.5M | 6.08% | Mar 2030 | n/a | n/a | Current |
All loans maturing in 2030 · All Boston-Cambridge-Newton 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.