Self storage portfolio, 9 properties · Midland, Texas
Caldera Property
Public CMBS trusts hold $77.1M of the loan on this portfolio at 6.135% that reaches maturity on February 6, 2030, in 3 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
- $77,100,000
- Original balance (same notes)
- $77,100,000
- Interest rate
- 6.135% fixed
- Originated
- January 31, 2025
- Maturity
- February 6, 2030
- Payments
- Interest only for the full term
- Prepayment lockout ends
- August 5, 2029
- Master servicer
- Midland Loan Services
- Originator
- 3650 Capital SCF LOE I(A), LLC, Goldman Sachs Bank USA
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 3111 Caldera Boulevard, Midland, TX 79705
- Value at securitization
- $112.8M
Performance
| At securitization | Latest | |
|---|---|---|
| DSCR (NOI) | n/a | n/a |
| Occupancy | n/a | n/a |
| Net operating income (annualized from 6 months) | n/a | $15.6M |
| Debt yield | 20.3% |
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 Benchmark 2025-V14 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC October 1, 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.
Properties securing the loan
| Property | Location | Type | Occupancy | DSCR |
|---|---|---|---|---|
| Caldera Property | Midland, TX | Self Storage | 93% | 1.60x |
| North Loop Property | Midland, TX | Self Storage | 95% | 1.56x |
| Grandview Property | Odessa, TX | Self Storage | 88% | 1.49x |
| Midland Self Storage (West Loop) | Midland, TX | Self Storage | 90% | 1.57x |
| Andrews Property | Midland, TX | Self Storage | 88% | 1.40x |
| Kermit Highway Property | Odessa, TX | Self Storage | 84% | 1.53x |
| Business 20 Property | Odessa, TX | Self Storage | 81% | 1.87x |
| University Property | Odessa, TX | Self Storage | 85% | 1.85x |
| 52nd Street Property | Odessa, TX | Self Storage | 78% | 2.30x |
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $77.1M | Current | No | 1.60x | 93% |
| August 2026 | $77.1M | Current | No | 1.54x | 93% |
| July 2026 | $77.1M | Current | No | 1.54x | 93% |
| June 2026 | $77.1M | Current | No | n/a | n/a |
| May 2026 | $77.1M | Current | No | n/a | n/a |
| April 2026 | $77.1M | Current | No | 1.38x | 93% |
| March 2026 | $77.1M | Current | No | 1.38x | 93% |
| February 2026 | $77.1M | Current | No | 1.52x | 93% |
| January 2026 | $77.1M | Current | No | 1.52x | 90% |
| December 2025 | $77.1M | Current | No | 1.52x | 90% |
| November 2025 | $77.1M | Current | No | 1.64x | 92% |
| October 2025 | $77.1M | Current | No | 1.64x | 92% |
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 2 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BMO 2025-5C9 Mortgage Trust | 3 | $60,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
| Benchmark 2025-V14 Mortgage Trust | 21 | $17,100,000 | Sep 2026 | SEC filing, October 1, 2026 |
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.