Self storage · Las Vegas, Nevada
Golden State Storage - Tropicana
Golden State Storage - Tropicana is financed with a $4.9M CMBS loan at 6.435% that reaches maturity on July 6, 2035, in 8 years and 8 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $4,908,641
- Original balance (same notes)
- $5,000,000
- Interest rate
- 6.435% fixed
- Originated
- June 20, 2025
- Maturity
- July 6, 2035
- Payments
- Amortizing over 25 years
- Prepayment lockout ends
- April 5, 2035
- Master servicer
- Berkadia
- Originator
- Starwood Mortgage Capital LLC
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 4888 East Tropicana Avenue, Las Vegas, NV 89121
- Metro
- Las Vegas-Henderson-North Las Vegas, NV
- Rentable area
- 77,175 sq ft
- Units, rooms or beds
- 803
- Built
- 1998
- Value at securitization
- $11.6M (Apr 2025)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.38x | 1.09x |
| Occupancy | 90% | 84% |
| Net operating income (annualized from 6 months) | $557K | $881K |
| Debt yield | 18.0% |
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.
- Coverage down 0.25x or more from securitization
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 90% when the loan was securitized to 84%.
- Net operating income is 58% above the underwritten figure ($881K a year against $557K; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.38x at securitization to 1.09x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $4.9M | Current | No | 1.09x | 84% |
| August 2026 | $4.9M | Current | No | 1.09x | 84% |
| July 2026 | $4.9M | Current | No | n/a | n/a |
| June 2026 | $4.9M | Current | No | n/a | n/a |
| May 2026 | $4.9M | Current | No | n/a | n/a |
| April 2026 | $4.9M | Current | No | 1.29x | 88% |
| March 2026 | $4.9M | Current | No | 1.29x | 88% |
| February 2026 | $5.0M | Current | No | 1.29x | 88% |
| January 2026 | $5.0M | Late payment but less than 30 days delinquent | No | n/a | n/a |
| December 2025 | $5.0M | Late payment but less than 30 days delinquent | No | n/a | n/a |
| November 2025 | $5.0M | Current | No | n/a | n/a |
| October 2025 | $5.0M | 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
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BBCMS Mortgage Trust 2025-C35 | 32 | $4,908,641 | Sep 2026 | SEC filing, September 29, 2026 |
Other Las Vegas-Henderson-North Las Vegas loans due in 2035
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| St. Rose Square | Henderson, NV | Retail | $59.0M | 6.81% | Feb 2035 | 1.49x | 100% | 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.