Hotel · Carlsbad, California
Homewood Suites Carlsbad
Homewood Suites Carlsbad is financed with a $21.5M CMBS loan at 7.248% that reaches maturity on January 6, 2035, in 8 years and 2 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $21,500,000
- Original balance (same notes)
- $21,500,000
- Interest rate
- 7.248% fixed
- Originated
- December 20, 2024
- Maturity
- January 6, 2035
- Payments
- Interest only for the full term
- Prepayment lockout ends
- July 5, 2034
- Master servicer
- Midland
- Originator
- DBR Investments Co. Limited
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 2223 Palomar Airport Road, Carlsbad, CA 92011
- Metro
- San Diego-Chula Vista-Carlsbad, CA
- Units, rooms or beds
- 145
- Built
- 2008, renovated 2017
- Value at securitization
- $38.3M (Nov 2025)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.88x | 2.51x |
| Occupancy | 82% | 80% |
| Net operating income (annualized from 3 months) | $3.0M | $4.0M |
| Debt yield | 18.7% |
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 BBCMS Mortgage Trust 2025-C32 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 35% above the underwritten figure ($4.0M a year against $3.0M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 1.88x at securitization to 2.51x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $21.5M | Current | No | 2.51x | 80% |
| August 2026 | $21.5M | Current | No | 2.51x | 80% |
| July 2026 | $21.5M | Current | No | n/a | n/a |
| June 2026 | $21.5M | Current | No | n/a | n/a |
| May 2026 | $21.5M | Current | No | n/a | n/a |
| April 2026 | $21.5M | Current | No | 1.21x | 66% |
| March 2026 | $21.5M | Current | No | 1.21x | 66% |
| February 2026 | $21.5M | Current | No | 1.44x | 68% |
| January 2026 | $21.5M | Current | No | 1.44x | 68% |
| December 2025 | $21.5M | Current | No | n/a | n/a |
| November 2025 | $21.5M | Current | No | n/a | n/a |
| October 2025 | $21.5M | 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 |
|---|---|---|---|---|
| BBCMS Mortgage Trust 2025-C32 | 15 | $21,500,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other San Diego-Chula Vista-Carlsbad loans due in 2035
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Escondido Hhsa Building | Escondido, CA | Mixed use | $20.7M | 7.063% | Feb 2035 | 1.58x | 100% | Current |
| Pavilion Center | Vista, CA | Retail | $19.5M | 6.19% | Dec 2035 | n/a | n/a | Current |
| 1301 Rocky Point Drive | Oceanside, CA | Industrial | $14.0M | 6.40% | Mar 2035 | 2.01x | 100% | Current |
| Plaza De Santa Fe | Rancho Santa Fe, CA | Office | $11.2M | 6.475% | Apr 2035 | 2.07x | 100% | Current |
| Hacienda Square | El Cajon, CA | Retail | $5.9M | 7.13% | Jan 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.