Retail · Lancaster, California
Lancaster Plaza
Lancaster Plaza is financed with a $16.1M CMBS loan at 6.28% that reaches maturity on December 1, 2035, in 9 years and 1 month. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $16,050,000
- Original balance (same notes)
- $16,050,000
- Interest rate
- 6.28% fixed
- Originated
- November 21, 2025
- Maturity
- December 1, 2035
- Payments
- Interest only for the full term
- Prepayment lockout ends
- July 31, 2035
- Master servicer
- Midland
- Originator
- MSBNA
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 44405-44417 Valley Central Way 2343 West Avenue J, Lancaster, CA 93536
- Metro
- Los Angeles-Long Beach-Anaheim, CA
- Rentable area
- 111,398 sq ft
- Built
- 1989
- Largest tenants
- Food 4 Less #306; PETsMART 0094; Primo Cafe 2016-11
- Value at securitization
- $29.0M (Sep 2025)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.66x | 1.69x |
| Occupancy | 97% | 100% |
| Net operating income (annualized from 6 months) | $1.7M | $3.5M |
| Debt yield | 21.6% |
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 BANK 2025-BNK51 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
- Occupancy has risen from 97% when the loan was securitized to 100%.
- Net operating income is 104% above the underwritten figure ($3.5M a year against $1.7M; the latest statement covers 6 months, annualized).
- The filing gives May 2035 as the lease end date for the largest tenant (Food 4 Less #306), before the loan matures. Lenders look hard at that rollover.
The last 10 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $16.1M | Current | No | 1.69x | 100% |
| August 2026 | $16.1M | Current | No | 1.69x | 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 | n/a | n/a |
| March 2026 | $16.1M | Current | No | n/a | n/a |
| February 2026 | $16.1M | Current | No | n/a | n/a |
| January 2026 | $16.1M | Current | No | n/a | n/a |
| December 2025 | $16.1M | Current | No | 1.60x | 97% |
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 |
|---|---|---|---|---|
| BANK 2025-BNK51 | 17 | $16,050,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other Los Angeles-Long Beach-Anaheim loans due in 2035
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| One Wilshire, Los Angeles (2035 maturity) | Los Angeles, CA | Office | $193.3M | 2.776% | Jan 2035 | 6.59x | 64% | Current |
| The Shops at Mission Viejo | Mission Viejo, CA | Retail | $155.0M | 6.725% | Jan 2035 | 1.82x | 90% | Current |
| Discovery Business Center | Irvine, CA | Office | $150.0M | 5.987% | Feb 2035 | n/a | n/a | Current |
| Market Place Center | Irvine, CA | Office | $135.0M | 5.552% | Sep 2035 | n/a | n/a | Current |
| 660 Newport Center Drive | Newport Beach, CA | Office | $80.0M | 5.757% | Mar 2035 | 1.91x | 90% | Current |
| The Hollywood Collection | Los Angeles, CA | Retail | $49.7M | 6.68% | Jul 2035 | 1.47x | 68% | Late, less than 30 days |
| Hacienda Center | Hacienda Heights, CA | Retail | $45.0M | 6.60% | Sep 2035 | 1.40x | 95% | Current |
| Foothill Tech Center | Monrovia, CA | Office | $32.0M | 6.336% | Nov 2035 | 1.10x | 85% | 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.