Mixed use · San Diego, California
Muse at Torrey Pines
Muse at Torrey Pines is financed with a $45.0M CMBS loan at 5.496% that reaches maturity on March 6, 2030, in 3 years and 4 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $45,000,000
- Original balance (same notes)
- $45,000,000
- Interest rate
- 5.496% fixed
- Originated
- February 28, 2025
- Maturity
- March 6, 2030
- Payments
- Interest only for the full term
- Prepayment lockout ends
- September 5, 2029
- Master servicer
- Midland Loan Services
- Originator
- German American Capital Corporation
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 3040 and 3050 Science Park Road, San Diego, CA 92121
- Metro
- San Diego-Chula Vista-Carlsbad, CA
- Rentable area
- 91,521 sq ft
- Built
- 1985, renovated 2021
- Largest tenants
- Prometheus Biosciences, Inc.; Prometheus Biosciences, Inc,; Organogenesis, Inc.
- Value at securitization
- $114.0M (Feb 2025)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 2.60x | 2.91x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 3 months) | $6.5M | $7.4M |
| Debt yield | 16.4% |
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 2025-5C10 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC October 2, 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 13% above the underwritten figure ($7.4M a year against $6.5M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 2.60x at securitization to 2.91x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $45.0M | Current | No | 2.91x | 100% |
| August 2026 | $45.0M | Current | No | 2.91x | 100% |
| July 2026 | $45.0M | Current | No | 2.91x | 100% |
| June 2026 | $45.0M | Current | No | n/a | n/a |
| May 2026 | $45.0M | Current | No | n/a | n/a |
| April 2026 | $45.0M | Current | No | 2.39x | 100% |
| March 2026 | $45.0M | Current | No | 2.78x | 100% |
| February 2026 | $45.0M | Current | No | 2.78x | 100% |
| January 2026 | $45.0M | Current | No | 2.78x | 100% |
| December 2025 | $45.0M | Current | No | n/a | n/a |
| November 2025 | $45.0M | Current | No | n/a | n/a |
| October 2025 | $45.0M | 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 |
|---|---|---|---|---|
| BMO 2025-5C10 Mortgage Trust | 4 | $45,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
Other San Diego-Chula Vista-Carlsbad loans due in 2030
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| El Camino Real | Encinitas, CA | Office | $84.5M | 4.195% | Oct 2030 | n/a | n/a | Current |
| 501 West Broadway | San Diego, CA | Office | $47.0M | 6.329% | Sep 2030 | 2.30x | 77% | Current |
| Aladdin Airport Parking | San Diego, CA | Other | $40.0M | 6.845% | Apr 2030 | 2.81x | n/a | Current |
| The Lafayette Hotel | San Diego, CA | Hotel | $35.3M | 5.28% | Aug 2030 | n/a | n/a | Current |
| Technology Place | San Diego, CA | Office | $25.9M | 4.00% | Aug 2030 | 2.21x | 100% | Current |
| 225 Broadway | San Diego, CA | Office | $23.3M | 5.964% | Jul 2030 | 4.92x | 79% | Current |
| Courtyard Marriott Solana Beach | Solana Beach, CA | Hotel | $22.6M | 3.60% | Mar 2030 | 2.77x | 79% | Current |
| Terrace View Estates El Cajon Mhc | El Cajon, CA | Manufactured housing | $18.0M | 6.034% | Nov 2030 | 2.70x | 85% | Current |
All loans maturing in 2030 · All San Diego-Chula Vista-Carlsbad 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.