Office · Las Vegas, Nevada
Pageantry West
Pageantry West is financed with a $16.2M CMBS loan at 5.90% that reaches maturity on October 1, 2030, in 3 years and 11 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $16,200,000
- Original balance (same notes)
- $16,200,000
- Interest rate
- 5.90% fixed
- Originated
- September 5, 2025
- Maturity
- October 1, 2030
- Payments
- Interest only for the full term
- Prepayment lockout ends
- November 30, 2027
- Prepayment premium ends
- July 31, 2030 (yield maintenance)
- Master servicer
- Midland Loan Services
- Originator
- JPMorgan Chase Bank, National Association
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 8925 and 8945 West Russell Road, Las Vegas, NV 89148
- Metro
- Las Vegas-Henderson-North Las Vegas, NV
- Rentable area
- 107,773 sq ft
- Built
- 2005, renovated 2022
- Largest tenants
- messner reeves llp; AdvanStaff Inc.; the shipping store
- Value at securitization
- $31.7M (Jul 2025)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 2.55x | 2.63x |
| Occupancy | 100% | 97% |
| Net operating income (annualized from 3 months) | $2.5M | $2.6M |
| Debt yield | 15.9% |
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 BANK5 2025-5YR17 filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 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 fallen from 100% when the loan was securitized to 97%.
- The filing gives Jul 2026 as the lease end date for the largest tenant (messner reeves llp), before the loan matures. Lenders look hard at that rollover.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $16.2M | Current | No | 2.63x | 97% |
| August 2026 | $16.2M | Current | No | 2.63x | 97% |
| July 2026 | $16.2M | Current | No | n/a | n/a |
| June 2026 | $16.2M | Current | No | n/a | n/a |
| May 2026 | $16.2M | Current | No | n/a | n/a |
| April 2026 | $16.2M | Current | No | n/a | n/a |
| March 2026 | $16.2M | Current | No | n/a | n/a |
| February 2026 | $16.2M | Current | No | n/a | n/a |
| January 2026 | $16.2M | Current | No | n/a | n/a |
| December 2025 | $16.2M | Current | No | n/a | n/a |
| November 2025 | $16.2M | Current | No | n/a | n/a |
| October 2025 | $16.2M | Payment not received but still in grace period or not yet due | No | 2.40x | 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 |
|---|---|---|---|---|
| BANK5 2025-5YR17 | 22 | $16,200,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other Las Vegas-Henderson-North Las Vegas loans due in 2030
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| MGM Grand, Las Vegas (2030 maturity), loan 4 in BENCHMARK 2020-B19 MORTGAGE TRUST | Las Vegas, NV | Hotel | $847.8M | 3.558% | Mar 2030 | n/a | n/a | Current |
| CityCenter (Aria & Vdara) | Las Vegas, NV | Hotel | $552.0M | 6.079% | Dec 2030 | n/a | n/a | Current |
| 1700 Pavilion | Las Vegas, NV | Office | $75.0M | 7.073% | Jun 2030 | n/a | n/a | Current |
| Tropical Distribution Center | Las Vegas, NV | Industrial | $75.0M | 3.593% | Jul 2030 | 1.99x | 100% | Current |
| MGM Grand, Las Vegas (2030 maturity), loan 4 in CSAIL 2021-C20 Commercial Mortgage Trust | Las Vegas, NV | Hotel | $39.1M | 3.558% | Mar 2030 | n/a | n/a | Current |
| Silver City Plaza | Las Vegas, NV | Retail | $38.5M | 4.155% | Jan 2030 | 1.99x | 100% | Current |
| Lake Mead Crossing | Henderson, NV | Retail | $28.0M | 6.71% | Dec 2030 | 1.36x | 98% | Current |
| Walgreens - Las Vegas Strip | Las Vegas, NV | Retail | $27.7M | 4.18% | Jan 2030 | 1.80x | 100% | Current |
All loans maturing in 2030 · All Las Vegas-Henderson-North Las Vegas 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.