Retail · Redmond, Washington
Redmond Town Center
Public CMBS trusts hold $121.5M of the loan on Redmond Town Center at 6.70% 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
- $121,500,000
- Original balance (same notes)
- $121,500,000
- Interest rate
- 6.70% fixed
- Originated
- March 6, 2025
- Maturity
- March 6, 2030
- Payments
- Interest only for the full term
- Prepayment lockout ends
- September 5, 2029
- Master servicer
- Midland Loan Services
- Originator
- Citi Real Estate Funding Inc.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 7325, 7425, 7430 166th Avenue NE 7525 166th Avenue NE, Redmond, WA 98052
- Metro
- Seattle-Tacoma-Bellevue, WA
- Rentable area
- 389,431 sq ft
- Built
- 1996
- Largest tenants
- Guitar Center; Flatslick; Allegro Pediatrics
- Value at securitization
- $180.0M (Jan 2025)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.56x | 1.46x |
| Occupancy | 97% | 87% |
| Net operating income (annualized from 6 months) | $12.9M | $24.3M |
| Debt yield | 20.0% |
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 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
- Occupancy has fallen from 97% when the loan was securitized to 87%.
- Net operating income is 89% above the underwritten figure ($24.3M a year against $12.9M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.56x at securitization to 1.46x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $121.5M | Current | No | 1.46x | 87% |
| August 2026 | $121.5M | Current | No | 1.55x | 87% |
| July 2026 | $121.5M | Current | No | 1.55x | 97% |
| June 2026 | $121.5M | Current | No | 1.55x | 97% |
| May 2026 | $121.5M | Current | No | 2.39x | 97% |
| April 2026 | $121.5M | Current | No | 2.40x | 97% |
| March 2026 | $121.5M | Current | No | 2.40x | 97% |
| February 2026 | $121.5M | Current | No | 2.40x | 97% |
| January 2026 | $121.5M | Current | No | 2.40x | 97% |
| December 2025 | $121.5M | Current | No | n/a | n/a |
| November 2025 | $121.5M | Current | No | n/a | n/a |
| October 2025 | $121.5M | 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
The loan is split into 3 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Benchmark 2025-V14 Mortgage Trust | 3 | $70,000,000 | Sep 2026 | SEC filing, October 1, 2026 |
| BANK5 2025-5YR14 | 13 | $30,375,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BMO 2025-5C10 Mortgage Trust | 10 | $21,125,000 | Sep 2026 | SEC filing, October 2, 2026 |
Other Seattle-Tacoma-Bellevue loans due in 2030
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Southcenter Mall | Seattle, WA | Retail | $218.0M | 2.88% | Jan 2030 | 6.91x | 91% | Current |
| F5 Tower | Seattle, WA | Office | $185.0M | 3.699% | Jan 2030 | 3.71x | 100% | Current |
| Amazon Seattle (300 Pine) | Seattle, WA | Office | $141.9M | 3.005% | Apr 2030 | 2.71x | 91% | Current |
| 9th & Thomas | Seattle, WA | Office | $96.0M | 3.60% | Oct 2030 | 2.27x | 100% | Current |
| Amazon Seattle | Seattle, WA | Office | $93.0M | 3.005% | Apr 2030 | 2.41x | 91% | Current |
| Sterling Plaza | Bellevue, WA | Office | $53.6M | 6.492% | Nov 2030 | 1.80x | 92% | Current |
| FedEx Redmond | Redmond, WA | Industrial | $45.1M | 3.87% | Jan 2030 | 2.23x | 100% | Current |
| Wallypark Seatac | SeaTac, WA | Other | $30.3M | 8.41% | May 2030 | 2.27x | 83% | Current |
All loans maturing in 2030 · All Seattle-Tacoma-Bellevue 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.