Industrial · San Diego, California
Sorrento Pines
4106, 4110, 4116 and 4122 Sorrento Valley Boulevard, San Diego, CA · Google Maps
Sorrento Pines is financed with a $19.5M CMBS loan at 6.42% that reaches maturity on July 1, 2031, in 4 years and 8 months. As of the Oct 2026 servicer report its status is current.
The loan
- Balance in tracked trusts
- $19,500,000
- Original balance (same notes)
- $19,500,000
- Interest rate
- 6.42% fixed
- Originated
- June 30, 2026
- Maturity
- July 1, 2031
- Payments
- Interest only for the full term
- Prepayment lockout ends
- December 31, 2030
- Master servicer
- Trimont LLC
- Originator
- Morgan Stanley Bank, N.A.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 4106, 4110, 4116 and 4122 Sorrento Valley Boulevard, San Diego, CA 92121
- Metro
- San Diego-Chula Vista-Carlsbad, CA
- Rentable area
- 117,488 sq ft
- Built
- 1979, renovated 2023
- Largest tenants
- BASTYR UNIVERSITY; PALL CORPORATION; MOMENTUM ACROBATICS
- Value at securitization
- $32.9M (May 2026)
Performance
| Measure | At securitization | Latest |
|---|---|---|
| DSCR (NOI) | 1.85x | n/a |
| Occupancy | 100% | n/a |
| Net operating income | $2.3M | n/a |
Comparable loans: industrial properties in San Diego-Chula Vista-Carlsbad, CA, with NOI, occupancy and value.
Watch flags
Computed from the BANK5 2026-5YR24 filing for the reporting period ending October 13, 2026, filed with the SEC October 30, 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.
Who is behind this loan
- Non-recourse carveout guarantor and sponsor
- Shown with Pro
- Parties and contacts named by the trust
- Shown with Pro
Source: SEC Form 424B2 prospectus, Annex A-1, filed Aug 2026.
Source: SEC Form 10-D, Exhibit 99.1 distribution statement, filed Oct 2026.
Operating statement
| Annual | At securitization | Latest | Per sq ft |
|---|---|---|---|
| Revenue | $3.4M | n/a | |
| Operating expenses | $1.0M | n/a | |
| Net operating income | $2.3M | n/a | |
| Net cash flow | $2.2M | n/a | |
| Expense ratio | 30.7% | n/a |
From the servicer's Schedule AL report; 117,488 sq ft; renovated 2023.
Largest tenants
| Tenant | Sq ft | Share of building | Lease ends |
|---|---|---|---|
| BASTYR UNIVERSITY | 43,599 | 37% | May 2032 |
| PALL CORPORATION | 25,774 | 22% | Mar 2028 |
| MOMENTUM ACROBATICS | 14,685 | 12% | Sep 2030 |
Red: the lease ends before the loan matures.
Refinance and early payoff, at today's rates
This estimate uses today's Treasury curve and needs JavaScript.
Rough estimates, not quotes. New loan: the filed NOI divided by the coverage you set, at the Treasury yield for the term plus your spread. Early payoff: the present value of the remaining scheduled payments to the open date at today's Treasury yields, less the balance, which is roughly what defeasance or yield maintenance costs. Loan documents, fees and the securities bought change the real number. Treasury yields: U.S. Treasury daily par curve.
The last 3 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| October 2026 | $19.5M | Current | No | n/a | n/a |
| September 2026 | $19.5M | Current | No | n/a | n/a |
| August 2026 | $19.5M | Current | No | 1.61x | 100% |
From each trust's ABS-EE filing for that month. Coverage and occupancy change only when the servicer reports new statements.
Where the loan sits
One trust holds this loan in the data.
| Trust | Asset no. in that trust | Balance | Report period | Source |
|---|---|---|---|---|
| BANK5 2026-5YR24 | 18 | $19,500,000 | Oct 2026 | SEC filing, October 30, 2026 |
Other San Diego-Chula Vista-Carlsbad loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Torrey Heights | San Diego, CA | Mixed use | $125.0M | 4.968% | Jan 2031 | 0.49x | n/a | Current |
| Sunset View | Oceanside, CA | Multifamily | $37.2M | 6.065% | Mar 2031 | n/a | n/a | Current |
| Lightwave Corporate Center | San Diego, CA | Mixed use | $37.1M | 2.55% | Oct 2031 | 5.49x | 100% | Current |
| Allied Plaza | La Mesa, CA | Office | $20.5M | 2.98% | Apr 2031 | 4.29x | 92% | Not reported |
| The Promontory | San Diego, CA | Office | $20.0M | 3.652% | Apr 2031 | 3.25x | 85% | Current |
| Holiday inn Express - San Diego | San Diego, CA | Hotel | $19.0M | 3.735% | Jun 2031 | 3.67x | 82% | Current |
| Westward Ho | El Cajon, CA | Manufactured housing | $18.5M | 3.84% | Dec 2031 | 2.12x | 100% | Current |
| Euclid Plaza | National City, CA | Retail | $16.8M | 3.90% | May 2031 | 2.60x | 100% | Current |
All loans maturing in 2031 · 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 October 13, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.