Office · South Pasadena, California
South Pasadena Medical Center
South Pasadena Medical Center is financed with a $28.8M CMBS loan at 7.255% that reaches maturity on March 7, 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
- $28,750,000
- Original balance (same notes)
- $28,750,000
- Interest rate
- 7.255% fixed
- Originated
- February 12, 2025
- Maturity
- March 6, 2030; extended by modification to March 7, 2030
- Payments
- Interest only for the full term
- Prepayment lockout ended
- May 5, 2026
- Prepayment premium ends
- December 5, 2029 (yield maintenance)
- Master servicer
- Midland Loan Services
- Originator
- 3650 Real Estate Investment Trust 2 LLC
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Modified
- Yes, most recently December 17, 2025
- Defeasance
- None reported
The property
- Address
- 625 Fair Oaks Avnue, South Pasadena, CA 91030
- Metro
- Los Angeles-Long Beach-Anaheim, CA
- Rentable area
- 93,858 sq ft
- Built
- 1987, renovated 2020
- Largest tenants
- Pacific Clinics; Cedar Sinai Medical Center; Geely International (US) Corp
- Value at securitization
- $47.5M (Aug 2024)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.50x | 1.20x |
| Occupancy | 93% | 89% |
| Net operating income | $3.2M | $2.5M |
| Debt yield | 8.8% |
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 2025-5C9 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC October 2, 2026.
- Coverage down 0.25x or more from securitization
- Modified
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 93% when the loan was securitized to 89%.
- Net operating income is 20% below the underwritten figure ($2.5M a year against $3.2M).
- Debt service coverage moved from 1.50x at securitization to 1.20x on the latest statements.
- The filing gives Mar 2029 as the lease end date for the largest tenant (Pacific Clinics), 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 | $28.8M | Current | No | 1.20x | 89% |
| August 2026 | $28.8M | Current | No | 1.20x | 92% |
| July 2026 | $28.8M | Current | No | 1.20x | 92% |
| June 2026 | $28.8M | Current | No | 1.20x | 92% |
| May 2026 | $28.8M | Current | No | n/a | n/a |
| April 2026 | $28.8M | Current | No | 1.05x | 88% |
| March 2026 | $28.8M | Current | No | 1.05x | 100% |
| February 2026 | $28.8M | Current | No | 1.05x | 100% |
| January 2026 | $28.8M | Current | No | 0.58x | 76% |
| December 2025 | $28.8M | Current | No | 0.58x | 76% |
| November 2025 | $28.8M | Late payment but less than 30 days delinquent | No | 0.58x | 76% |
| October 2025 | $28.8M | 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 2025-5C9 Mortgage Trust | 9 | $28,750,000 | Sep 2026 | SEC filing, October 2, 2026 |
Other Los Angeles-Long Beach-Anaheim loans due in 2030
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Amazon LAX | Los Angeles, CA | Industrial | $116.3M | 5.509% | Dec 2030 | 1.73x | 100% | Current |
| Amazon West LA | Los Angeles, CA | Retail | $75.0M | 2.77% | Nov 2030 | 4.55x | 100% | Current |
| City National Plaza | Los Angeles, CA | Office | $70.0M | 2.44% | Apr 2030 | 4.53x | 81% | Current |
| Koreatown Plaza | Los Angeles, CA | Retail | $70.0M | 6.03% | Dec 2030 | n/a | n/a | Current |
| 29903 Agoura Property | Agoura, CA | Office | $67.2M | 4.193% | Feb 2030 | n/a | n/a | With the special servicer and 90+ days delinquent |
| Equinox Sports Club La | Los Angeles, CA | Retail | $66.4M | 6.717% | Jul 2030 | 1.46x | 100% | Current |
| Century Business Center | Hawthorne, CA | Industrial | $63.2M | 6.635% | Jun 2030 | n/a | n/a | Current |
| Figueroa Tower | Los Angeles, CA | Office | $53.6M | 7.519% | Jan 2030 | n/a | n/a | Current |
All loans maturing in 2030 · All Los Angeles-Long Beach-Anaheim 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.