Office · Bellevue, Washington
Sterling Plaza
Sterling Plaza is financed with a $53.6M CMBS loan at 6.492% that reaches maturity on November 1, 2030, in 4 years. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $53,600,000
- Original balance (same notes)
- $53,600,000
- Interest rate
- 6.492% fixed
- Originated
- October 3, 2025
- Maturity
- November 1, 2030
- Payments
- Interest only for the full term
- Prepayment lockout ends
- November 30, 2027
- Prepayment premium ends
- April 30, 2030 (yield maintenance)
- Master servicer
- Trimont LLC
- Originator
- BANA
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 3535 and 3545 Factoria Boulevard Southeast, Bellevue, WA 98006
- Metro
- Seattle-Tacoma-Bellevue, WA
- Rentable area
- 229,633 sq ft
- Built
- 1989, renovated 2024
- Largest tenants
- Expeditors International; Ericsson Inc.; Synology America Corp.
- Value at securitization
- $79.4M (Aug 2025)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.97x | 1.80x |
| Occupancy | 93% | 92% |
| Net operating income (annualized from 6 months) | $7.0M | $6.4M |
| Debt yield | 11.9% |
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 Morgan Stanley Bank of America Merrill Lynch Trust 2025-5C2 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 8% below the underwritten figure ($6.4M a year against $7.0M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.97x at securitization to 1.80x on the latest statements.
- The filing gives Jun 2028 as the lease end date for the largest tenant (Expeditors International), before the loan matures. Lenders look hard at that rollover.
The last 11 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $53.6M | Current | No | 1.80x | 92% |
| August 2026 | $53.6M | Current | No | 1.80x | 92% |
| July 2026 | $53.6M | Current | No | n/a | n/a |
| June 2026 | $53.6M | Current | No | n/a | n/a |
| May 2026 | $53.6M | Current | No | n/a | n/a |
| April 2026 | $53.6M | Current | No | n/a | n/a |
| March 2026 | $53.6M | Current | No | n/a | n/a |
| February 2026 | $53.6M | Current | No | n/a | n/a |
| January 2026 | $53.6M | Current | No | n/a | n/a |
| December 2025 | $53.6M | Current | No | n/a | n/a |
| November 2025 | $53.6M | Current | No | 2.11x | 93% |
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 |
|---|---|---|---|---|
| Morgan Stanley Bank of America Merrill Lynch Trust 2025-5C2 | 4 | $53,600,000 | 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 |
| Redmond Town Center | Redmond, WA | Retail | $121.5M | 6.70% | Mar 2030 | 1.46x | 87% | 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 |
| 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.