Office · Stamford, Connecticut
The Link
Public CMBS trusts hold $115.0M of the loan on The Link at 7.379% 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
- $115,000,000
- Original balance (same notes)
- $115,000,000
- Interest rate
- 7.379% fixed
- Originated
- February 26, 2025
- Maturity
- March 6, 2030
- Payments
- Interest only for the full term
- Prepayment lockout ends
- November 5, 2029
- Master servicer
- Midland Loan Services
- Originator
- DBR Investments Co. Limited
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 200 Elm Street 695 Main Street, Stamford, CT 06902
- Rentable area
- 558,666 sq ft
- Built
- 1984, renovated 2023
- Largest tenants
- Deloitte LLP; Henkel of America, Inc.; Indeed, INC
- Value at securitization
- $191.9M (Dec 2024)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.84x | 2.16x |
| Occupancy | 92% | 92% |
| Net operating income (annualized from 6 months) | $15.8M | $37.4M |
| Debt yield | 32.5% |
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 Benchmark 2025-V17 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC October 1, 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 136% above the underwritten figure ($37.4M a year against $15.8M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.84x at securitization to 2.16x on the latest statements.
- The filing gives Oct 2029 as the lease end date for the largest tenant (Deloitte 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 | $115.0M | Current | No | 2.16x | 92% |
| August 2026 | $115.0M | Current | No | 2.00x | 92% |
| July 2026 | $120.4M | Current | No | 1.92x | 73% |
| June 2026 | $115.0M | Current | No | n/a | n/a |
| May 2026 | $115.0M | Current | No | n/a | n/a |
| April 2026 | $115.0M | Current | No | 1.08x | 92% |
| March 2026 | $115.0M | Current | No | 1.08x | 92% |
| February 2026 | $115.0M | Current | No | 1.08x | 92% |
| January 2026 | $115.0M | Current | No | 1.08x | 92% |
| December 2025 | $115.0M | Current | No | 2.71x | 92% |
| November 2025 | $115.0M | Current | No | 2.71x | 92% |
| October 2025 | $115.0M | 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 6 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Benchmark 2025-V14 Mortgage Trust | 4 | $70,000,000 | Sep 2026 | SEC filing, October 1, 2026 |
| Benchmark 2025-V15 Mortgage Trust | 20 | $15,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
| BMO 2025-5C9 Mortgage Trust | 19 | $10,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
| Benchmark 2025-V16 Mortgage Trust | 21 | $10,000,000 | Sep 2026 | SEC filing, September 30, 2026 |
| BBCMS Mortgage Trust 2025-5C36 | 25 | $6,500,000 | Sep 2026 | SEC filing, September 29, 2026 |
| Benchmark 2025-V17 Mortgage Trust | 27 | $3,500,000 | Sep 2026 | SEC filing, October 1, 2026 |
Other Connecticut loans due in 2030
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Project Wing Industrial | Windsor, CT | Industrial | $70.0M | 6.552% | Oct 2030 | n/a | n/a | Current |
| Up House Apartments | Farmington, CT | Multifamily | $42.5M | 5.92% | Apr 2030 | 1.31x | 89% | Late, less than 30 days |
| Naugatuck Valley Shopping Center | Waterbury, CT | Retail | $26.1M | 5.15% | Apr 2030 | 0.95x | 57% | Current |
| New Haven Multifamily Portfolio | CT | Multifamily | $16.6M | 4.45% | Aug 2030 | 1.32x | 88% | With the special servicer |
| 50 Danbury (Unit 50 Wilton Corporate park ) | Wilton, CT | Office | $16.5M | 6.445% | Nov 2030 | 2.41x | 84% | Current |
| Four Research Drive | Shelton, CT | Office | $16.0M | 4.20% | Jan 2030 | n/a | n/a | With the special servicer |
| Milford Square | Milford, CT | Retail | $16.0M | 6.70% | Oct 2030 | n/a | n/a | Current |
| Cedar Village at Minerva Square | Derby, CT | Multifamily | $15.0M | 6.40% | Jul 2030 | n/a | n/a | Current |
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.