Retail · Mission Viejo, California
The Shops at Mission Viejo
Public CMBS trusts hold $155.0M of the loan on The Shops at Mission Viejo at 6.725% that reaches maturity on January 1, 2035, in 8 years and 2 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $155,000,000
- Original balance (same notes)
- $155,000,000
- Interest rate
- 6.725% fixed
- Originated
- December 4, 2024
- Maturity
- January 1, 2035
- Payments
- Interest only for 60 months, then amortizing
- Prepayment lockout ends
- June 30, 2034
- Master servicer
- Midland Loan Services
- Originator
- Barclays Capital Real Estate Inc., Societe Generale Financial Corporation
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 555 The Shops Boulevard, Mission Viejo, CA 92691
- Metro
- Los Angeles-Long Beach-Anaheim, CA
- Rentable area
- 1,277,625 sq ft
- Built
- 1979, renovated 2021
- Largest tenants
- Macy's; Nordstrom; Welltower Mission Viejo Medical
- Value at securitization
- $343.6M (Oct 2024)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.73x | 1.82x |
| Occupancy | 90% | 90% |
| Net operating income | $24.2M | $22.3M |
| Debt yield | 14.4% |
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-C11 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
- Net operating income is 8% below the underwritten figure ($22.3M a year against $24.2M).
- The filing gives Feb 2030 as the lease end date for the largest tenant (Macy's), 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 | $155.0M | Current | No | 1.82x | 90% |
| August 2026 | $155.0M | Current | No | 1.82x | 90% |
| July 2026 | $155.0M | Current | No | n/a | n/a |
| June 2026 | $155.0M | Current | No | n/a | n/a |
| May 2026 | $155.0M | Current | No | n/a | n/a |
| April 2026 | $155.0M | Current | No | 1.87x | 90% |
| March 2026 | $155.0M | Current | No | 1.87x | 90% |
| February 2026 | $155.0M | Current | No | 1.87x | 90% |
| January 2026 | $155.0M | Current | No | 1.87x | 90% |
| December 2025 | $155.0M | Current | No | 1.85x | 90% |
| November 2025 | $155.0M | Current | No | 1.85x | 90% |
| October 2025 | $155.0M | Current | No | 1.85x | 90% |
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 2 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BBCMS Mortgage Trust 2025-C32 | 1 | $90,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BMO 2025-C11 Mortgage Trust | 1 | $65,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
Other Los Angeles-Long Beach-Anaheim loans due in 2035
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| One Wilshire, Los Angeles (2035 maturity) | Los Angeles, CA | Office | $193.3M | 2.776% | Jan 2035 | 6.59x | 64% | Current |
| Discovery Business Center | Irvine, CA | Office | $150.0M | 5.987% | Feb 2035 | n/a | n/a | Current |
| Market Place Center | Irvine, CA | Office | $135.0M | 5.552% | Sep 2035 | n/a | n/a | Current |
| 660 Newport Center Drive | Newport Beach, CA | Office | $80.0M | 5.757% | Mar 2035 | 1.91x | 90% | Current |
| The Hollywood Collection | Los Angeles, CA | Retail | $49.7M | 6.68% | Jul 2035 | 1.47x | 68% | Late, less than 30 days |
| Hacienda Center | Hacienda Heights, CA | Retail | $45.0M | 6.60% | Sep 2035 | 1.40x | 95% | Current |
| Foothill Tech Center | Monrovia, CA | Office | $32.0M | 6.336% | Nov 2035 | 1.10x | 85% | Current |
| Shops at Mission Viejo | Mission Viejo, CA | Retail | $25.0M | 6.725% | Jan 2035 | 1.87x | 90% | 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.