Office · New York, New York
The Spiral
Public CMBS trusts hold $200.0M of the loan on The Spiral at 5.50% that reaches maturity on January 9, 2030, in 3 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
- $200,000,000
- Original balance (same notes)
- $200,000,000
- Interest rate
- 5.50% fixed
- Originated
- January 9, 2025
- Maturity
- January 9, 2030
- Payments
- Interest only for the full term
- Prepayment lockout ends
- July 8, 2029
- Master servicer
- Wells Fargo
- Originator
- BANA
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 66 Hudson Boulevard A/k/a 509/527 W 34th Street, New York, NY 10001
- Metro
- New York-Newark-Jersey City, NY-NJ
- Rentable area
- 2,844,343 sq ft
- Built
- 2022
- Largest tenants
- Pfizer Inc.; Debevoise & Plimpton LLP; TPG Global, LLC
- Value at securitization
- $4.6B (Dec 2026)
Performance
| At securitization | Latest | |
|---|---|---|
| DSCR (NOI) | 2.04x | n/a |
| Occupancy | 94% | n/a |
| Net operating income | $236.8M | n/a |
Watch flags
Computed from the BANK5 2025-5YR14 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- Largest tenant's lease ends within 12 months
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
- The filing gives Feb 2027 as the lease end date for the largest tenant (Pfizer Inc.), 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 | $200.0M | Current | No | 1.44x | 95% |
| August 2026 | $200.0M | Current | No | 1.44x | 95% |
| July 2026 | $200.0M | Current | No | 1.44x | 95% |
| June 2026 | $200.0M | Current | No | 2.09x | 97% |
| May 2026 | $200.0M | Current | No | 2.09x | 97% |
| April 2026 | $200.0M | Current | No | 2.09x | 96% |
| March 2026 | $200.0M | Current | No | 2.09x | 96% |
| February 2026 | $200.0M | Current | No | 2.09x | 96% |
| January 2026 | $200.0M | Current | No | 2.09x | 96% |
| December 2025 | $200.0M | Late payment but less than 30 days delinquent | No | 2.04x | 96% |
| November 2025 | $200.0M | Current | No | 2.04x | 96% |
| October 2025 | $200.0M | Current | No | 2.04x | 96% |
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 10 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Benchmark 2025-V14 Mortgage Trust | 11 | $40,000,000 | Sep 2026 | SEC filing, October 1, 2026 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2025-5C1 | 13 | $25,500,000 | Sep 2026 | SEC filing, October 2, 2026 |
| BANK5 2025-5YR14 | 6B | $25,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BANK5 2025-5YR14 | 6C | $25,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BANK5 2025-5YR13 | 1 | $24,500,000 | Sep 2026 | SEC filing, September 28, 2026 |
| BANK5 2025-5YR13 | 1A | $24,500,000 | Sep 2026 | SEC filing, September 28, 2026 |
| BANK5 2025-5YR13 | 1B | $24,500,000 | Sep 2026 | SEC filing, September 28, 2026 |
| Benchmark 2025-V13 Mortgage Trust | 23 | $10,000,000 | Sep 2026 | SEC filing, September 30, 2026 |
| BANK5 2025-5YR14 | 6 | $500,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BANK5 2025-5YR14 | 6A | $500,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other New York-Newark-Jersey City loans due in 2030
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 711 Fifth Avenue | New York, NY | Mixed use | $545.0M | 3.16% | Mar 2030 | 2.71x | 66% | Current |
| Kings Plaza | Brooklyn, NY | Retail | $487.0M | 3.359% | Jan 2030 | 2.38x | 91% | Current |
| Grace Building | New York, NY | Office | $450.0M | 2.692% | Dec 2030 | n/a | n/a | Current |
| 545 Washington Boulevard | Jersey City, NJ | Office | $251.6M | 3.405% | Feb 2030 | 2.00x | 91% | Current |
| 605 Third Avenue | New York, NY | Office | $231.0M | 1.938% | Dec 2030 | 4.66x | 83% | Current |
| 250 West 57th Street | New York, NY | Office | $180.0M | 2.829% | Dec 2030 | 4.41x | 85% | Current |
| Mall at Bay Plaza | The Bronx, NY | Retail | $170.0M | 6.715% | Nov 2030 | n/a | n/a | Current |
| 120 Wall Street | New York, NY | Office | $165.0M | 3.201% | Oct 2030 | 2.73x | 91% | Current |
All loans maturing in 2030 · All New York-Newark-Jersey City 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.