Mixed use · Boston, Massachusetts
Vertex Hq
Public CMBS trusts hold $311.5M of the loan on Vertex Hq at 4.936% that reaches maturity on September 1, 2030, in 3 years and 10 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $311,500,000
- Original balance (same notes)
- $311,500,000
- Interest rate
- 4.936% fixed
- Originated
- August 6, 2025
- Maturity
- September 1, 2030
- Payments
- Interest only for the full term
- Prepayment lockout ends
- March 31, 2030
- Master servicer
- Trimont LLC
- Originator
- MSBNA
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 11 Fan Pier Boulevard and 50 Northern Avenue, Boston, MA 02210
- Metro
- Boston-Cambridge-Newton, MA-NH
- Rentable area
- 1,134,479 sq ft
- Built
- 2013
- Largest tenants
- Vertex Pharmaceuticals Inc.; Bright Horizons Children's Center; Pier 50 LLC
- Value at securitization
- $1.6B (Jun 2025)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 3.30x | 1.41x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 6 months) | $92.2M | $80.2M |
| Debt yield | 25.8% |
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 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.
- Coverage down 0.25x or more from securitization
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 13% below the underwritten figure ($80.2M a year against $92.2M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 3.30x at securitization to 1.41x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $311.5M | Current | No | 1.41x | 100% |
| August 2026 | $311.5M | Current | No | 1.39x | 100% |
| July 2026 | $311.5M | Current | No | 1.39x | 100% |
| June 2026 | $311.5M | Current | No | n/a | n/a |
| May 2026 | $311.5M | Current | No | n/a | n/a |
| April 2026 | $311.5M | Current | No | n/a | n/a |
| March 2026 | $311.5M | Current | No | n/a | n/a |
| February 2026 | $311.5M | Current | No | n/a | n/a |
| January 2026 | $311.5M | Current | No | n/a | n/a |
| December 2025 | $311.5M | Current | No | n/a | n/a |
| November 2025 | $311.5M | Current | No | 2.26x | 100% |
| October 2025 | $236.9M | Current | No | 2.26x | 100% |
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 |
|---|---|---|---|---|
| BBCMS Mortgage Trust 2025-5C37 | 2 | $70,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BANK5 2025-5YR17 | 1 | $60,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
| Wells Fargo Commercial Mortgage Trust 2025-5C6 | 8 | $32,300,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BANK5 2025-5YR17 | 1A | $30,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2025-5C2 | 2 | $30,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2025-5C2 | 2A | $24,600,000 | Sep 2026 | SEC filing, October 2, 2026 |
| Benchmark 2025-V17 Mortgage Trust | 6A | $23,600,000 | Sep 2026 | SEC filing, October 1, 2026 |
| Benchmark 2025-V17 Mortgage Trust | 6 | $21,000,000 | Sep 2026 | SEC filing, October 1, 2026 |
| BMO 2025-5C12 Mortgage Trust | 22 | $10,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2025-5C2 | 2B | $10,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
Other Boston-Cambridge-Newton loans due in 2030
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 500 Kendall Street | Cambridge, MA | Mixed use | $230.0M | 5.912% | Feb 2030 | n/a | n/a | Current |
| Logan Cargo Park | East Boston, MA | Industrial | $120.0M | 6.90% | Mar 2030 | 1.22x | 96% | Current |
| Staples HQ | Framingham, MA | Office | $90.0M | 3.11% | Feb 2030 | 5.08x | 100% | Current |
| 38 Swampscott Road | Salem, MA | Self storage | $67.5M | 6.741% | Mar 2030 | n/a | n/a | Current |
| 825 Morton Street | Boston, MA | Retail | $50.0M | 5.819% | Nov 2030 | n/a | n/a | Current |
| Fresh Pond Cambridge | Cambridge, MA | Retail | $50.0M | 3.15% | Nov 2030 | 3.80x | 98% | Current |
| 133 Peterborough Street | Boston, MA | Multifamily | $41.5M | 6.08% | Mar 2030 | n/a | n/a | Current |
| Brickyard Square | Epping, NH | Retail | $36.5M | 6.87% | Jun 2030 | 0.80x | 82% | Current |
All loans maturing in 2030 · All Boston-Cambridge-Newton 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.