Retail · Ann Arbor, Michigan
Westgate Shopping Center, Ann Arbor
Westgate Shopping Center is financed with a $23.0M CMBS loan at 6.795% that reaches maturity on October 6, 2030, in 3 years and 11 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $23,000,000
- Original balance (same notes)
- $23,000,000
- Interest rate
- 6.795% fixed
- Originated
- September 30, 2025
- Maturity
- October 6, 2030
- Payments
- Interest only for the full term
- Prepayment lockout ends
- November 5, 2026
- Prepayment premium ends
- May 5, 2030 (yield maintenance)
- Master servicer
- Trimont LLC
- Originator
- SMC
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 2449 West Stadium Boulevard, Ann Arbor, MI 48103
- Metro
- Ann Arbor, MI
- Rentable area
- 169,511 sq ft
- Built
- 1961, renovated 2006
- Largest tenants
- T J Maxx; ANN ARBOR PUBLIC LIBRARY; Staples
- Value at securitization
- $40.2M (Aug 2025)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.58x | 1.49x |
| Occupancy | 92% | 100% |
| Net operating income (annualized from 6 months) | $2.5M | $2.4M |
| Debt yield | 10.3% |
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.
- 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
- Occupancy has risen from 92% when the loan was securitized to 100%.
- The filing gives Jan 2027 as the lease end date for the largest tenant (T J Maxx), 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 | $23.0M | Current | No | 1.49x | 100% |
| August 2026 | $23.0M | Current | No | 1.49x | 100% |
| July 2026 | $23.0M | Current | No | n/a | n/a |
| June 2026 | $23.0M | Current | No | n/a | n/a |
| May 2026 | $23.0M | Current | No | n/a | n/a |
| April 2026 | $23.0M | Current | No | n/a | n/a |
| March 2026 | $23.0M | Current | No | n/a | n/a |
| February 2026 | $23.0M | Current | No | n/a | n/a |
| January 2026 | $23.0M | Current | No | n/a | n/a |
| December 2025 | $23.0M | Current | No | n/a | n/a |
| November 2025 | $23.0M | Current | No | 1.64x | 92% |
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 | 13 | $23,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
Other Ann Arbor loans due in 2030
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Earhart Corporate Center | Ann Arbor, MI | Office | $29.5M | 3.572% | Oct 2030 | 2.11x | 96% | Current |
| 880 Technology Drive | Ann Arbor, MI | Office | $12.7M | 4.245% | Dec 2030 | 1.18x | 88% | Current |
| UM Student Housing Portfolio | Ann Arbor, MI | Multifamily | $11.0M | 3.198% | Dec 2030 | 5.10x | 100% | Current |
| Avis Drive Property | Ann Arbor, MI | Industrial | $10.4M | 3.576% | Dec 2030 | n/a | n/a | Current |
| Cambridge Club Apartments | Ann Arbor, MI | Multifamily | $10.0M | 4.30% | Jul 2030 | 2.91x | 96% | 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.