← Benchmark 2025-V13 Mortgage Trust · Loan annex · CMBS market
- Deal
- Benchmark 2025-V13 Mortgage Trust
- Current balance
- $50.0M (September 2026)
- Share of deal
- 6.5%
- Status
- Current
- DSCR (latest)
- 2.62
- Occupancy (latest)
- 98%
- Scheduled maturity
- 2030-01-06
Property and terms
| Property | Herald Center |
| Address | 1293-1311 Broadway; New York, NY 10001 |
| Property type | Mixed use |
| Units, beds or keys | not yet reported |
| Net rentable square feet | 267,207 |
| Year built | 1902 |
| Year last renovated | 2015 |
| Original balance | $50.0M |
| Current balance | $50.0M (September 2026) |
| Share of deal balance | 6.5% |
| Interest rate at origination | 5.43% |
| Current interest rate | 5.43% |
| Origination date | 01-03-2025 |
| Original term | 60 months |
| Amortization term | not yet reported |
| Interest-only period | 60 months |
| Scheduled maturity | 2030-01-06 |
| Prepayment lockout end | 07-05-2029 |
| Yield maintenance end | not yet reported |
| Servicer | Midland Loan Services |
| Loan servicer | not yet reported |
| Originator | Bank of Montreal |
| Current status | Current |
| Specially serviced now | No |
| Defeased | No |
Valuation
| Basis | Amount | Date | Source (as filed) |
|---|---|---|---|
| At securitization | $460.0M | 08-14-2024 | MAI |
| Most recent reported | $3.4M | 2024-10-15 | MAI |
Change from securitization to the most recent reported valuation: -99.3%.
Largest tenants
| Tenant | Square feet | Lease expiration |
|---|---|---|
| YESHIVA UNIVERSITY | 155,025 | 06-30-2056 |
| H&M Fashion USA, Inc. | 62,800 | 01-31-2041 |
| THE JOINT INDUSTRY BOARD OF THE ELECTRICAL INI | 29,279 | 12-31-2043 |
The three largest tenants as reported in the latest asset-level record.
Monthly history
| Month | Balance | Status | Rate | DSCR (NCF) | DSCR (NOI) | Occupancy | Advances | Financial period end | Revenue | Expenses | NOI | NCF |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| February 2025 | $50.0M | Current | 5.43% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| March 2025 | $50.0M | Current | 5.43% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| April 2025 | $50.0M | Current | 5.43% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| May 2025 | $50.0M | Current | 5.43% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| June 2025 | $50.0M | Current | 5.43% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| July 2025 | $50.0M | Current | 5.43% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| August 2025 | $50.0M | Current | 5.43% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| September 2025 | $50.0M | Current | 5.43% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| October 2025 | $50.0M | Current | 5.43% | 1.93 | 1.93 | 97% | $0 | 06-30-2025 | $28.4M | $13.6M | $14.8M | $14.7M |
| November 2025 | $50.0M | Current | 5.43% | 1.93 | 1.93 | 97% | $0 | 06-30-2025 | $28.4M | $13.6M | $14.8M | $14.7M |
| December 2025 | $50.0M | Current | 5.43% | 2.11 | 2.12 | 97% | $0 | 09-30-2025 | $30.6M | $14.4M | $16.2M | $16.2M |
| January 2026 | $50.0M | Current | 5.43% | 2.11 | 2.12 | 97% | $0 | 09-30-2025 | $30.6M | $14.4M | $16.2M | $16.2M |
| February 2026 | $50.0M | Current | 5.43% | 2.11 | 2.12 | 98% | $0 | 09-30-2025 | $30.6M | $14.4M | $16.2M | $16.2M |
| March 2026 | $50.0M | Current | 5.43% | 2.94 | 2.95 | 98% | $0 | 12-31-2025 | $31.6M | $9.0M | $22.6M | $22.5M |
| April 2026 | $50.0M | Current | 5.43% | 2.94 | 2.95 | 98% | $0 | 12-31-2025 | $31.6M | $9.0M | $22.6M | $22.5M |
| May 2026 | $50.0M | Current | 5.43% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| June 2026 | $50.0M | Current | 5.43% | 2.88 | 2.89 | 98% | $0 | 03-31-2026 | $8.1M | $2.6M | $5.5M | $5.5M |
| July 2026 | $50.0M | Current | 5.43% | 2.52 | 2.52 | 98% | $0 | 03-31-2026 | $8.1M | $2.6M | $5.5M | $5.5M |
| August 2026 | $50.0M | Current | 5.43% | 2.62 | 2.62 | 98% | $0 | 06-30-2026 | $32.5M | $9.5M | $23.0M | $22.9M |
| September 2026 | $50.0M | Current | 5.43% | 2.62 | 2.62 | 98% | $0 | 06-30-2026 | $32.5M | $9.5M | $23.0M | $22.9M |
Revenue, expenses, net operating income (NOI) and net cash flow (NCF) are the most recent financials reported as of each month, for the financial period ending on the date shown. DSCR is debt service coverage on the net cash flow and net operating income bases as reported.
Also filed in other trusts
Loans are sometimes split across trusts (pari passu), and each trust files the loan at its whole-loan amount. A loan with the same property name and origination date is filed in: Benchmark 2025-V14 Mortgage Trust; BMO 2025-5C10 Mortgage Trust; BMO 2025-5C9 Mortgage Trust.
Sources: SEC Form ABS-EE asset-level reports for the deal. Definitions are in the methods note on the market page.