← Benchmark 2025-V14 Mortgage Trust · Loan annex · CMBS market
- Deal
- Benchmark 2025-V14 Mortgage Trust
- Current balance
- $40.0M (September 2026)
- Share of deal
- 4.3%
- Status
- Current
- DSCR (latest)
- not yet reported
- Occupancy (latest)
- not yet reported
- Scheduled maturity
- 2030-01-09
Property and terms
| Property | The Spiral |
| Address | 66 Hudson Boulevard A/k/a 509/527 W 34th Street; New York, NY 10001 |
| Property type | Office |
| Units, beds or keys | not yet reported |
| Net rentable square feet | 2,844,343 |
| Year built | 2022 |
| Year last renovated | not yet reported |
| Original balance | $40.0M |
| Current balance | $40.0M (September 2026) |
| Share of deal balance | 4.3% |
| Interest rate at origination | 5.50% |
| Current interest rate | 5.50% |
| Origination date | 01-09-2025 |
| Original term | 60 months |
| Amortization term | not yet reported |
| Interest-only period | 60 months |
| Scheduled maturity | 2030-01-09 |
| Prepayment lockout end | 07-08-2029 |
| Yield maintenance end | not yet reported |
| Servicer | Wells Fargo |
| Loan servicer | not yet reported |
| Originator | Goldman Sachs Bank USA |
| Current status | Current |
| Specially serviced now | No |
| Defeased | No |
Valuation
| Basis | Amount | Date | Source (as filed) |
|---|---|---|---|
| At securitization | $4.60B | 12-01-2026 | MAI |
| Most recent reported | $4.60B | 2026-12-01 | MAI |
Change from securitization to the most recent reported valuation: 0.0%.
Largest tenants
| Tenant | Square feet | Lease expiration |
|---|---|---|
| Pfizer Inc. | 767,669 | 02-28-2027 |
| Debevoise & Plimpton LLP | 530,722 | 10-31-2042 |
| TPG Global, LLC | 340,346 | 07-31-2041 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| April 2025 | $40.0M | Current | 5.50% | 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 | $40.0M | Current | 5.50% | 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 | $40.0M | Matured balloon, non-performing | 5.50% | not yet reported | not yet reported | not yet reported | $189,384 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| July 2025 | $40.0M | Current | 5.50% | 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 | $40.0M | Matured balloon, non-performing | 5.50% | not yet reported | not yet reported | not yet reported | $189,384 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| September 2025 | $40.0M | Current | 5.50% | 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 | $40.0M | Current | 5.50% | 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 |
| November 2025 | $40.0M | Current | 5.50% | 2.00 | 2.04 | 96% | $0 | 06-30-2025 | $438.1M | $102.4M | $335.7M | $329.4M |
| December 2025 | $40.0M | Matured balloon, non-performing | 5.50% | 2.00 | 2.04 | 96% | $183,275 | 06-30-2025 | $438.1M | $102.4M | $335.7M | $329.4M |
| January 2026 | $40.0M | Current | 5.50% | 2.05 | 2.09 | 96% | $0 | 09-30-2025 | $449.7M | $103.4M | $346.3M | $340.0M |
| February 2026 | $40.0M | Current | 5.50% | 2.05 | 2.09 | 96% | $0 | 09-30-2025 | $449.7M | $103.4M | $346.3M | $340.0M |
| March 2026 | $40.0M | Current | 5.50% | 2.05 | 2.09 | 96% | $0 | 09-30-2025 | $449.7M | $103.4M | $346.3M | $340.0M |
| April 2026 | $40.0M | Current | 5.50% | 2.05 | 2.09 | 96% | $0 | 09-30-2025 | $449.7M | $103.4M | $346.3M | $340.0M |
| May 2026 | $40.0M | Current | 5.50% | 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 | $40.0M | Current | 5.50% | 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 2026 | $40.0M | Current | 5.50% | 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 2026 | $40.0M | Current | 5.50% | 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 2026 | $40.0M | Current | 5.50% | 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 |
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: BANK5 2025-5YR13; BANK5 2025-5YR14; Benchmark 2025-V13 Mortgage Trust; Morgan Stanley Bank of America Merrill Lynch Trust 2025-5C1.
Sources: SEC Form ABS-EE asset-level reports for the deal. Definitions are in the methods note on the market page.