← Benchmark 2025-V15 Mortgage Trust · Loan annex · CMBS market
- Deal
- Benchmark 2025-V15 Mortgage Trust
- Current balance
- $25.0M (September 2026)
- Share of deal
- 3.4%
- Status
- Current
- DSCR (latest)
- 1.22
- Occupancy (latest)
- 93%
- Scheduled maturity
- 2030-06-06
Property and terms
| Property | 1700 PAVILION |
| Address | 1700 SOUTH PAVILION CENTER DRIVE; Las Vegas, NV 89135 |
| Property type | Office |
| Units, beds or keys | not yet reported |
| Net rentable square feet | 265,898 |
| Year built | 2022 |
| Year last renovated | not yet reported |
| Original balance | $55.0M |
| Current balance | $25.0M (September 2026) |
| Share of deal balance | 3.4% |
| Interest rate at origination | 7.07% |
| Current interest rate | 7.07% |
| Origination date | 05-09-2025 |
| Original term | 60 months |
| Amortization term | not yet reported |
| Interest-only period | 60 months |
| Scheduled maturity | 2030-06-06 |
| Prepayment lockout end | 02-05-2030 |
| Yield maintenance end | not yet reported |
| Servicer | Trimont LLC |
| Loan servicer | not yet reported |
| Originator | German American Capital Corporation |
| Current status | Current |
| Specially serviced now | No |
| Defeased | No |
Valuation
| Basis | Amount | Date | Source (as filed) |
|---|---|---|---|
| At securitization | $121.9M | 02-21-2025 | MAI |
Largest tenants
| Tenant | Square feet | Lease expiration |
|---|---|---|
| WYNN DESIGN & DEVELOPMENT LLC | 42,439 | 12-31-2032 |
| SNELL & WILMER | 27,542 | 06-30-2035 |
| MP MINE OPERATIONS LLC | 27,531 | 10-31-2030 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 2025 | $55.0M | Matured balloon, performing | 7.07% | 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 | $25.0M | Current | 7.07% | 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 | $25.0M | Current | 7.07% | 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 | $25.0M | Current | 7.07% | 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 | $25.0M | Current | 7.07% | 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 | $25.0M | Current | 7.07% | 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 |
| December 2025 | $25.0M | Current | 7.07% | 1.29 | 1.37 | 92% | $0 | 09-30-2025 | $8.4M | $2.9M | $5.5M | $5.2M |
| January 2026 | $25.0M | Current | 7.07% | 1.29 | 1.37 | 92% | $0 | 09-30-2025 | $8.4M | $2.9M | $5.5M | $5.2M |
| February 2026 | $25.0M | Current | 7.07% | 1.29 | 1.37 | 92% | $0 | 09-30-2025 | $8.4M | $2.9M | $5.5M | $5.2M |
| March 2026 | $25.0M | Current | 7.07% | 1.29 | 1.37 | 92% | $0 | 09-30-2025 | $8.4M | $2.9M | $5.5M | $5.2M |
| April 2026 | $25.0M | Current | 7.07% | 1.29 | 1.37 | 92% | $0 | 12-31-2025 | $11.6M | $4.2M | $7.4M | $6.9M |
| May 2026 | $25.0M | Current | 7.07% | 1.29 | 1.37 | 92% | $0 | 12-31-2025 | $11.6M | $4.2M | $7.4M | $6.9M |
| June 2026 | $25.0M | Current | 7.07% | 1.17 | 1.26 | 92% | $0 | 03-31-2026 | $3.2M | $1.5M | $1.7M | $1.6M |
| July 2026 | $25.0M | Current | 7.07% | 1.17 | 1.26 | 92% | $0 | 03-31-2026 | $3.2M | $1.5M | $1.7M | $1.6M |
| August 2026 | $25.0M | Current | 7.07% | 1.17 | 1.26 | 92% | $0 | 03-31-2026 | $3.2M | $1.5M | $1.7M | $1.6M |
| September 2026 | $25.0M | Current | 7.07% | 1.22 | 1.31 | 93% | $0 | 06-30-2026 | $6.5M | $3.0M | $3.5M | $3.3M |
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-V19 Mortgage Trust.
Sources: SEC Form ABS-EE asset-level reports for the deal. Definitions are in the methods note on the market page.