← Benchmark 2025-V17 Mortgage Trust · Loan annex · CMBS market
- Deal
- Benchmark 2025-V17 Mortgage Trust
- Current balance
- $60.0M (September 2026)
- Share of deal
- 9.5%
- Status
- Current
- DSCR (latest)
- 0.74
- Occupancy (latest)
- 94%
- Scheduled maturity
- 2030-07-06
Property and terms
| Property | WARREN CORPORATE CENTER |
| Address | 300, 400 AND 500 WARREN CORPORATE CENTER DRIVE AND 271, 273, 275, 281, 283, 285 AND 289 KING GEORGE ROAD; Warren, NJ 07059 |
| Property type | Office |
| Units, beds or keys | not yet reported |
| Net rentable square feet | 518,260 |
| Year built | 1996 |
| Year last renovated | 2025 |
| Original balance | $60.0M |
| Current balance | $60.0M (September 2026) |
| Share of deal balance | 9.5% |
| Interest rate at origination | 7.76% |
| Current interest rate | 7.76% |
| Origination date | 06-20-2025 |
| Original term | 60 months |
| Amortization term | not yet reported |
| Interest-only period | 60 months |
| Scheduled maturity | 2030-07-06 |
| Prepayment lockout end | not yet reported |
| Yield maintenance end | 03-05-2030 |
| Servicer | not yet reported |
| Loan servicer | not yet reported |
| Originator | DBR Investments Co. Limited |
| Current status | Current |
| Specially serviced now | No |
| Defeased | No |
Valuation
| Basis | Amount | Date | Source (as filed) |
|---|---|---|---|
| At securitization | $160.1M | 05-01-2027 | MAI |
Largest tenants
| Tenant | Square feet | Lease expiration |
|---|---|---|
| PTC Therapeutics Inc. | 361,718 | 05-31-2039 |
| Regeneron Pharmaceuticals Inc | 127,263 | 07-27-2036 |
| REGENERON | 127,263 | 07-31-2036 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September 2025 | $60.0M | Current | 7.76% | 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 | $60.0M | Current | 7.76% | 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 | $60.0M | Current | 7.76% | 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 | $60.0M | Current | 7.76% | 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 |
| January 2026 | $60.0M | Current | 7.76% | 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 |
| February 2026 | $60.0M | Current | 7.76% | 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 2026 | $60.0M | Current | 7.76% | 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 2026 | $60.0M | Current | 7.76% | 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 2026 | $60.0M | Current | 7.76% | 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 | $60.0M | Current | 7.76% | 0.74 | 0.76 | 94% | $0 | 03-31-2026 | $2.9M | $1.4M | $1.5M | $1.4M |
| July 2026 | $60.0M | Current | 7.76% | 0.74 | 0.76 | 94% | $0 | 03-31-2026 | $2.9M | $1.4M | $1.5M | $1.4M |
| August 2026 | $60.0M | Current | 7.76% | 0.74 | 0.76 | 94% | $0 | 03-31-2026 | $2.9M | $1.4M | $1.5M | $1.4M |
| September 2026 | $60.0M | Current | 7.76% | 0.74 | 0.76 | 94% | $0 | 03-31-2026 | $2.9M | $1.4M | $1.5M | $1.4M |
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 2021-B26 Mortgage Trust (segment D03, CIK 1858289); BMO 2025-5C12 Mortgage Trust.
Sources: SEC Form ABS-EE asset-level reports for the deal. Definitions are in the methods note on the market page.