← Benchmark 2025-V18 Mortgage Trust · Loan annex · CMBS market
- Deal
- Benchmark 2025-V18 Mortgage Trust
- Current balance
- $41.6M (September 2026)
- Share of deal
- 3.2%
- Status
- 60-89 days delinquent
- DSCR (latest)
- 1.04
- Occupancy (latest)
- 91%
- Scheduled maturity
- 2030-10-06
Property and terms
| Property | HAVEN AT BELLAIRE |
| Address | 20220 BELLAIRE BOULEVARD; Richmond, TX 77407 |
| Property type | Multifamily |
| Units, beds or keys | 297 |
| Net rentable square feet | not yet reported |
| Year built | 2020 |
| Year last renovated | not yet reported |
| Original balance | $41.6M |
| Current balance | $41.6M (September 2026) |
| Share of deal balance | 3.2% |
| Interest rate at origination | 6.26% |
| Current interest rate | 6.26% |
| Origination date | 09-24-2025 |
| Original term | 60 months |
| Amortization term | not yet reported |
| Interest-only period | 60 months |
| Scheduled maturity | 2030-10-06 |
| Prepayment lockout end | 11-05-2026 |
| Yield maintenance end | 07-05-2030 |
| Servicer | Trimont LLC |
| Loan servicer | not yet reported |
| Originator | DBR Investments Co. Limited |
| Current status | 60-89 days delinquent |
| Specially serviced now | Yes |
| Defeased | No |
Valuation
| Basis | Amount | Date | Source (as filed) |
|---|---|---|---|
| At securitization | $57.4M | 07-07-2025 | MAI |
Monthly history
| Month | Balance | Status | Rate | DSCR (NCF) | DSCR (NOI) | Occupancy | Advances | Financial period end | Revenue | Expenses | NOI | NCF |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| October 2025 | $41.6M | Matured balloon, performing | 6.26% | 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 | $41.6M | Current | 6.26% | 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 | $41.6M | Matured balloon, non-performing | 6.26% | not yet reported | not yet reported | not yet reported | $216,996 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| January 2026 | $41.6M | 30-59 days delinquent | 6.26% | not yet reported | not yet reported | not yet reported | $434,002 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| February 2026 | $41.6M | Current | 6.26% | 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 | $41.6M | Current | 6.26% | 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 | $41.6M | Matured balloon, non-performing | 6.26% | not yet reported | not yet reported | not yet reported | $224,229 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| May 2026 | $41.6M | 30-59 days delinquent | 6.26% | not yet reported | not yet reported | not yet reported | $441,225 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| June 2026 | $41.6M | 30-59 days delinquent | 6.26% | not yet reported | not yet reported | not yet reported | $441,225 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| July 2026 | $41.6M | 30-59 days delinquent | 6.26% | 1.04 | 1.07 | 91% | $441,225 | 03-31-2026 | $1.1M | $419,357 | $694,379 | $675,816 |
| August 2026 | $41.6M | 60-89 days delinquent | 6.26% | 1.04 | 1.07 | 91% | $665,454 | 03-31-2026 | $1.1M | $419,357 | $694,379 | $675,816 |
| September 2026 | $41.6M | 60-89 days delinquent | 6.26% | 1.04 | 1.07 | 91% | $665,454 | 03-31-2026 | $1.1M | $419,357 | $694,379 | $675,816 |
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.
Status timeline
| Date | Event |
|---|---|
| January 2026 | First reported 30 or more days delinquent |
| 2026-08-06 | Transferred to the special servicer |
Sources: SEC Form ABS-EE asset-level reports for the deal. Definitions are in the methods note on the market page.