← Morgan Stanley Bank of America Merrill Lynch Trust 2025-C35 · Loan annex · CMBS market
- Deal
- Morgan Stanley Bank of America Merrill Lynch Trust 2025-C35
- Current balance
- $27.2M (September 2026)
- Share of deal
- 4.6%
- Status
- Current
- DSCR (latest)
- not yet reported
- Occupancy (latest)
- not yet reported
- Scheduled maturity
- 2035-07-06
Property and terms
| Property | Honolulu Fbi Office |
| Address | 91-1300 Enterprise Street; Kapolei, HI 96707 |
| Property type | Office |
| Units, beds or keys | not yet reported |
| Net rentable square feet | 150,365 |
| Year built | 2011 |
| Year last renovated | not yet reported |
| Original balance | $27.2M |
| Current balance | $27.2M (September 2026) |
| Share of deal balance | 4.6% |
| Interest rate at origination | 7.25% |
| Current interest rate | 7.25% |
| Origination date | 07-01-2025 |
| Original term | 120 months |
| Amortization term | not yet reported |
| Interest-only period | 120 months |
| Scheduled maturity | 2035-07-06 |
| Prepayment lockout end | 03-05-2035 |
| Yield maintenance end | not yet reported |
| Servicer | Midland |
| Loan servicer | not yet reported |
| Originator | Argentic Real Estate Finance 2 LLC |
| Current status | Current |
| Specially serviced now | No |
| Defeased | No |
Valuation
| Basis | Amount | Date | Source (as filed) |
|---|---|---|---|
| At securitization | $87.4M | 03-18-2025 | MAI |
| Most recent reported | $87.4M | 2025-03-18 | MAI |
Change from securitization to the most recent reported valuation: 0.0%.
Largest tenants
| Tenant | Square feet | Lease expiration |
|---|---|---|
| The United States of America acting by and through Federal Bureau of I | 150,365 | 10-22-2032 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| August 2025 | $27.2M | Current | 7.25% | 1.91 | 1.91 | 100% | $0 | 05-31-2025 | $9.4M | $2.8M | $6.6M | $6.6M |
| September 2025 | $27.2M | Current | 7.25% | 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 | $27.2M | Current | 7.25% | 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 | $27.2M | Current | 7.25% | 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 | $27.2M | Current | 7.25% | 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 | $27.2M | Current | 7.25% | 1.86 | 1.91 | 100% | $0 | 09-30-2025 | $9.6M | $2.9M | $6.6M | $6.5M |
| February 2026 | $27.2M | Current | 7.25% | 1.86 | 1.91 | 100% | $0 | 09-30-2025 | $9.6M | $2.9M | $6.6M | $6.5M |
| March 2026 | $27.2M | Current | 7.25% | 2.04 | 2.09 | 100% | $0 | 12-31-2025 | $10.2M | $3.0M | $7.3M | $7.1M |
| April 2026 | $27.2M | Current | 7.25% | 2.04 | 2.09 | 100% | $0 | 12-31-2025 | $10.2M | $3.0M | $7.3M | $7.1M |
| May 2026 | $27.2M | Current | 7.25% | 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 | $27.2M | Current | 7.25% | 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 | $27.2M | Current | 7.25% | 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 | $27.2M | Current | 7.25% | 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 | $27.2M | Current | 7.25% | 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: BBCMS Mortgage Trust 2025-C39; Benchmark 2025-B41 Mortgage Trust.
Sources: SEC Form ABS-EE asset-level reports for the deal. Definitions are in the methods note on the market page.