← 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
- $20.8M (September 2026)
- Share of deal
- 3.5%
- Status
- Current
- DSCR (latest)
- 1.41
- Occupancy (latest)
- 100%
- Scheduled maturity
- 2034-12-06
Property and terms
| Property | River East Garage (and 6 more properties) |
| Address | 322 East Ilinois Street; 1725 Champa Street A/k/a 910 18th Street; 222 East Sheridan Avenue; 1140 Bethel Street; 1 West 7th Street; 222 West 7th Street; 120 East Washington Street; Chicago, IL (and 6 more) 60610 |
| Property type | Other (code 98) |
| Units, beds or keys | ["1154", "455", "539", "302", "760", "1625", "354"] |
| Net rentable square feet | 46,127 |
| Year built | not yet reported |
| Year last renovated | ["2008", "2018", "2019", "2018"] |
| Original balance | $23.5M |
| Current balance | $20.8M (September 2026) |
| Share of deal balance | 3.5% |
| Interest rate at origination | 7.75% |
| Current interest rate | 7.75% |
| Origination date | 12-06-2024 |
| Original term | 120 months |
| Amortization term | 420 months |
| Interest-only period | not yet reported |
| Scheduled maturity | 2034-12-06 |
| Prepayment lockout end | 10-05-2034 |
| 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) |
|---|---|---|---|
| Most recent reported | not yet reported | not yet reported | ["MAI", "MAI", "MAI", "MAI", "MAI", "MAI"] |
Largest tenants
| Tenant | Square feet | Lease expiration |
|---|---|---|
| ProKids | not yet reported | ["05-16-2032", "09-30-2031", "12-31-2028", "12-31-2025"] |
| Lamp Post Lounge | not yet reported | ["09-30-2031", "01-31-2039", "10-31-2027", "09-30-2028"] |
| Fuel Bar & Grill | not yet reported | ["01-31-2039", "12-31-2028", "12-31-2025", "03-31-2027"] |
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 | $23.4M | Current | 7.75% | 1.37 | 1.37 | not yet reported | $0 | 09-30-2024 | $15.3M | $6.7M | $8.6M | $8.6M |
| September 2025 | $23.4M | Current | 7.75% | 1.45 | 1.50 | 100% | $0 | 06-30-2025 | $16.2M | $6.8M | $9.4M | $9.1M |
| October 2025 | $23.4M | Current | 7.75% | 1.45 | 1.50 | 100% | $0 | 06-30-2025 | $16.2M | $6.8M | $9.4M | $9.1M |
| November 2025 | $23.4M | Current | 7.75% | 1.45 | 1.50 | 100% | $0 | 06-30-2025 | $16.2M | $6.8M | $9.4M | $9.1M |
| December 2025 | $23.4M | Current | 7.75% | 1.45 | 1.50 | 100% | $0 | 06-30-2025 | $16.2M | $6.8M | $9.4M | $9.1M |
| January 2026 | $23.4M | Current | 7.75% | 1.51 | 1.57 | 95% | $0 | 09-30-2025 | $16.8M | $7.0M | $9.8M | $9.5M |
| February 2026 | $23.4M | Current | 7.75% | 1.51 | 1.57 | 95% | $0 | 09-30-2025 | $16.8M | $7.0M | $9.8M | $9.5M |
| March 2026 | $23.4M | Current | 7.75% | 1.46 | 1.52 | 95% | $0 | 12-31-2025 | $16.4M | $6.9M | $9.5M | $9.2M |
| April 2026 | $20.8M | Current | 7.75% | 1.46 | 1.52 | 95% | $0 | 12-31-2025 | $16.4M | $6.9M | $9.5M | $9.2M |
| May 2026 | $20.8M | Current | 7.75% | 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 | $20.8M | Current | 7.75% | 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 | $20.8M | Current | 7.75% | 1.41 | 1.45 | 95% | $0 | 03-31-2026 | $3.8M | $1.5M | $2.3M | $2.2M |
| August 2026 | $20.8M | Current | 7.75% | 1.41 | 1.45 | 95% | $0 | 03-31-2026 | $3.8M | $1.5M | $2.3M | $2.2M |
| September 2026 | $20.8M | Current | 7.75% | 1.41 | 1.45 | 100% | $0 | 03-31-2026 | $3.8M | $1.5M | $2.3M | $2.2M |
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 |
|---|---|
| 2026-03-27 | Loan modified (rate after modification 0.00%; maturity after modification 2034-12-06; payment after modification $0) |
| 2026-07-06 | Loan modified (rate after modification 0.00%; maturity after modification 2034-12-06) |
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-C32.
Sources: SEC Form ABS-EE asset-level reports for the deal. Definitions are in the methods note on the market page.