CMBS

Any additional securities that the transaction issues will rank equally with the class that has the same class designation.

A five-year-loan is financing Lyrik, a 495,275-square-foot, 20-story office tower, plus 38,012 square feet of retail space in Boston's Back Bay area, a premiere office submarket.

Basel III recalibration cuts commercial real estate risk weights, unlocking $100 billion in bank lending capacity.

The mortgage's proceeds, with $518 million of cash equity contributed by the sponsor, will also be used to buy Hawaii-based Alexander & Baldwin, a commercial property REIT.

Classes A through SB will receive principal until the balance is reduced to its intended level, then tranches A1, A4, A5 and A-SB certificates will receive principal payments sequentially.

The SASB refinances a $900 million whole loan securitized through LBTY 2016-225L, for renovations and modernizations.

The loan is expected to have an initial term of two years, with the potential three, 12-month extensions.

The pool of mostly multifamily properties has a cap rate of 9.49%, and an LTV rate of 75.1%.

For the trailing 12-month period that ended in October 2025, La Quinta Resort had an occupancy of 59.2%, and a revenue per available room $230.83.