BMO 2025-5C11 is a $698.1 million CMBS conduit transaction with 37 loans secured by 62 properties in 15 states. All of the loans are secured by the borrowers' fee simple interest in the related properties.
The properties are located across 16 Metropolitan Statistical Areas including 45.3% in New York. Multifamily accounts for 47.3% of the pool, mixed-use for 21%, and retail for 17.2%. The diversity of property type could make the pool more resilient during a downturn, KBRA points out
Primary markets account for 72.5% of all properties. KBRA notes that primary markets tend to have larger and more diversified economies than secondary and tertiary markets, which makes them better positioned to recover from economic and real estate downturns.
Five mortgage loan sellers sold loans to the trust: Bank of Montreal, Starwood Mortgage Capital, Société Générale Financial Corporation, KeyBank National Association, and Greystone Commercial Mortgage Capital.
The depositor is BMO Commercial Mortgage Securities, and the issuing entity is BMO 2025-5C11 Mortgage. The master servicer is Midland Loan Services, a division of PNC Bank, National Association, and the special servicer is LNR Partners. The trustee and certificate administrator is Computershare Trust Company, National Association. BellOak is the operating advisor. The certificates follow a sequential paydown structure.
The underwriters are SG Americas Securities, Keybanc Capital Markets, Academy Securities, Bancroft Capital, and Mischler Financial Group.
The pool has higher leverage than recent U.S. private label multi-borrower transactions rated by Fitch, the rating agency points out. The loan-to-value ratio of 107.4% is higher than the 2025 YTD and 2024 averages of 98.3% and 92.4%, respectively. The debt yield of 8.5% is lower than the 2025 YTD and 2024 averages of 10.1% and 10.7%, respectively.
Nineteen classes of certificates representing beneficial ownership interest in the trust are issued. Twelve of these are entitled to principal and interest, six classes receive interest-only, and one class is a residual interest.
Fitch's final ratings for the certificates are AAA for the A-1, A-2, A-3, A-S and X-A notes, AA- for B, A- for C and X-B, BBB for D, BBB- for E, BB- for F and X-F, and B- for G and X-G.
Moody's assigned AAA to the A-1, A-2, A-3 and X-A notes and AA3 to AS.
According to Moody's, the certificates have not been and will not be registered under the Securities Act of 1933. The issuance has been designed to permit resale under SEC rule 144A.
