BBCMS Mortgage Trust 2025-C35 closes $692M public CMBS issuance backed by 33 loans

BBCMS Mortgage Trust 2025-C35

Public certificates issued: $691,826,000 principal; net proceeds ~$705.1M after $4.5M expenses.
Trust collateral consists of 33 commercial, multifamily and manufactured housing mortgage loans.
Risk retention via Class VRR vertical interest (3.35%) and Class J/K-RR horizontal interest (~1.72% fair value).
Underwriters include Barclays, SG Americas, Deutsche Bank, UBS Securities, BofA, Goldman Sachs, J.P. Morgan, Academy, Bancroft.
Closing date July 24, 2025; Pooling and Servicing Agreement effective July 1, 2025.

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