Office · Carmel, Indiana
City Center @ Penn
City Center @ Penn is financed with a $16.0M CMBS loan at 7.34% that reaches maturity on March 6, 2029, in 2 years and 4 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $16,000,000
- Original balance (same notes)
- $16,000,000
- Interest rate
- 7.34% fixed
- Originated
- February 29, 2024
- Maturity
- March 6, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ends
- January 5, 2029
- Master servicer
- Midland Loan Services
- Originator
- Citi Real Estate Funding Inc.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 1320 City Center Drive, Carmel, IN 46032
- Metro
- Indianapolis-Carmel-Greenwood, IN
- Rentable area
- 143,091 sq ft
- Built
- 2007, renovated 2020
- Largest tenants
- Belden, Inc.; Baker Hill Solutions LLC; Bio-Medical Applications of Indiana, Inc.
- Value at securitization
- $24.1M (Jan 2024)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.78x | 1.71x |
| Occupancy | 91% | 97% |
| Net operating income (annualized from 6 months) | $2.1M | $4.1M |
| Debt yield | 25.6% |
Debt yield here is the latest NOI divided by the balance held in the trusts below. If part of the loan sits outside them, the true figure is lower.
Watch flags
Computed from the Benchmark 2024-V6 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
None this month. No flag in the cmbs.news screen applies to this loan.
cmbs.news's own rule-based labels on the filed fields (definitions), not a credit rating, a prediction or a view of the borrower.
What the filing shows
- Occupancy has risen from 91% when the loan was securitized to 97%.
- Net operating income is 93% above the underwritten figure ($4.1M a year against $2.1M; the latest statement covers 6 months, annualized).
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $16.0M | Current | No | 1.71x | 97% |
| August 2026 | $16.0M | Current | No | 1.71x | 97% |
| July 2026 | $16.0M | Current | No | n/a | n/a |
| June 2026 | $16.0M | Current | No | n/a | n/a |
| May 2026 | $16.0M | Current | No | n/a | n/a |
| April 2026 | $16.0M | Current | No | 1.78x | 97% |
| March 2026 | $16.0M | Current | No | 1.78x | 97% |
| February 2026 | $16.0M | Current | No | 1.74x | 97% |
| January 2026 | $16.0M | Current | No | 1.74x | 97% |
| December 2025 | $16.0M | Current | No | 1.74x | 97% |
| November 2025 | $16.0M | Current | No | 1.72x | 97% |
| October 2025 | $16.0M | Current | No | 1.72x | 97% |
From each trust's ABS-EE filing for that month. Coverage and occupancy change only when the servicer reports new statements. If one trust holding a piece of the loan skipped a month, that month's balance reads low.
Where the loan sits
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Benchmark 2024-V6 Mortgage Trust | 25 | $16,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other Indianapolis-Carmel-Greenwood loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Allied Solutions | Carmel, IN | Office | $17.6M | 4.485% | Feb 2029 | 3.90x | 100% | Current |
| Sawmill Apartments | Indianapolis, IN | Multifamily | $15.5M | 6.10% | Dec 2029 | 1.07x | 81% | Delinquent |
| Keystone Crossing | Indianapolis, IN | Mixed use | $14.4M | 3.655% | Nov 2029 | n/a | n/a | Current |
| Bellagio West Apartments | Indianapolis, IN | Multifamily | $14.4M | 7.362% | Dec 2029 | n/a | n/a | Current |
| Holiday Inn Express - Indianapolis, IN | Indianapolis, IN | Hotel | $11.7M | 3.897% | Nov 2029 | n/a | n/a | Current |
| Meridian Tower | Indianapolis, IN | Office | $11.6M | 4.96% | Jan 2029 | 1.76x | 85% | Late, less than 30 days |
| Holiday Inn Express Indianapolis West Airport | Indianapolis, IN | Hotel | $9.9M | 7.75% | Sep 2029 | 1.45x | 70% | Current |
| Candlewood Suites Indianapolis Downtown Medical District | Indianapolis, IN | Hotel | $8.8M | 5.38% | Feb 2029 | n/a | n/a | Current |
All loans maturing in 2029 · All Indianapolis-Carmel-Greenwood loans
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting period ending September 11, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.