Hotel · Indianapolis, Indiana
Crowne Plaza Indianapolis
Crowne Plaza Indianapolis is financed with a $23.2M CMBS loan at 7.152% that reaches maturity on March 6, 2033, in 6 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
- $23,199,099
- Original balance (same notes)
- $24,000,000
- Interest rate
- 7.152% fixed
- Originated
- March 1, 2023
- Maturity
- March 6, 2033
- Payments
- Amortizing over 30 years
- Prepayment lockout ends
- November 5, 2032
- Master servicer
- Midland Loan Services
- Originator
- DBR Investments Co. Limited
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 123 West Louisiana Street 39 West Jackson Place, Indianapolis, IN 46225
- Metro
- Indianapolis-Carmel-Greenwood, IN
- Units, rooms or beds
- 273
- Built
- 1880, renovated 2014
- Value at securitization
- $50.5M (Dec 2023)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.02x | 1.64x |
| Occupancy | 56% | 61% |
| Net operating income | $3.9M | $3.2M |
| Debt yield | 13.7% |
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 2023-B38 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC October 1, 2026.
- Coverage down 0.25x or more from securitization
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 56% when the loan was securitized to 61%.
- Net operating income is 19% below the underwritten figure ($3.2M a year against $3.9M).
- Debt service coverage moved from 2.02x at securitization to 1.64x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $23.2M | Current | No | 1.64x | 61% |
| August 2026 | $23.2M | Current | No | 1.19x | 61% |
| July 2026 | $23.2M | Current | No | 1.19x | 58% |
| June 2026 | $23.3M | Current | No | 1.19x | 58% |
| May 2026 | $23.3M | Current | No | n/a | n/a |
| April 2026 | $23.3M | Current | No | 1.08x | 56% |
| March 2026 | $23.3M | Current | No | 1.08x | 56% |
| February 2026 | $23.4M | Current | No | 0.94x | 56% |
| January 2026 | $23.4M | Current | No | 0.94x | 50% |
| December 2025 | $23.4M | Current | No | 1.13x | 50% |
| November 2025 | $23.4M | Late payment but less than 30 days delinquent | No | 1.13x | 50% |
| October 2025 | $23.4M | Current | No | 1.13x | 49% |
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 2023-B38 Mortgage Trust | 13 | $23,199,099 | Sep 2026 | SEC filing, October 1, 2026 |
Other Indianapolis-Carmel-Greenwood loans due in 2033
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Hyatt Regency Indianapolis | Indianapolis, IN | Hotel | $56.7M | 7.08% | Apr 2033 | n/a | n/a | Current |
| Knoll Ridge | Indianapolis, IN | Multifamily | $42.5M | 7.22% | Sep 2033 | n/a | n/a | With the special servicer and 90+ days delinquent |
| Maple Creek Village Apartments | Indianapolis, IN | Multifamily | $28.2M | 7.15% | Aug 2033 | -0.08x | n/a | With the special servicer and 90+ days delinquent |
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.