Office · Indianapolis, Indiana
Meridian at North
Meridian at North is financed with a $23.9M CMBS loan at 5.076% that reaches maturity on September 6, 2028, in 22 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $23,912,648
- Original balance (same notes)
- $25,900,000
- Interest rate
- 5.076% fixed
- Originated
- August 14, 2018
- Maturity
- September 6, 2028
- Payments
- Interest only for 36 months, then amortizing
- Prepayment lockout ended
- November 5, 2020
- Master servicer
- Trimont LLC
- Originator
- Ladder Capital Finance LLC
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 500, 509, 550 Meridian Street, Indianapolis, IN 46204
- Metro
- Indianapolis-Carmel-Greenwood, IN
- Rentable area
- 334,506 sq ft
- Built
- 1975, renovated 2014
- Largest tenants
- Hall Render; Indiana Department of Child Services; Blue & Co LLC
- Value at securitization
- $42.4M (Jan 2018)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.74x | 0.59x |
| Occupancy | 100% | 65% |
| Net operating income (annualized from 6 months) | $2.9M | $998K |
| Debt yield | 4.2% |
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 Wells Fargo Commercial Mortgage Trust 2018-C47 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- NOI down 20% or more from securitization
On the cmbs.news watch list in every report since June 2026.
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 fallen from 100% when the loan was securitized to 65%.
- Net operating income is 66% below the underwritten figure ($998K a year against $2.9M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.74x at securitization to 0.59x on the latest statements.
- At 0.59x, the property's reported NOI does not cover its debt service.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $23.9M | Current | No | 0.59x | 65% |
| August 2026 | $23.9M | Current | No | 0.48x | 59% |
| July 2026 | $24.0M | Current | No | 0.48x | 59% |
| June 2026 | $24.0M | Current | No | 0.48x | 59% |
| May 2026 | $24.1M | Current | No | 1.11x | 69% |
| April 2026 | $24.1M | Current | No | 1.11x | 69% |
| March 2026 | $24.1M | Current | No | 1.26x | 73% |
| February 2026 | $24.2M | Current | No | 1.26x | 73% |
| January 2026 | $24.2M | Current | No | 1.26x | 73% |
| December 2025 | $24.2M | Current | No | 1.42x | 73% |
| November 2025 | $24.3M | Current | No | 1.42x | 73% |
| October 2025 | $24.3M | Current | No | 1.42x | 73% |
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 |
|---|---|---|---|---|
| Wells Fargo Commercial Mortgage Trust 2018-C47 | 9 | $23,912,648 | Sep 2026 | SEC filing, September 29, 2026 |
Other Indianapolis-Carmel-Greenwood loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Meridian Plaza | Carmel, IN | Office | $31.5M | 7.67% | Jun 2028 | 1.72x | 74% | Current |
| Castleton Commons and Square | Indianapolis, IN | Retail | $30.8M | 5.605% | Nov 2028 | 1.04x | 76% | With the special servicer and 90+ days delinquent |
| Villa Del Sol Apartments | Indianapolis, IN | Multifamily | $22.7M | 4.56% | Apr 2028 | 2.96x | 100% | Current |
| Franklin Road Distribution Center | Indianapolis, IN | Industrial | $18.5M | 5.486% | Dec 2028 | 2.07x | 84% | Current |
| Embassy Suites Indianapolis North | Indianapolis, IN | Hotel | $18.1M | 5.30% | Mar 2028 | 0.15x | 73% | Current |
| GRM Indianapolis | Indianapolis, IN | Industrial | $17.0M | 6.26% | May 2028 | 2.01x | 100% | Current |
| Lakeside Pointe At Nora | Indianapolis, IN | Multifamily | $15.2M | 5.98% | Nov 2028 | n/a | n/a | Current |
| Camden Oakes | Indianapolis, IN | Multifamily | $14.4M | 4.91% | Sep 2028 | 1.82x | 96% | Current |
All loans maturing in 2028 · 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.