Retail · Indianapolis, Indiana
Michigan Shoppes Road
Michigan Shoppes Road is financed with a $2.4M CMBS loan at 5.80% that reaches maturity on May 6, 2029, in 2 years and 6 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $2,361,629
- Original balance (same notes)
- $2,545,000
- Interest rate
- 5.80% fixed
- Originated
- April 30, 2019
- Maturity
- May 6, 2029
- Payments
- Interest only for 24 months, then amortizing
- Prepayment lockout ends
- March 5, 2029
- Master servicer
- Midland
- Originator
- AREF
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 8760 Michigan Road, Indianapolis, IN 46268
- Metro
- Indianapolis-Carmel-Greenwood, IN
- Rentable area
- 8,314 sq ft
- Built
- 2006
- Largest tenants
- Verizon Wireless; Panda Express; PItway
- Value at securitization
- $3.6M (Feb 2019)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.33x | 0.71x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 3 months) | $238K | $130K |
| Debt yield | 5.5% |
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 Morgan Stanley Capital I Trust 2019-H7 filing for the reporting period ending September 11, 2026, filed with the SEC October 2, 2026.
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- NOI down 20% or more from securitization
- Largest tenant's lease ends within 12 months
On the cmbs.news watch list in every report since July 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
- Net operating income is 46% below the underwritten figure ($130K a year against $238K; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 1.33x at securitization to 0.71x on the latest statements.
- At 0.71x, the property's reported NOI does not cover its debt service.
- The filing gives Jul 2027 as the lease end date for the largest tenant (Verizon Wireless), before the loan matures. Lenders look hard at that rollover.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $2.4M | Current | No | 0.71x | 100% |
| August 2026 | $2.4M | Current | No | 0.71x | 66% |
| July 2026 | $2.4M | Current | No | 0.71x | 66% |
| June 2026 | $2.4M | Current | No | n/a | n/a |
| May 2026 | $2.4M | Current | No | n/a | n/a |
| April 2026 | $2.4M | Current | No | 0.53x | 66% |
| March 2026 | $2.4M | Current | No | 0.53x | 66% |
| February 2026 | $2.4M | Current | No | 0.47x | 66% |
| January 2026 | $2.4M | Current | No | 0.47x | 66% |
| December 2025 | $2.4M | Current | No | 0.51x | 66% |
| November 2025 | $2.4M | Current | No | 0.51x | 66% |
| October 2025 | $2.4M | Current | No | 0.68x | 66% |
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 |
|---|---|---|---|---|
| Morgan Stanley Capital I Trust 2019-H7 | 32 | $2,361,629 | Sep 2026 | SEC filing, October 2, 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 |
| City Center @ Penn | Carmel, IN | Office | $16.0M | 7.34% | Mar 2029 | 1.71x | 97% | 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 |
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.