Multifamily · Indianapolis, Indiana
Sawmill Apartments
Sawmill Apartments is financed with a $15.5M CMBS loan at 6.10% that reaches maturity on December 6, 2029, in 3 years and 1 month. As of the Sep 2026 servicer report, the latest filed for this loan, its status is delinquent: 60-89 days delinquent.
The loan
- Balance in tracked trusts
- $15,500,000
- Original balance (same notes)
- $15,500,000
- Interest rate
- 6.10% fixed
- Originated
- December 6, 2024
- Maturity
- December 6, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ends
- October 5, 2029
- Master servicer
- Midland Loan Services
- Originator
- Citi Real Estate Funding Inc.
Status
- Payment status
- 60-89 days delinquent (code 2)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 3708 Lickridge Lane North Drive, Indianapolis, IN 46237
- Metro
- Indianapolis-Carmel-Greenwood, IN
- Units, rooms or beds
- 216
- Built
- 1968, renovated 2024
- Value at securitization
- $26.1M (Sep 2024)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.50x | 1.07x |
| Occupancy | 94% | 81% |
| Net operating income (annualized from 3 months) | $1.4M | $1.0M |
| Debt yield | 6.7% |
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 2024-V12 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
- 30+ days delinquent or matured unpaid
- 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 February 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 94% when the loan was securitized to 81%.
- Net operating income is 28% below the underwritten figure ($1.0M a year against $1.4M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 1.50x at securitization to 1.07x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $15.5M | 60-89 days delinquent | No | 1.07x | 81% |
| August 2026 | $15.5M | 30-59 days delinquent | No | 1.07x | 81% |
| July 2026 | $15.5M | 30-59 days delinquent | No | 1.07x | 81% |
| June 2026 | $15.5M | 30-59 days delinquent | No | 1.83x | 92% |
| May 2026 | $15.5M | 30-59 days delinquent | No | 1.83x | 92% |
| April 2026 | $15.5M | 30-59 days delinquent | No | 1.83x | 92% |
| March 2026 | $15.5M | 30-59 days delinquent | No | 1.83x | 92% |
| February 2026 | $15.5M | 30-59 days delinquent | No | 1.83x | 92% |
| January 2026 | $15.5M | Late payment but less than 30 days delinquent | No | 1.83x | 92% |
| December 2025 | $15.5M | 30-59 days delinquent | No | 1.83x | 92% |
| November 2025 | $15.5M | 30-59 days delinquent | No | 1.83x | 92% |
| October 2025 | $15.5M | Current | No | n/a | n/a |
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-V12 Mortgage Trust | 17 | $15,500,000 | 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 |
| City Center @ Penn | Carmel, IN | Office | $16.0M | 7.34% | Mar 2029 | 1.71x | 97% | Current |
| 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.