CMBS loans in Indiana
By Brad Beattie, Director, Capital Markets, Janover Capital LLC · Published
199 CMBS loans with $3.0 billion outstanding are secured by property in Indiana, 1.1% of all CMBS debt still in trusts (SEC Form ABS-EE filings, as of October 28, 2026). Loans made there in the 12 months to October 19, 2026 had a median rate of 6.16% (25 loans), against 6.40% nationally.
- Live CMBS loans
- 199
- $3.0B outstanding
- Loans made, last 12 months
- 25
- $397M
- Median rate, last 12 months
- 6.16%
- 25 loans
- Maturing 2027 to 2028
- $652M
- 52 loans
Property mix
Multifamily is the largest share of Indiana's CMBS debt, $993M across 46 loans.
- Multifamily46 loans $993M
- Office20 loans $428M
- Retail47 loans $424M
- Industrial17 loans $407M
- Hotel26 loans $367M
- Self-storage16 loans $174M
- Mobile home park20 loans $164M
- Mixed use6 loans $76.0M
Lenders active in Indiana
The originators with the most Indiana loans in CMBS trusts from the last 12 months.
- Barclays 10
- Morgan Stanley 3
- Natixis 2
- AxLender 1
- Bank of America 1
- Zions Bank 1
- BMO 1
- Ladder Capital 1
Full rankings: CMBS lenders.
Indiana CMBS maturities by year
25 loans ($317 million) mature in 2027 and 27 ($335 million) in 2028. 8 loans (4.0% of the state's loans) are with a special servicer, against 4.3% nationally, and 3.5% are 60 or more days delinquent.
| Year | Balance | Loans |
|---|---|---|
| 2026 | $44.9M | 2 |
| 2027 | $317M | 25 |
| 2028 | $335M | 27 |
| 2029 | $647M | 47 |
| 2030 | $387M | 22 |
| 2031 | $664M | 42 |
| 2032 | $206M | 12 |
2026 includes 2 loans already past maturity and still outstanding. What to do before a maturity: CMBS maturity wall; size a refinance with the refinance calculator.
Where the loans are
Cities with the most live CMBS loans in Indiana: Indianapolis (62), Fort Wayne (12), Bloomington (10), Carmel (8), Evansville (4), Muncie (4), Noblesville (4), Terre Haute (4).
Every loan, property by property, is listed on cmbs.news by metro area: Chicago-Naperville-Elgin, IL-IN, Indianapolis-Carmel-Greenwood, IN, Cincinnati, OH-KY-IN, Louisville/Jefferson County, KY-IN, Fort Wayne, IN.
Rates depend on the property and the loan far more than on the state. See CMBS loan rates by property type and term, and every state compared.
Source: SEC Form ABS-EE asset-level filings (Schedule AL) for CMBS trusts, compiled by cmbs.news; data as of October 28, 2026. Pari passu pieces of one loan are counted once. Each loan is placed in the state of its largest property; portfolio loans count once. How each figure is built: methodology. Download the tables: CMBS data (CSV).
Questions people ask
How many CMBS loans are there in Indiana?
199 loans with $3.0 billion outstanding were still reporting in CMBS trusts as of October 28, 2026, counted by the state of each loan's largest property. Multifamily is the largest share by balance.
What are CMBS rates in Indiana?
The median original rate on Indiana CMBS loans originated in the 12 months to October 19, 2026 was 6.16% across 25 loans; the middle half ran from 6.06% to 6.58%. Rates depend far more on property type and leverage than on state.
How many Indiana CMBS loans mature in 2027 and 2028?
25 loans ($317 million) in 2027 and 27 ($335 million) in 2028.
Financing property in Indiana?
Send the deal. Janover Capital LLC will ask CMBS, bank and life company lenders to price it.