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Commercial Real Estate Credit —
South Bend-Mishawaka, IN-MI
The state of disclosed CRE credit in this market · IN, MI
The read
$168M of CMBS across 4 loans. The heaviest maturity load lands in 2029 ($72M, 43% of the book). Distress is flat in the filed record — 0.0% as of 2026-07. 5 on-the-ground distress events in the past year.
Overview
CMBS
Submarkets
Local Banks
Jobs & Demand
On The Ground
Loading map…
The CMBS properties our stress model flags here, plus recent store closures and layoffs. Stressed is a wider net than distressed — the distressed figure above counts only loans already in special servicing or 60+ days delinquent, while these dots also include performing loans facing maturity or coverage pressure. Property dots sit at the center of their ZIP code, not the building — they show where stress concentrates, not which asset. Closures and layoffs are pinned to address where we have it. Open any dot to the building and the loan behind it →
CMBS Distressed UPB
under $1M / 0.0%
in special servicing or 60+ days delinquent
CMBS Maturing ≤ 24mo
$21M
Banks HQ’d Here (stressed)
1 / 2
Bank Early-Warning
0 flagged
Store Closures (1y)
5
Layoff Notices (1y)
0 / 0 jobs
CMBS Loans / UPB
4 / $168M
Unemployment · Aug 2026
4.2%
-0.3pp yr
Office-Using Jobs · 2024
16,539
-1.5% yr
How much CRE distress is there in South Bend-Mishawaka, IN-MI right now?
In South Bend-Mishawaka, IN-MI, one of the four signals is elevated: store closures read 5 closures, or 4.29 per 100k jobs, against 0 notices for layoff notices (WARN) at 0%, bank CRE at lenders over the noncurrent line of $75.3mm at 5%, and 2 loan records for securitized loans in special servicing — though that last figure cannot be read, since legs that cannot be read mean an absence of measurement rather than a quiet reading. Across the pairs compared, pairs with both legs elevated number 0, pairs with both legs quiet number 1, and pairs where the legs disagree number 2, while pairs that cannot be read because a leg is blind come to 3. The count that is elevated is not elevated by size alone.
The figures behind this answer
| Signal | Level | Rate | Rank by count | Rank by rate | Reading |
|---|---|---|---|---|---|
| store closures store closures per 100,000 jobs |
5 closures | 4.29 per 100k jobs | 92 of 392 | 54 of 392 | elevated trailing 365 days to today
|
| layoff notices (WARN) workers on layoff notices as a share of the metro's employment |
0 notices | 0% | 314 of 382 | 308 of 382 | quiet trailing 365 days to today
|
| bank CRE at lenders over the noncurrent line share of the CRE lent into this metro that sits at a lender over the blended-noncurrent line |
$75.3mm | 5% | 177 of 393 | 143 of 393 | quiet
allocated 2026-06-30
|
| securitized loans in special servicing share of the securitized balance read here that is in special servicing |
2 loan records | — | — | — | cannot be read
not measurable 2026-09-29
|
6 pairs compared
0 both elevated
1 both quiet
2 disagreeing
3 unreadable — a side is blind
1 of four legs elevated
blind: securitized loans in special servicing
one metro, four independent feeds, each on its own denominator
124 of 447 metros have at least one blind leg and 54 are blind on all four. Those 54 are the same metros the board's map cannot place and the metro resolver cannot name: one ZIP-to-CBSA crosswalk boundary, showing up three ways.
Elevation is computed on the COUNT, over a flat threshold, which is a size filter. New York is 2nd of 392 by store closures and 264th of the same 392 by closures per job — both true, and which one you lead with decides what the reader believes.
Where two legs disagree, that is usually a fact about WHICH mechanism is running, not an error in either feed and not a worse metro.
A leg with no denominator, or whose numerator cannot be measured, reads LOW and means nothing. Each leg publishes a measurement state (allocated, floor, measured, no denominator, no rate, not measurable) for that reason.
a blind leg is not a quiet one — securitized loans in special servicing cannot be read here. Their low numbers are an absence of MEASUREMENT.
Store closures: divided by 116,466 jobs
— all metro jobs, QCEW annual average — a SIZE normaliser, not a matched population: the feed spans retail, food service and pharmacy and no single QCEW sector covers it. The MATCHED read sits beside it as this leg's second reading (trailing 365 days to today).
Layoff notices (WARN): divided by 145,823 employed
— employed persons, BLS LAUS, not seasonally adjusted (trailing 365 days to today).
Bank CRE at lenders over the noncurrent line: divided by $1,504.5 mm
— bank CRE allocated to this metro by branch deposits (2026-06-30).
Securitized loans in special servicing: divided by $168.0 mm
— current balance on the non-pari-passu rows of this tape — the trust's slice, not the whole loan, on both sides of the ratio (2026-09-29).
Written from the figures above · CBSA 43780 · stress_metro · last changed 01 Nov 2026
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Which distress signals are elevated in South Bend-Mishawaka, IN-MI, and which cannot be read?
In South Bend-Mishawaka, IN-MI, the elevated signal is store closures, while the credit picture is obscured: bank CRE lent into this metro stands at $1.50bn with bank CRE at risk at the 90th percentile of 5.3%, and CRE at lenders over the noncurrent line is $75.3mm, equal to 5.0% of that exposure, against assets at those lenders of $0.10bn and a share of bank CRE needing no branch-deposit allocation of 0.5%; the securitized reading is unavailable — CMBS in special servicing shows $0.0mm and share of this metro's CMBS balance in special servicing 0.0%, but those rows carry no balance, so this is a gap in the tape rather than an absence of distress, and the phase is obscured with credit side unreadable.
The figures behind this answer
- CMBS in special servicing
- $0.0mm
- … as a share of this metro's CMBS balance
- 0.0%
- Bank CRE lent into this metro
- $1.50bn
- … at risk at the 90th percentile
- 5.3%
- CRE at lenders over the noncurrent line
- $75.3mm
- Assets at those lenders
- $0.10bn
- … share needing no branch-deposit allocation
- 0.5%
- Signals reading elevated
- store closures
- Legs agreeing
- 1
- Phase
- obscured
- CMBS loans in special servicing
- 2
- Distressed banks
- 1
- Store closures (past year)
- 5
- WARN notices (past year)
- 0
the ground is deteriorating, and whether CRE credit has been hit here CANNOT BE READ: not one of this metro's 2 special-servicing rows carries a balance — the securitized side is invisible here, which is not the same as quiet
little to no distressed CRE dollars behind the signals; and the securitized side is NOT MEASURED here — all 2 loans in special servicing sit on tape rows carrying no balance, so the $0 is a gap in the tape, not an absence of distress
the ground is wobbling (closures / layoffs) but little CRE-credit distress sits behind it yet — a real-economy signal, not (yet) a CRE-credit event
Written from the figures above · CBSA 43780 · geo_metro_signals · last changed 01 Nov 2026
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Jobs & Demand — the labor market under the collateralWatch it change →
Every other zone on this page reads the credit — what the loan is doing.
This one reads the demand underneath it. Office jobs pay office rent;
office rent services the office loan. When the jobs go, the DSCR follows — but not for another year or two.
That lag is the whole point of looking here.
Unemployment · Aug 2026
4.2%
-0.3pp yr
Last 24 months
3.2%5.2%
Monthly metro unemployment (BLS LAUS) — the freshest labor signal there is,
about six weeks behind. Read the direction, not the level: a 4% metro that is rising and a 6% metro that is
falling are not telling you the same thing.
Jobs by CRE-relevant sector · 2024
Annual employment by sector (BLS QCEW, 2024; 116,466 jobs in the metro).
QCEW lags — it is the structural read, not the current one, and we pair it with the monthly unemployment above on purpose.
Office-using sums five supersectors; where BLS withholds any one of them for
disclosure, we show nothing rather than a number we know is too low — so a missing sector here means
“suppressed at the source,” not “zero.”
Sector Heat — CMBS distress rate by property type (metro vs national)See the loans behind the bar →
Too few CMBS loans here (4) to say whether this metro's rate is explained by its property mix — that comparison needs 25.
No CMBS sector data for this metro.
Maturity Wall — CMBS coming due by year, distress within eachSee what’s maturing →
$21M — 13% of the metro's balance — matures within two years; the red slice of each bar is already distressed.
Distress Trend — is this market turning?Track it quarter by quarter →
Realized distress is FLAT — 0.0% now (2026-07), +0.0pp over the year.
Same definition as the cards above — distressed means in special servicing or 60+ days delinquent, dollar-weighted — on a different clock. The cards are today’s tape; this is the disclosed history panel, quarter by quarter, so you can read direction rather than level. Trusts file monthly, so a quarter is usually well covered within weeks of opening and the newest one shown is normally the current one; it is withheld only when its filed book falls below 60% of recent quarters.
Share of the metro’s CMBS in special servicing or 60+ days delinquent, by quarter — a firmer, backward-looking read. A loan under 1.0x DSCR that is still paying is not counted here.
Submarket Heat — where in the metro the distress sitsOpen the submarket →
The top three submarkets hold $168M of the metro's $168M; each bar's colored share is its distress rate.
Bank Door — what the local bank sector could absorbSee it on every loan’s exit read →
$21M of CMBS matures here within two years.
The 7 regional and local banks that gather deposits here could write roughly
$131M more CRE before the 300% supervisory line, so the maturing balance is
0.16× that room.
The median metro sits at 0.13×.
Regional Bank Room
$131M
After Committed Draws
$78M / −40%
Maturing ÷ Room
0.16×
Banks In Footprint
7 / 0 at the line
The room above is already part-sold. Construction lending is a promise drawn
down over two or three years, and the undrawn part is an obligation the bank cannot decline while the borrower performs
— every one of those dollars lands in the same CRE book the 300% line governs. These banks
have $53M of construction committed and not yet
advanced, of which $53M
comes out of the room above, leaving $78M.
SR 07-1 draws a second line at 100% of capital for construction and land:
2 more cross it
once their own commitments fund.
Counted — 7 regional & local CRE lenders
| Bank | Deposit share | CRE / Capital* | Room contributed | Noncurrent CRE |
|---|---|---|---|---|
| Lake City Bank IN | 7.5% | 209% total 294%
|
🔒 | 0.14% |
| Northwest Bank PA | 1.2% | 109% total 145%
|
🔒 | 1.53% |
| Centier Bank IN | 2.4% | 265% total 318%
|
🔒 | 1.52% |
| First State Bank Of Middlebury IN | 4.9% | 141% total 251%
|
🔒 | 0.58% |
| First Federal Savings Bank IN | 5.6% | 189% total 196%
|
🔒 | 0.00% |
| Horizon Bank IN | 0.5% | 235% total 331%
|
🔒 | 0.26% |
| First Merchants Bank IN | 0.0% | 183% total 243%
|
🔒 | 0.59% |
Not counted — 10 banks with deposits here
These hold deposits in this metro but are left out of the capacity above, because for them deposit location stops indicating where they lend — or they do not lend CRE at all. Real money that could refinance here is deliberately not counted.
no CRE book — CRE under 100% of capital — not a CRE lender
1st Source Bank IN · Jpmorgan Chase Bank, National Association OH · Pnc Bank, National Association DE · Fifth Third Bank, National Association OH · Keybank National Association OH · G. W. Jones Exchange Bank MI · The Huntington National Bank OH
national — operates in more than 5 states, so deposits stop indicating where it lends
* Two ratios, two perimeters.
The large figure is supervisory CRE over total risk-based capital —
construction, multifamily and non-owner-occupied nonfarm nonresidential. That is the book SR 07-1 draws its
300% line against, and it is what the red coloring and the room contributed are both measured on.
Total beneath it adds owner-occupied CRE — lending to a business on
its own premises — which the guidance deliberately leaves out. A bank can sit well above 300% on total CRE and
still be inside the line, with real room to lend; both are shown so the gap is visible rather than surprising.
How to read this. It is not whether any particular loan can refinance — a borrower also reaches
national banks, life companies, agencies and debt funds. It is how much of this metro’s maturing volume the local
bank sector could absorb if it were the only door.
Banks are placed by deposit share (FDIC Summary of Deposits, June 2026) — a proxy for
where they lend, not a measurement; call reports carry no collateral geography. Room = 3× total risk-based capital less CRE held
(SR 07-1, the capital base the rule names — not book equity), from Q2 2026 call reports, apportioned by that share.
Committed construction comes from FFIEC Schedule RC-L as filed at 2026-06-30 —
the undrawn half of loans already written, which the balance sheet above does not show.
Banks in more than 5 states, single-branch bookers and banks that do not lend CRE are excluded —
315 banks holding $263.8B of national capacity not counted here.
Local Lenders — banks headquartered here, worst CRE noncurrent firstUnlock each bank’s early-warning flag →
| Bank | Total CRE | CRE / Capital* | Noncurrent CRE | Early Warning |
|---|---|---|---|---|
| 1st Source Bank | $1.2B | 56% total 89%
|
0.17% | 🔒 |
* Two ratios, two perimeters.
The large figure is supervisory CRE over total risk-based capital —
construction, multifamily and non-owner-occupied nonfarm nonresidential. That is the book SR 07-1 draws its
300% line against, and it is what the red coloring and the room contributed are both measured on.
Total beneath it adds owner-occupied CRE — lending to a business on
its own premises — which the guidance deliberately leaves out. A bank can sit well above 300% on total CRE and
still be inside the line, with real room to lend; both are shown so the gap is visible rather than surprising.
Banks are matched to their HQ metro (a proxy for footprint). Noncurrent CRE = CRE-balance-weighted blend of multifamily / nonresidential / construction noncurrent (distress already arrived). Early Warning is a validated leading signal — the bank’s 30-89 early-delinquency rank among all CRE lenders this quarter, which has predicted ~2.3× forward CRE distress. Per-bank flags are on a plan.
Do the banks lending in South Bend-Mishawaka, IN-MI have the capacity to refinance its maturing CRE?
Yes, comfortably. The metro's capacity band reads as slack: the CMBS maturing in the window is $21.5mm across 1 loan, while 7 qualifying local banks hold local bank room, before committed draws of $130.9mm, which falls to local bank room, after those draws of $78.1mm once committed construction draws of $52.7mm are deducted. The resulting Wall-to-room ratio is 0.27, or 0.16 before committed draws — above the median but still under a third of available room, and the distressed share of this metro's CMBS is 0.0%. Two caveats temper this: 3 banks are excluded from the calculation, so part of the lending capacity is simply invisible here, and the overall ranking (129 out of this many metros ranked, 275, counted from most strained) places South Bend-Mishawaka in the less strained half.
The figures behind this answer
- CMBS maturing in the window
- $21.5mm
- … across this many loans
- 1
- Local bank room, before committed draws
- $130.9mm
- Committed construction draws
- $52.7mm
- Local bank room, after those draws
- $78.1mm
- Wall-to-room ratio
- 0.27
- Rank, most strained
- 129
- … out of this many metros ranked
- 275
- … before committed draws
- 0.16
- Population ranked against
- CMBS maturing within 24 months against regional/community bank room in this metro
- Qualifying local banks
- 7
- … excluded from the calculation
- 3
- Distressed share of this metro's CMBS
- 0.0%
- Total CMBS balance here
- $168.0mm
- Capacity band
- slack
Compared against a median wall-to-room ratio of
0.24 across the ranked metros.
0.27 is ABOVE the median of 0.24, so this metro is MORE strained than the typical ranked metro
129 of 275, counting from the MOST strained — a LOWER rank number means MORE strain
Room is what regional and community banks could still write before the SR 06-26 concentration line, after deducting construction draws already committed. Deposit footprint is a proxy for lending footprint, not a measurement of it.
The most extreme ratios belong to the smallest metros.
The wall is the CMBS balance maturing within 24 months — the maturing debt this platform can see, not the metro's whole maturity load. Every ratio is an upper bound on how much of it local banks would have to absorb.
A high ratio is as often an exclusion artifact as a credit event. Banks whose deposits do not indicate where they lend (nationals, card and charter banks) are excluded from the room, so a metro served mainly by those reads strained while its credit is simply invisible here.
Written from the figures above · CBSA 43780 · capacity_metro · last changed 30 Oct 2026
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On The Ground — recent closures, layoffs & CRE bankruptciesTie these events to loans →
5 local distress events in the past year — store closures, layoffs, and commercial real estate bankruptcies near this metro's collateral.
2026-08-24
CLOSURE
South Bend
2026-06-08
BANKRUPTCY
CRE-linked bankruptcy
2026-05-31
CLOSURE
Granger
2026-04-06
BANKRUPTCY
CRE-linked bankruptcy
2026-04-06
BANKRUPTCY
CRE-linked bankruptcy
2026-03-26
BANKRUPTCY
CRE-linked bankruptcy
2026-03-26
BANKRUPTCY
CRE-linked bankruptcy
2026-01-22
CLOSURE
South Bend
2025-12-31
CLOSURE
Mishawaka
2025-12-31
CLOSURE
South Bend
2025-10-29
LAYOFF
49 jobs · South Bend
2025-08-31
CLOSURE
South Bend
2025-04-23
LAYOFF
203 jobs · South Bend
2023-03-23
LAYOFF
261 jobs · South Bend
2021-12-10
LAYOFF
114 jobs · Granger
What has actually happened on the ground in South Bend-Mishawaka, IN-MI recently?
Over the recent 365-day window in South Bend-Mishawaka, IN-MI, the ground-level readings show 5 store closures approved and matched to the metro, while WARN layoff notices came in at 0, so jobs on those notices stand at 0 (with the caveat that notices stating no headcount contribute zero jobs, making this a floor). CRE-related bankruptcies registered 5, though this is a state-level proxy rather than a metro-native count, so it should not be read as activity inside the metro itself.
The figures behind this answer
- Store closures
- 5
- WARN layoff notices
- 0
- Jobs on those notices
- 0
- CRE-related bankruptcies
- 5
- Window, in days
- 365
STATE PROXY — a court case counts in its filing district and an SEC 8-K in the filer's state, not where the property is, so this counts CRE-likely filings in the states this metro's collateral sits in. It is not a metro-native count. Each court case is counted once even when both PACER and CourtListener carry it. A court case's state is its filing district; an SEC 8-K or news item carries the filer's state. Coverage widened to both court feeds on 2026-09-16, so counts before and after that date are not comparable.
affected_employees is nullable — notices that state no headcount are counted but contribute 0 jobs, so this is a floor.
Closures are matched ZIP -> CBSA and only APPROVED rows count (a pending, machine-extracted row is not yet a closure). This mirrors the Metro Pulse page, not the convergence board — the board applies neither filter and counts higher. Layoffs take the same ZIP -> CBSA and review treatment, and a WARN notice counts if it affects >= 10 people or does not state a headcount (a NULL is not 'fewer than 10').
Written from the figures above · CBSA 43780 · geo_events · last changed 30 Oct 2026
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What this page can’t do
Everything above is a snapshot — one market, as it stands today, and
it’s yours to read. What a snapshot can’t tell you is when it moves: which loan slipped a DSCR band
this month, which bank’s early-warning rank crossed into the top quartile, which submarket started turning
while the headline number still looked fine. Distress doesn’t announce itself on the day you happen to check.
This page
One metro · one moment · you come looking.
Verstavo
Every metro · every month · it comes looking for you.
CMBS covers the securitized slice of CRE; bank, closure and layoff signals widen the view.
“No data” in a zone means we don’t observe it here, not that there is no stress.
Employment is BLS (QCEW annual, LAUS monthly) — public data, and the demand leg under all of it.
See the whole picture, not just the pulse.
Metro Pulse is the free, public read — one page for every market we cover. The platform goes loan‑by‑loan inside it: which buildings carry the stress, when their debt comes due, and your own portfolio benchmarked against the market you are standing in.