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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA 20-story apartment tower in midtown Indianapolis is being offered in a receiver sale for more than 36 percent less than the unpaid loan balance.
The local office of CB Richard Ellis is marketing the 166-unit CityView on Meridian for $6.9 million. The 1966 structure on the northeast corner of 38th and Meridian streets includes 164 underground parking spaces, 3,600 square feet of unused first-floor commercial space and a rooftop swimming pool.
The property at 3801 N. Meridian St. is in control of a court-appointed receiver after the previous owner, Chicago-based Freemont Sheridan Properties, defaulted on a loan from Prudential Mortgage Capital Co. The loan balance is more than $11 million.
The receiver, Michigan-based apartment owner and manager McKinley Inc., also manages the Brandywine and The Courts in Indianapolis and Carmel Woods in Carmel.
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