Bank hits Centre Properties with $43M suit
Three local strip centers owned by longtime Indianapolis developer Centre Properties are the target of a $43 million foreclosure lawsuit brought by the real estate firm’s lender.
Three local strip centers owned by longtime Indianapolis developer Centre Properties are the target of a $43 million foreclosure lawsuit brought by the real estate firm’s lender.
Indiana outpaced the rest of the nation last month in the number of default notices sent to delinquent homeowners and the amount of homes seized as U.S. foreclosure filings rose to a seven-month high.
A building at 4701 Rockville Road, owned by local businessman Thomas Godby, is the target of a $2 million foreclosure suit filed by Old National Bank. The building’s tenants include Tony Stewart Racing Enterprises and Sara Fisher Racing LLC.
Default notices sent to delinquent U.S. homeowners surged 33 percent in August from the previous month, a sign that lenders are speeding up the foreclosure process. Indiana saw an increase of 46 percent, a bigger rise than every state except California.
Lender Merrill Lynch Mortgage Trust is foreclosing on several Indianapolis commercial properties, including two retail centers, owned by Greenwood developer Presnell Cos.
Two Indianapolis-area retail centers are listed in a $16.8 million lawsuit that includes a total of six properties owned by the Presnell Companies of Greenwood.
Theater directors agreed to purchase the property north of the theater on contract in January 2006. Officials hoped to use the land to accommodate an expansion that never materialized.
Huntington National Bank and PNC Bank claim they are owed roughly $25 million on loans related to Broadbent Co.’s purchase and renovation of a building on East Washington Street downtown.
It's not yet clear who submitted the winning bid for the 188-room hotel, which is near Interstate 465 and Pendleton Pike.
PNC Bank last month sued Mays, one of the city’s most prominent black businessmen, charging he defaulted on a $3.5 million loan he received in 2008 that has an unpaid balance of $2 million.
The hotel on the east side of Indianapolis near Interstate 465 and Pendleton Pike will go up for online auction on Tuesday with a minimum starting bid of $300,000.
Indianapolis has lagged in making payments to not-for-profit developers executing a huge federal program to rehab neighborhoods, putting a strain on those groups and setting the city behind in spending its share of the money.
The operator of the building at 8424 Naab Road near St. Vincent Hospital is accused of owing an Illinois investment firm $4 million.
One West Bank in California says it is owed nearly $3.3 million, and is seeking to foreclose on Red Mill Apartments near East 38th Street and North Franklin Road.
Platinum Properties LLC, an Indianapolis upscale residential real estate developer, sought Chapter 11 protection on Monday, listing several huge debts to prominent local businesses and business people.
Foreclosure filings in Indiana dropped 36 percent in the first quarter from the year-ago period, and 27 percent nationally. An industry report, however, attributes the decline to paperwork delays related to a documentation scandal.
First Financial Bank in Ohio is asking a Marion Superior Court judge to appoint a receiver for Woodland Shops on the city’s northwest side and Lakewood Shops on the northeast side.
The complaint, filed in Marion Superior Court, follows a similar suit that was dismissed in federal court. Bank of America and its Countrywide unit are accused of using perjured affidavits to foreclose on homes.
The south-side steakhouse is named in lawsuit stemming from a $1 million loan made to the former owners of a Steak & Ale restaurant at the location on South East Street.
The 83,653-square-foot office building at 6666 E. 75th St. near Binford Boulevard and Interstate 465, is known as Heritage Park II. It is only 55-percent occupied.