IBJNews

$22M foreclosure suit targets local apartment complexes

Back to TopCommentsE-mailPrintBookmark and Share

The owner of three apartment complexes in Indianapolis is the target of a $22 million foreclosure suit brought by a lender seeking to have the properties placed in receivership.

New York-based Merrill Lynch Mortgage Lending Inc. is suing several affiliates of Montvale, N.J.-based Empire American Holdings, which owns 328 properties in 17 states.

In the suit filed Monday in Marion Superior Court, Merrill Lynch alleges Empire affiliates defaulted on a loan provided in May 2007 that included financing for the three Indianapolis complexes.

They are the 160-unit Dogwood Glen Apartments near West 79th Street and Township Line Road on the city’s northwest side; the 125-unit Elmtree Park Apartments near East 10th Street and North German Church Road on the far-east side; and the 135-unit Heathmoore Apartments near South Arlington Avenue and East Thompson Road on the southeast side.

Average monthly rents at the three complexes range from $420 to $508.
 
None of the principal has been paid on any of the three loans, according to the suit. The amounts are $6.7 million on the Dogwood loan, $4.2 million on the Elmtree loan and $5.2 million on the Heathmoore loan, Merrill Lynch alleges.

Millions of dollars in interest and penalties push the total amount owed to nearly $22 million, according to the suit.

Merrill Lynch said trustee U.S. Bank sent its first notice of default in December 2010 and followed with a second notice in March 2011.  

The lender is suing the affiliates for breach of contract and is asking a judge to appoint a receiver to manage the three properties as it attempts to take possession of them.

A phone number listed for Empire American Holdings was not in service Wednesday morning.

Merrill Lynch is represented by attorneys at Barnes & Thornburg LLP.
 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. Yes sir keep cashing those 300K a year checks direct to IMS, while millions disappear from the teams like Rahal's. Guess there wasn't enough ka- ching going around to keep Sarah Fisher in business without their "merger". LOL._____.Meanwhile back in Realville the series with the "best racing in the world" drew what appeared to be about 5000 live spectators ( and probably 1500 of those Target "freebies", and was beaten in the ratings by a series that reportedly consists of "parades" and aired while most people are still sleeping. That will generate those big ka-chings for sure. :-). But, hey, as long as the Speedway gets the cash who gives a damn about the teams?

  2. Welcome to PETERSON LOAN AGENCY Company (A Personalized Service for All Your Financial Needs) We, Liberal Investment Company Providers offers loan at a very low interest rate of 2%, we offer Personal loans, Debt Consolidation Loan, Venture Capital, Business Loan, Educational Loan, Home Loan, and Loan for any reason and urgent needs!. with a maximum duration of 30 years. Have you been turned down by your bank? Do you have bad credit? Do you have unpaid bills? Are you in debt? Do you need to set up a business? Worry no more as we are here to offer you a low interest loan. Our loan ranges from $5,000-USD (Five Thousand US dollars) to $50, 000,000.00.(Fifty Million US dollars). We also lend in USA DOLLARS EURO and POUNDS ! Fill in this form and forward it to our email: PETERSONLOANAGENCY@GMAIL.COM 1. Your Full names:_______ 2. Contact address:_______ 3. Country Of Residence:______ 4. Loan Amount Required:________ 5. Duration:_____ 6. Gender:_____ 7. Occupation:________ 8. Monthly Income:_______ 9. Date Of Birth:________ 10.Telephone Number:________ 11. Purpose of loan:_________ Yours In Service, MR PERRY, PETERSONLOANAGENCY@GMAIL.COM

  3. If I could actually get the prices...I would do this on my own. We need laws that force provides to publish the costs they will charge. Everyone else gives you the price in advance...except hospitals.

  4. I was under the impression that fencing is not allowed on a front yard and that on a corner, both sides are considered "front" yards, therefore can't be fenced without a variance. Also impedes the visibility for drivers at the intersection. Am I understanding this correctly? Might be why a fence was not included in the plans and a request for a variance will have to be made?.

  5. I was a big fan of Cowards and Carrots, which I got a chance to see at the show. It's currently on Kickstarter, but the designer also put out What's He Building in There last year, which got a fair amount of buzz.

ADVERTISEMENT