IBJNews

North-side office building falls into foreclosure

Back to TopCommentsE-mailPrintBookmark and Share

A nearly 100,000-square-foot office building on East 46th Street in Indianapolis has fallen into foreclosure after lenders found the owner in default on a $4.5 million loan.

LaSalle Bank and UBS Real Estate Investments Inc. filed suit on Aug. 15 against owners Keystone Corporation Square LP and Robert Ferree, claiming they owed a balance of $4.4 million on the loan as of June 20.

Keystone Corporation Square is an affiliate of Landmark Properties Group of Allison Park, Pa.

Landmark CEO Ferree resides in Valencia, Pa., according to court documents. He did not return a phone call seeking comment on the foreclosure.

Landmark owns more than a dozen commercial properties in five states, including Hawthorn Business Centre at 5060 E. 62nd St. in Indianapolis, according to its website.

A hearing has been set for Sept. 5 in Marion Superior Court to appoint a receiver to manage the property on East 46th Street, between North Keystone Avenue and Allisonville Road, during the foreclosure proceedings.

Tenants include ADT Security Services, City of Refuge Christian Church and Miller Coin Washer Co.

Building owners received a loan from UBS in November 2006. The lender notified them in June 2011 that partial payment was due, and UBS assigned LaSalle Bank as trustee on the loan.

With interest and other charges, UBS claims it is owed $5.2 million, according to court documents.
 
 

ADVERTISEMENT

  • eastside
    Keystone is east of Meridian street
  • North Side
    Thank you for the correction.
  • Oh...
    to tell the IBJ Staff that 46TH & KEYSTONE IS NOT ON THE EAST SIDE! Don't they have a big map on the wall of the newsroom there that you could look at before printing such things?
    • Who cares?
      Big whoop! A commercial property being foreclosed on. Why is this news? It's at 46th & Keystone. Are we supposed to be shocked that a property is in foreclosure proceedings there?
    • Tip of the iceberg
      This is just the tip of the Commercial Property Iceberg. I am very concerned about Regional Banks currently holding the paper on multi-million dollar commercial property loans.

    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. With Pence running the ship good luck with a new government building on the site. He does everything on the cheap except unnecessary roads line a new beltway( like we need that). Things like state of the art office buildings and light rail will never be seen as an asset to these types. They don't get that these are the things that help a city prosper.

    2. Does the $100,000,000,000 include salaries for members of Congress?

    3. "But that doesn't change how the piece plays to most of the people who will see it." If it stands out so little during the day as you seem to suggest maybe most of the people who actually see it will be those present when it is dark enough to experience its full effects.

    4. That's the mentality of most retail marketers. In this case Leo was asked to build the brand. HHG then had a bad sales quarter and rather than stay the course, now want to go back to the schlock that Zimmerman provides (at a considerable cut in price.) And while HHG salesmen are, by far, the pushiest salesmen I have ever experienced, I believe they are NOT paid on commission. But that doesn't mean they aren't trained to be aggressive.

    5. The reason HHG's sales team hits you from the moment you walk through the door is the same reason car salesmen do the same thing: Commission. HHG's folks are paid by commission they and need to hit sales targets or get cut, while BB does not. The sales figures are aggressive, so turnover rate is high. Electronics are the largest commission earners along with non-needed warranties, service plans etc, known in the industry as 'cheese'. The wholesale base price is listed on the cryptic price tag in the string of numbers near the bar code. Know how to decipher it and you get things at cost, with little to no commission to the sales persons. Whether or not this is fair, is more of a moral question than a financial one.

    ADVERTISEMENT