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Another northwest-side apartment complex faces foreclosure

March 16, 2011

For the second time this month, Fannie Mae is seeking to foreclose on a northwest-side apartment complex.

The federal housing giant filed its latest suit March 10 against Canadian-based Graoch Associates LP and is seeking the appointment of a receiver at Inverness Apartment Homes in Indianapolis.

Fannie Mae said Vancouver-based Graoch still owes more than $4 million on a $4.7 million loan the company received in January 2001. The loan was due to be paid off on Feb. 1. Interest on the principal continues to mount at a rate of $1,262 a day, the complaint said.

The 220-unit complex is located at 5810 Sebring Drive in Indianapolis, near 56th Street and Georgetown Road.  

Monthly rents range from $449 for a one-bedroom unit to $700 for a three-bedroom unit.

On its website, Graoch says it owns 10 apartment properties in Indiana, but does not list them.

Also, the agency filed March 1 to foreclose on the 169-unit Arrowwoods Apartments complex at 7135 Warrior Trail, east of Michigan Road.

Its owner, JVM Realty Group, allegedly defaulted on a $4.5 million note. The Oak Brook, Ill.-based firm manages and invests in multifamily properties in several Midwestern states. It has six other complexes in the Indianapolis area.

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