Bank seeks foreclosure on two strip centers

April 8, 2011

A Hamilton, Ohio-based lender is seeking to foreclose on two Indianapolis strip centers owned by the same person.

First Financial Bank, which purchased distressed Irwin Union Bank in Columbus, Ind., in 2009, filed suit April 5 against Woodland Shops LLC and Lakewood Shops LLC, and also named their owner, Kurtis L. Mathewson.

Mathewson, also a race car driver, is a former director at Coldwell Banker Commercial in Indianapolis and co-owns local go-kart shop Evolution Karting on Gasoline Alley on the city’s west side.

First Financial is seeking the appointment of a receiver at both strip centers, which are alleged to owe the bank a total of $2.6 million.

Woodland Shops is located at 7102-7134 Woodland Drive near West 71st Street and Interstate 465 on the city’s northwest side. The 19,716-square-foot center, built in 2000, is anchored by Chef Mike’s Charcoal Grill.

Lakewood Shops, 5990 E. 71st St., is near Binford Boulevard on the northeast side.

First Financial alleges Irwin Union gave four loans to the strip centers between June 2004 and April 2009. Woodland and Lakewood in turn defaulted on terms of two loans by failing to make full monthly payments beginning in October 2009, First Financial alleges.

Also, the centers failed to pay the mature and accelerated balances on two additional loans.

First Financial filed the foreclosure in Marion Superior Court.
 

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