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East-side apartment complex facing foreclosure

May 5, 2011

A California bank says it is owed nearly $3.3 million and is seeking to foreclose on a far-east-side apartment complex.

Pasadena-based One West Bank filed a foreclosure notice on April 29 in Marion Superior Court and is attempting to take possession of Red Mill Apartments. The 164-unit complex is at 7975 Red Mill Drive near East 38th Street and North Franklin Road in Indianapolis.

The bank said Quinn II, the operator of the apartment building, took out a $3.4 million loan on April 6, 2006, and has failed to repay it. One West said the company owes $3.2 million in unpaid principal and $93,943 in interest.

One West assumed possession of the loan in November 2010 from Citibank.

Red Mill Apartments are part of the property portfolio of Carmel-based Cornerstone Properties Inc., which controls more than 15 apartment complexes around the Midwest.

Red Mill is at least the third apartment complex in the city threatened with foreclosure in the past few months.

In March, Fannie Mae filed to foreclose on the 220-unit Inverness Apartment Homes and also the 169-unit Arrowwoods Apartments, both located on the northwest side.
 

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