Foreclosures and Commercial Real Estate and Banks and Banking & Finance and Old National and Mortgages and Real Estate & Retail

West-side Godby building in foreclosure

November 7, 2011

A building on the west side of Indianapolis owned by a prominent local businessman is the target of a $2 million foreclosure complaint filed by Old National Bank.

The bank brought the foreclosure in Marion Circuit Court late last month. On Monday, a judge was expected to sign off on Old National’s request to appoint Cassidy Turley Midwest Inc. as receiver to manage the building at 4701 Rockville Road.

The building is owned by local businessman Thomas Godby, who is listed as a defendant in the suit along with entities 101 Gasoline Alley LLC and Rockville Road LLC.

Godby’s building on Rockville Road is just west of Gasoline Alley, where Godby Heating and Air Conditioning LLC is located.

Godby was the sole owner of Godby Brothers Heating and Air Conditioning LLC, which had been in the Indianapolis market for three decades when Godby sold it to American Residential Services in 1997.

In 2004, Godby and three co-owners resurrected the company, calling it Godby Heating and Air Conditioning.

Godby could not be reached Monday morning for comment on the foreclosure filing.

As of Oct. 5, Godby owed $2 million on loans totaling $2.3 million taken in May 2003 and January 2005, according to the complaint.

An online search of the 4701 Rockville Road address shows Tony Stewart Racing Enterprises and Sara Fisher Racing LLC as tenants, in addition to Gasoline Alley Tune-Up and Auto Service Inc.

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