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Bank files to foreclose on Garcia Construction property

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Fifth Third Bank has filed to foreclose on the assets of Garcia Construction Group Inc., which closed its doors in December.

The bank claims in a March 10 Marion Superior Court filing that the company operated by Charles Garcia owes it about $2.3 million for loans on Garcia Construction’s building at 6002 N. Michigan Road, and on personal property.

Founded in 1989, Garcia Construction was one of the biggest minority-owned firms in Indianapolis. Its 85 employees ranked it as the eighth-largest in 2012, according to IBJ statistics. The company reported revenue of $53.3 million in 2011.

Garcia is a former Indianapolis Chamber of Commerce chairman.

Fifth Third notified Garcia Construction in October that it was in default of the loans, according to the court filing.

“I don’t know what [Garcia’s] next chapter is,” said attorney Jeff Hokanson, who’s representing the company in the case. “But Garcia Construction as we all understood it is kaput.”

Hokanson said he’s working on a settlement with Fifth Third, which has hired Key Auctioneers to liquidate the company’s assets.

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