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Bank seeks to foreclose on local apartment complex

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A Minneapolis-based bank is seeking to foreclose on an Indianapolis apartment complex, claiming it is owed nearly $15.9 million on a 2008 loan.

U.S. Bank filed suit against the owners of Arbor Green Apartments, near East 56th Street and Allisonville Road, late last month in Marion Superior Court.

The suit names Arbor Green Investments LLC as a defendant, along with loan guarantor Brian R. Johnson, principal of JCap Management of Eau Claire, Wis.

The owner of the complex owes nearly $15 million in unpaid principal and $509,500 in default interest, according to court documents.

U.S. Bank is requesting a receiver be appointed to manage operations during the foreclosure.

Arbor Green has 200 units with rental rates ranging from $499 to $899 per month.

JCap Management manages two other Indiana properties: Harrison Place Apartments in Indianapolis and The Bristol Apartment Homes in Camby.
 

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  1. I am not by any means judging whether this is a good or bad project. It's pretty simple, the developers are not showing a hardship or need for this economic incentive. It is a vacant field, the easiest for development, and the developer already has the money to invest $26 million for construction. If they can afford that, they can afford to pay property taxes just like the rest of the residents do. As well, an average of $15/hour is an absolute joke in terms of economic development. Get in high paying jobs and maybe there's a different story. But that's the problem with this ask, it is speculative and users are just not known.

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