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Bank seeks to foreclose on local apartment complex

IBJ Staff
June 4, 2012
Keywords
Apartments, Banking & Finance, Foreclosures, Mortgages, Real Estate & Retail, Residential Real Estate
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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. First, the Athenaeum is going to have to get past the hurdle with the Lockerbie residents and the agreement that the parcel would be residential. Second, and in my opinion, this prime piece of property should include parking, PLUS, a black box theater(s), some market rate and affordable artist housing and a plan to renovate and reconfigure the second story theater. I would negotiate to add the DeHaan property surface parking lot into the development mix, place a one story surface parking garage on the DeHaan lot on the street level (for the Dehaan tenants use during the daytime) and add a second story to the garage that would become an addition to the current second story theater and then change the direction of the theater by moving the stage across the alley and on top of the DeHaan lot parking. You can add all the stage elements that are currently missing from the Athenaeum stage to make it more attractive for use by Ballet, Opera and traveling productions. Plus, the theater changes would probably help solve some of the soundproofing issues. Alas,it does not seem to be a part of the strategic plan to conduct a study to determine best use of the property. Seems like the current plan is a quick and easy move that ignores the property best use/potential and any strategic property planning for the effect on future generations.

  2. I recall that MSA's pilings are still in the ground and hard to remove. It’s not likely any proposal will include significant underground construction/parking because of this. Start adding 2 floors of retail, 8 floors of parking and 5-10 floors of possible hotel, and/or 10-20 floors of residential, and you are at 30 floors already with possible expansion of all the uses. But then again I could be wrong.

  3. Accoriding to their website there is no deadline to the Do Not Call list. What is this article referring to??

  4. On what planet are they entitled to this largesse from the stockholders? These people make multi-million dollar salaries: Pay for your own personal travel.

  5. It matters because they're already paid enormously fat salaries: Pay for your own personal travel. Being "taxed on it" isn't a valid excuse--so what? They're still being gifted a raft of luxury perks from somebody else's money on top of an enormous, lavish salary.

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