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Centre Properties escapes foreclosure on 12 properties

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Indianapolis development firm Centre Properties said Tuesday that it has renegotiated terms on mortgages for 12 Indianapolis-area commercial properties that had been threatened by foreclosure from as long ago as 2008.

Financial terms of the agreements, announced in a written statement, were not disclosed, but the mortgages involve tens of millions of dollars in debt on retail properties spread throughout the area.

Centre Properties said it reached terms with Bank of America, which filed in January to foreclose on three of the properties—the 30,200-square-foot RiverPlace Shops in Fishers, the 51,600-square-foot Greenwood Crossing in Greenwood, and the 61,000-square-foot Raceway Market Shops on Rockville Road—over more than $11 million in debt.

Centre Properties put the three strip centers into Chapter 11 bankruptcy in March, prompting Bank of America to reach a settlement agreement with the developer in July.

The names of the other properties were not disclosed and a company representative was not immediately available for comment Tuesday morning, but IBJ has reported on at least two other foreclosure suits involving Centre Properties since late 2011.

Citigroup Mortgage Lending Trust, or CMLT, filed a $7.2 million foreclosure suit in July 2012 over the 52,400-square-foot Pyramid Place Shoppes at the intersection of West 86th Street and Michigan Road.

In November 2011, U.S. Bank filed a foreclosure suit in Marion Superior Court against subsidiary Centre East LLC, seeking $43.3 million stemming from a 2005 loan. The three properties involved in that suit were the 130,000-square-foot Centre North Shops at 8510 E. 96th St. in Fishers, the 17,900-square-foot Southport Shops at 7225 U.S. 31 South, and the 13,300-square-foot German Church Shops at 10935 E. Washington St.

Centre Properties said Tuesday that it faces foreclosure on only one more property, Southport Centre at 9333 N. Meridian St., but "anticipates successful negotiations will be finalized shortly."

The developer said it is starting development on two new retail centers this year in Indianapolis and still owns 40 properties in central Indiana.

Centre said it never missed interest and principal payments on any of the mortgages, but was unable to pay off the loans immediately when lenders sought lump-sum payoffs.
 

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  1. Now if he'd just stay there...

  2. Daniel - what about the many US citizens who do NOT follow what the Bible teaches? The Hindus, Jews, Muslims and others who are all American citizens entitled to all rights as Americans?? This issue has NOTHING to do with "What the Bible says..." Keep all Churches separate from State! Pence's ongoing idiocy continues to make Indiana look like a backwards, homophobic state in the eyes of our nation. Can't we move on to bigger issues - like educating our kids?

  3. 1. IBJ should link to the referenced report. We are in the age of electronic media...not sharing information is lazy. Here is a link http://www.in.gov/gov/files/Blue_Ribbon_Panel_Report_July_9_2014.pdf 2. The article should provide more clarity about the make-up of this panel. The commenters are making this item out to be partisan, it does not appear the panel is partisan. Here is a list of the panel which appears to be balanced with different SME to add different perspectives http://www.in.gov/activecalendar/EventList.aspx?view=EventDetails&eventidn=138116?formation_id=189603 3. It suggests a by-pass, I do not see where this report suggests another "loop". 4. Henry, based on your kneejerk reaction, we would be better off if you moved to another state unless your post was meant as sarcasm in which case I say Well Done. 5. The article and report actually indicates need to improve rail and port infrastructure in direct contradiction to Shayla commentary. Specifically, recommendation is to consider passenger rail projects... 6. People have a voice with their elected officials. These are suggestions and do not represent "crony capitalism", etc. The report needs to be analyzed and the legislature can decide on priorities and spending. Don't like it, then vote in a new legislature but quit artificially creating issues where there are none! People need to sift through the politics and provide constructive criticism to the process rather than making uninformed comments in a public forum based on misinformation. IBJ should work harder to correct the record in these forums when blatant errors or misrepresentations are made.

  4. Joe ... Marriage is defined in the Bible ... it is mentioned in the Bible often. Marriage is not mentioned once in the US or Indiana Constitution ...

  5. Daniel - Educate me please: what does the Bible have to do with laws? If the government wasn't in the business of marriage to begin with, then it wouldn't have to "define" marriage at all. Marriage could be left as a personal, religious, or otherwise unregulated action, with no ties to taxes, legal status, etc. Then people could marry whomever they want, and all this silliness would go away. Remember to vote Libertarian in November.

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