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East-side apartment complex target of $9M foreclosure

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An apartment complex on the far east side of Indianapolis is the target of a nearly $9 million foreclosure complaint filed by Wells Fargo Bank.

The bank, acting as trustee for lender Bank of America, filed the foreclosure in Marion Superior Court in late November. Judge Timothy Oakes on Thursday approved the appointment of a receiver to manage Lexington Park.

The apartment complex, at 9060 E. 39th Place near North Post Road, is operated by Lexington Apartments LLC of Clayton, Mo.

Wells Fargo said in its suit that the company obtained a promissory note from Bank of America in March 2004 for $9.1 million. A balance of $8 million remained as of September 2011, the complaint said.

Including interest and various fees, however, the actual amount owed is $8.9 million, Wells Fargo said.

The 362-unit complex was built in 1967.

Monthly rental rates for one-bedroom units at Lexington Park range from $420 to $470 and from $525 to $625 for two-bedroom units.
 

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  1. The deductible is entirely paid by the POWER account. No one ever has to contribute more than $25/month into the POWER account and it is often less. The only cost not paid out of the POWER account is the ER copay ($8-25) for non-emergent use of the ER. And under HIP 2.0, if a member calls the toll-free, 24 hour nurse line, and the nurse tells them to go to the ER, the copay is waived. It's also waived if the member is admitted to the hospital. Honestly, although it is certainly not "free" - I think Indiana has created a decent plan for the currently uninsured. Also consider that if a member obtains preventive care, she can lower her monthly contribution for the next year. Non-profits may pay up to 75% of the contribution on behalf of the member, and the member's employer may pay up to 50% of the contribution.

  2. I wonder if the governor could multi-task and talk to CMS about helping Indiana get our state based exchange going so Hoosiers don't lose subsidy if the court decision holds. One option I've seen is for states to contract with healthcare.gov. Or maybe Indiana isn't really interested in healthcare insurance coverage for Hoosiers.

  3. So, how much did either of YOU contribute? HGH Thank you Mr. Ozdemir for your investments in this city and your contribution to the arts.

  4. So heres brilliant planning for you...build a $30 M sports complex with tax dollars, yet send all the hotel tax revenue to Carmel and Fishers. Westfield will unlikely never see a payback but the hotel "centers" of Carmel and Fishers will get rich. Lousy strategy Andy Cook!

  5. AlanB, this is how it works...A corporate welfare queen makes a tiny contribution to the arts and gets tons of positive media from outlets like the IBJ. In turn, they are more easily to get their 10s of millions of dollars of corporate welfare (ironically from the same people who are against welfare for humans).

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