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Former Lifestyle gym building target of foreclosure

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A north-side building formally occupied by a Lifestyle Family Fitness gym is the target of a $4.9 million foreclosure.

The building, at 4225 E. 82nd St. near Dean Road, is owned by Racquet Square Development LLC, named as defendant in the lawsuit. 4225 LLC, an entity of LOR Corp., a locally based developer of strip centers, brought the suit against Racquet Square.

Racquet Square originally borrowed $7.4 million from Huntington National Bank in November 2010 before 4225 LLC purchased the loan. It last received a payment from Racquet Square in June of this year, according to the suit.

As of Nov. 9, Racquet Square owed nearly $4.9 million, including $4.3 million in unpaid principal in addition to $599,661 in late fees, the complaint said.

Florida-based Lifestyle Family Fitness closed its facility at East 82nd Street, along with another on Shelby Street just south of Stop 10 Road, in November 2011.

4225 LLC filed to foreclose on the building earlier this month in Marion Superior Court.

Racquet Square’s address is listed as 8888 Keystone Crossing, Suite 120. A representative of the company could not be reached for comment on the foreclosure.

LOR Corp., which has common ownership with 4225 LLC, operates more than 30 retail properties in the Indianapolis area, according to its website. They include the 37,540-square-foot Broad Ripple Station at 1035 Broad Ripple Ave., the 16,000-square-foot Geist Crossing North at 9850 E. 79th St., and the 9,000-square-foot Zionsville Crossing at 5550 W. 86th St.
 

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  • haha
    John, Solid investment buddy.
  • I Think That's The Plan
    I would bet LOR bought the loan from Huntington at a pretty good discount with the idea of foreclosing on it and redeveloping the site.
  • Unfortunate
    This area is really taking off with the upgrades in the number and quality of stores. This space would be ideal for someone and hopefully something gets resolved soon so this property does not turn into the "red-headed step child" of the block.

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  1. John, unfortunately CTRWD wants to put the tank(s) right next to a nature preserve and at the southern entrance to Carmel off of Keystone. Not exactly the kind of message you want to send to residents and visitors (come see our tanks as you enter our city and we build stuff in nature preserves...

  2. 85 feet for an ambitious project? I could shoot ej*culate farther than that.

  3. I tried, can't take it anymore. Untill Katz is replaced I can't listen anymore.

  4. Perhaps, but they've had a very active program to reduce rainwater/sump pump inflows for a number of years. But you are correct that controlling these peak flows will require spending more money - surge tanks, lines or removing storm water inflow at the source.

  5. All sewage goes to the Carmel treatment plant on the White River at 96th St. Rainfall should not affect sewage flows, but somehow it does - and the increased rate is more than the plant can handle a few times each year. One big source is typically homeowners who have their sump pumps connect into the sanitary sewer line rather than to the storm sewer line or yard. So we (Carmel and Clay Twp) need someway to hold the excess flow for a few days until the plant can process this material. Carmel wants the surge tank located at the treatment plant but than means an expensive underground line has to be installed through residential areas while CTRWD wants the surge tank located further 'upstream' from the treatment plant which costs less. Either solution works from an environmental control perspective. The less expensive solution means some people would likely have an unsightly tank near them. Carmel wants the more expensive solution - surprise!

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