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Greenwood developer target of foreclosure suit

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Two Indianapolis-area retail centers are the target of a $16.8 million foreclosure complaint listing several local properties owned by a Greenwood developer.
  
Merrill Lynch Mortgage Trust filed suit against the Presnell Companies on Aug. 16 in Marion Superior Court and is asking it to appoint a receiver to manage the properties during foreclosure proceedings.

A hearing on Merrill Lynch’s receivership motion is set for 10 a.m. Aug. 29.

The retail properties include County Line Corners at 1285 N. State Road 135 in Greenwood and The Center at Shiloh Crossing at 10224 U.S. 36 in Avon. The Greensburg Crossing Shopping Center in Greensburg, about 50 miles southeast of Indianapolis, also is listed.

Other properties listed in the suit are the Presnell Companies office building at 300 S. Madison Ave. in Greenwood, the McFarland Building at 8028 S. Emerson Ave. in Indianapolis, and a White Castle restaurant at 1414 Thompson Road, also in Indianapolis.

New York-based Merrill Lynch said in its complaint that the Presnell Companies owes it a total of $16.8 million, including nearly $13.4 million in principal on a $14.3 million loan the developer received from LaSalle Bank in April 2005.

Merrill Lynch, which took possession of the loan in April 2011, is asking that the properties be sold at a sheriff’s sale to help satisfy the debt.

Kevin Presnell, owner of the Presnell Companies, told IBJ he is hoping to negotiate a deal to retain possession of the properties. He said the properties aren’t performing well and he acknowledged that he quit paying on the loan after accusing Merrill Lynch of overcharging him several thousand dollars on property-tax payments.

 

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  • Non Performing Strip Mall
    The strip mall that is mentioned at 8028 S Emerson Ave might as well be closed down. There are so many businesses that have left there in the last year.

    I do feel sorry for Augustino's restaurant, the dry cleaners and Greek's Pizzeria which have to be taking huge financial beatings in that strip mall.

    The parking lot is filled full of pot holes and is not maintained very well.

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  1. Hiking blocks to an office after fighting traffic is not logical. Having office buildings around the loop, 465 and in cities in surrounding counties is logical. In other words, counties around Indianapolis need office buildings like Keystone, Meridian, Michigan Road/College Park and then no need to go downtown. Financial, legal, professional businesses don't need the downtown when Carmel, Fishers, North Indy are building their own central office buildings close to the professionals. The more Hamilton, Boone county attract professionals, the less downtown is relevant. Highrises have no meaning if they don't have adequate parking for professionals and clients. Great for show, but not exactly downtown Chicago, no lakefront, no river to speak of, and no view from highrises of lake Michigan and the magnificent mile. Indianapolis has no view.

  2. "The car count, THE SERIES, THE RACING, THE RATINGS, THE ATTENDANCE< AND THE MANAGEMENT, EVERY season is sub-par." ______________ You're welcome!

  3. that it actually looked a lot like Sato v Franchitti @Houston. And judging from Dario's marble mouthed presentation providing "color", I'd say that he still suffers from his Dallara inflicted head injury._______Considering that the Formula E cars weren't going that quickly at that exact moment, that was impressive air time. But I guess we shouldn't be surprised, as Dallara is the only car builder that needs an FAA certification for their cars. But flying Dallaras aren't new. Just ask Dan Wheldon.

  4. Does anyone know how and where I can get involved and included?

  5. While the data supporting the success of educating our preschoolers is significant, the method of reaching this age group should be multi-faceted. Getting business involved in support of early childhood education is needed. But the ways for businesses to be involved are not just giving money to programs and services. Corporations and businesses educating their own workforce in the importance of sending a child to kindergarten prepared to learn is an alternative way that needs to be addressed. Helping parents prepare their children for school and be involved is a proven method for success. However, many parents are not sure how to help their children. The public is often led to think that preschool education happens only in schools, daycare, or learning centers but parents and other family members along with pediatricians, librarians, museums, etc. are valuable resources in educating our youngsters. When parents are informed through work lunch hour workshops in educating a young child, website exposure to exceptional teaching ideas that illustrate how to encourage learning for fun, media input, and directed community focus on early childhood that is when a difference will be seen. As a society we all need to look outside the normal paths of educating and reaching preschoolers. It is when methods of involving the most important adult in a child's life - a parent, that real success in educating our future workers will occur. The website www.ifnotyouwho.org is free and illustrates activities that are research-based, easy to follow and fun! Businesses should be encouraging their workers to tackle this issue and this website makes it easy for parents to be involved. The focus of preschool education should be to inspire all the adults in a preschooler's life to be aware of what they can do to prepare a child for their future life. Fortunately we now know best practices to prepare a child for a successful start to school. Is the business community ready to be involved in educating preschoolers when it becomes more than a donation but a challenge to their own workers?

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