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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. The Fringe! Plus, the simple fact that there are so many local faves in such close proximity to each other.

  2. I remenber, watching the toll road, being built, through South Bend, when I was 10 years old. I believe, back then that it was estimated, that the toll road, would be paid for in 20 years and then it would be free. I am now 71, what happened? Since the power is in the people, by that, I mean that, we the people are in total control of everything. I, suggest that no one ever use the toll road again, let it go broke. We the people can control the price of everything, from groceries to gas, if we would just do it. If we don't pay the asking price, the sellers will lower the price and if we wait awhile, they will lower the price to what we accept as reasonable. I would like to know why a highway like interstate 94, is so well maintained, a much better highway, than the toll road, but has no tolls. I would also like to know why, a sitting governor, with a term limit, maximum of eight years, can lease, public property, for 75 years. Even though I have transponders in both of my trucks and will not be affected by the increase, I have been and will contine to avoid using the toll road. I make many trips from northern Indiana to Chicago, every year, and I prefer the better highway, I94!

  3. Coming from her background,she should be used to those kinds of advances! Menard probably figured it was ok to tuck a buck!

  4. I'm still waiting for the list of available, high quality apartments in the Village.

  5. This criminal masquerading as a lawyer obviously has serious issues. He’s been proven by his own testimony to be a pathological liar and probably has a personality disorder as he seems to be constructing a reality around himself. He places no value on truth, honesty or loyalty as evidenced by what he has done to his clients and his own family. And by the demands and lies he has made in court, it is evident he feels entitled to do and say whatever suits his purpose and everyone else is expected to nod obediently and believe him because he is, after all, Bill Super Lawyer; or BS lawyer for short. This millionaire wanna-be no longer owns anything of value; he squandered it and put everything he had into foreclosure. He has no money, house, car, boat or vacation home left to show for what he earned or what he stole. He’s just another loser without morals who will be doing time. I’m certain all of his courtroom shenanigans are antagonizing his poor victims. As Lamar said, his behavior and claims in court have been outrageous. The judge needs to be more than concerned; he needs to be judicial and end this nonsense.

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