Broadbent Co.

Broadbent in mortgage dispute involving retail center

March 24, 2014
 IBJ Staff
The owner of Castleton Place, a shopping center in one of the city’s busiest retail areas, is the target of a $5 million foreclosure lawsuit by a lender that seeks to have the property placed in receivership.
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Battered Broadbent climbs back from brinkRestricted Content

November 10, 2012
Cory Schouten
One of the city’s best-known retail developers is alive and kicking again after a harrowing real estate downturn and protracted legal battle with two lenders.
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Settlement allows Broadbent to keep downtown HQ

September 28, 2012
Scott Olson
The Indianapolis developer will continue to own its corporate headquarters at 117 E. Washington St. after reaching a settlement with two banks that had filed a lawsuit to foreclose on the building.
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Developer Broadbent loses fight to keep finances under wraps

March 7, 2012
Scott Olson
A newly public filing shows the co-founder of The Broadbent Co.'s net worth has fallen 60 percent, to $48 million.
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Lenders attempting to foreclose on Broadbent headquarters

July 28, 2011
Scott Olson
Huntington National Bank and PNC Bank claim they are owed roughly $25 million on loans related to Broadbent Co.'s purchase and renovation of a building on East Washington Street downtown.
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Lenders battling Broadbent legal strategyRestricted Content

July 9, 2011
Cory Schouten
Developer George P. Broadbent sold The Broadbent Co. to his wife for $50,000 in March 2010 as he faced a barrage of lawsuits threatening his control over the real estate company he co-founded in 1972. He has also transferred several properties to her.
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MARR: Farewell to a long list of great colleagues and mentorsRestricted Content

June 25, 2011
Danny Marr / Special to IBJ
Six people were key mentors and associates during real estate career in Indianapolis.
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Greenwood Shoppes seeks bankruptcy reorganization

April 22, 2011
Scott Olson
The shopping center on U.S. 31 is the third Broadbent-operated strip mall to fall into bankruptcy and its second in Greenwood to claim financial problems.
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Castleton Plaza seeks bankruptcy reorganization

February 18, 2011
Scott Olson
Shopping center on East 82nd Street lists nearly $10.4 million in liabilities and about $7.6 million in assets. The Chapter 11 filing follows a request to foreclose on the property from the center's lender.
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Lender seeks to foreclose on Castleton Plaza

February 1, 2011
Scott Olson
German American Capital Corp. claims the owner of the strip mall, Castleton Plaza LP—a subsidiary of Broadbent Co.—owes it $10 million. The lender is requesting the property be sold at a sheriff's sale to help satisfy the debt.
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Broadbent spins off construction business

December 23, 2010
Cory Schouten
Beleaguered local developer The Broadbent Co. plans to spin out its construction arm as an independent company as of Jan. 1.
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Broadbent subsidiary seeks bankruptcy reorganization

October 11, 2010
Scott Olson
The owner of the building that houses the Music Mill concert venue listed assets of $1.4 million and liabilities of $1.3 million.
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Developer George Broadbent sued for $9M by widow of co-founder

July 3, 2010
Greg Andrews
Avis Skinner alleges Broadbent isn’t making the payments he committed to when he bought out her husband's real estate interests in 2006.
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Road upgrade kicks off improvements in Lafayette Square area

June 1, 2010
Tom Harton
A $20 million improvement of West 38th Street between Guion and High School roads that is set to begin next month is the first in a series of initiatives that stakeholders hope will revive the real estate fortunes of the area anchored by Lafayette Square Mall.
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Lender lawsuits seek millions from Broadbent owner

May 15, 2010
Scott Olson
Two new lawsuits stemming from Broadbent Co.’s financial problems charge company President George Broadbent defaulted on loans and owes more than $2.6 million.
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  1. to mention the rest of Molly's experience- she served as Communications Director for the Indianapolis Department of Public Works and also did communications for the state. She's incredibly qualified for this role and has a real love for Indianapolis and Indiana. Best of luck to her!

  2. Shall we not demand the same scrutiny for law schools, med schools, heaven forbid, business schools, etc.? How many law school grads are servers? How many business start ups fail and how many business grads get low paying jobs because there are so few high paying positions available? Why does our legislature continue to demean public schools and give taxpayer dollars to charters and private schools, ($171 million last year), rather than investing in our community schools? We are on a course of disaster regarding our public school attitudes unless we change our thinking in a short time.

  3. I agree with the other reader's comment about the chunky tomato soup. I found myself wanting a breadstick to dip into it. It tasted more like a marinara sauce; I couldn't eat it as a soup. In general, I liked the place... but doubt that I'll frequent it once the novelty wears off.

  4. The Indiana toll road used to have some of the cleanest bathrooms you could find on the road. After the lease they went downhill quickly. While not the grossest you'll see, they hover a bit below average. Am not sure if this is indicative of the entire deal or merely a portion of it. But the goals of anyone taking over the lease will always be at odds. The fewer repairs they make, the more money they earn since they have a virtual monopoly on travel from Cleveland to Chicago. So they only comply to satisfy the rules. It's hard to hand public works over to private enterprise. The incentives are misaligned. In true competition, you'd have multiple roads, each build by different companies motivated to make theirs more attractive. Working to attract customers is very different than working to maximize profit on people who have no choice but to choose your road. Of course, we all know two roads would be even more ridiculous.

  5. The State is in a perfect position. The consortium overpaid for leasing the toll road. Good for the State. The money they paid is being used across the State to upgrade roads and bridges and employ people at at time most of the country is scrambling to fund basic repairs. Good for the State. Indiana taxpayers are no longer subsidizing the toll roads to the tune of millions a year as we had for the last 20 years because the legislature did not have the guts to raise tolls. Good for the State. If the consortium fails, they either find another operator, acceptable to the State, to buy them out or the road gets turned back over to the State and we keep the Billions. Good for the State. Pat Bauer is no longer the Majority or Minority Leader of the House. Good for the State. Anyway you look at this, the State received billions of dollars for an assett the taxpayers were subsidizing, the State does not have to pay to maintain the road for 70 years. I am having trouble seeing the downside.

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