Foreclosures

Lender files to foreclose on downtown's Villagio condos

August 15, 2014
Scott Olson
First Horizon Home Loans claims the owner of the Villagio at Page Pointe still owes nearly $5.2 million on an $11.6 million loan and is asking a court to appoint a receiver to manage the property until it's sold.
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Lender forecloses on two downtown office buildings

August 13, 2014
Scott Olson
The Gold Building and Two Market Square have been struggling to maintain tenants and face a potential exodus of others to the county's proposed criminal justice complex.
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Lender to bankrupt country club puts on suitor’s cap

June 7, 2014
Greg Andrews
The lender for the Hawthorns Golf & Country Club is an affiliate of California-based Concert Golf Partners, which hopes to convert its debt into ownership of the Fishers club.
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HDG Mansur affiliate losing ownership of Market Tower

May 21, 2014
Scott Olson
A Marion Superior Court judge on Tuesday entered a judgment to foreclose on the downtown building after MT Acquisitions LLC failed to pay its nearly $60 million mortgage balance.
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Dora Brothers affiliate loses downtown hotel in bankruptcy

April 14, 2014
Scott Olson
The Fishers-based company lost the Comfort Suites City Centre near Lucas Oil Stadium in a bankruptcy reorganization filed by one of its affiliates, which owed a creditor about $12 million.
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Bank files to foreclose on Garcia Construction property

March 27, 2014
Scott Olson
Fifth Third Bank claims that the company operated by Charles Garcia, a former Indianapolis Chamber of Commerce chairman, owes it about $2.3 million for loans on Garcia Construction's building at 6002 N. Michigan Road, and on personal property.
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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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Durham's Geist mansion goes back to the bank at auction

March 6, 2014
Lender JPMorgan Chase & Co. took possession of convicted Ponzi schemer Tim Durham’s Geist mansion Thursday after the property failed to draw an offer higher than the bank’s base bid of $2.24 million.
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Bill to target abandoned-home epidemic in Indiana

December 23, 2013
Chris O'Malley
Sen. Jim Merritt, R-Indianapolis, wants to shorten the amount of time vacant homes sit idle.
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Pressure on legislature to address abandoned homesRestricted Content

December 14, 2013
Chris O'Malley
Banks are pushing for reform to the state's process for home foreclosures.
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Bank tells tardy borrowers to get job—­and offers to help

November 23, 2013
Chris O'Malley

What if a mortgage lender could help the unemployed/underemployed customer find a job and avoid the roughly $50,000 it can cost the institution to foreclose? Cincinnati-based Fifth Third Bank began trying that very approach in central Indiana a few months ago, in the form of a re-employment assistance program.

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Uptown Business Center headed to sheriff's sale

November 12, 2013
Scott Olson
The building in SoBro is at the center of a lengthy court feud in which the owner had attempted to delay foreclosure by filing to reorganize assets—a strategy that a bankruptcy judge rejected last month.
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Local hotelier files for bankruptcy on 7 properties

November 8, 2013
Mason King
Reeling from the recession, Bharat Patel hopes to protect the hotels from foreclosure. Their lender is owed as much as $120 million, according to court filings.
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Foreclosure suit tests HDG Mansur on a new frontRestricted Content

October 26, 2013
Greg Andrews
HGCC Lender LLC this month filed a $4.8 million foreclosure suit and asked a court to appoint a receiver for Hamilton Proper's 279-acre Hawthorns Golf & Country Club.
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Centre Properties escapes foreclosure on 12 properties

July 30, 2013
Jeff Newman
Financial terms of the agreements, announced in a written statement, were not disclosed, but the mortgages involve tens of millions of dollars in debt on retail properties spread throughout the area.
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National mortgage settlement checks in the mail

June 4, 2013
Associated Press
Indiana Attorney General Greg Zoeller says checks totaling more than $26 million will be mailed to more than 18,000 Indiana consumers this month containing shares of the National Mortgage Settlement.
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Indiana foreclosure prevention program expanding

April 17, 2013
Associated Press
State officials estimate that about 10,000 Indiana homeowners will get help in making their mortgage payments under an expansion of a federally funded foreclosure prevention program.
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Bank foreclosing on former charter school property

February 25, 2013
Old National Bank is suing the operator of charter school that closed last summer in Indianapolis, claiming it failed to pay off the $1.8 million balance on its mortgage.
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Women’s physician building targeted for foreclosure

December 21, 2012
A lawsuit from the lender claims that Women's Physician Group still owes $8.7 million on a $9 million loan it received for a northwest-side building.
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Home seizures by banks rise in Indiana, nationally

December 13, 2012
 IBJ Staff, Bloomberg News, Associated Press
Home repossessions rose in 29 states and the District of Columbia in November, led by an increase of 96 percent in Indiana. However, the number of homes starting on the path to foreclosure declined to the lowest level in six years.
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$22M foreclosure suit targets local apartment complexes

November 21, 2012
Scott Olson
The three complexes are Dogwood Glen Apartments on the city's northwest side, Elmtree Park Apartments on the far-east side and Heathmoore Apartments on the southeast side.
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Two Indianapolis office buildings in foreclosure

November 5, 2012
Scott Olson
The buildings on the northwest side of the city total nearly 200,000 square feet and are owned by an affiliate of a company that operates 12 cemeteries and four funeral homes throughout Indiana.
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Lender forecloses on Uptown Business Center

October 15, 2012
Cory Schouten
A lender has filed to foreclose on the Uptown Business Center, a neighborhood retail building at the southwest corner of 49th Street and College Avenue that a local developer had hoped to use as a springboard to revitalize the intersection.
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Receiver appointed to manage troubled Century Building

October 1, 2012
Scott Olson
A Marion Superior Court judge has appointed a receiver to manage the seven-story building in downtown Indianapolis that is facing foreclosure. A lender to the building's owner claims it is owed $10.5 million.
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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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  1. Cramer agrees...says don't buy it and sell it if you own it! Their "pay to play" cost is this issue. As long as they charge customers, they never will attain the critical mass needed to be a successful on company...Jim Cramer quote.

  2. My responses to some of the comments would include the following: 1. Our offer which included the forgiveness of debt (this is an immediate forgiveness and is not "spread over many years")represents debt that due to a reduction of interest rates in the economy arguably represents consideration together with the cash component of our offer that exceeds the $2.1 million apparently offered by another party. 2. The previous $2.1 million cash offer that was turned down by the CRC would have netted the CRC substantially less than $2.1 million. As a result even in hindsight the CRC was wise in turning down that offer. 3. With regard to "concerned Carmelite's" discussion of the previous financing Pedcor gave up $16.5 million in City debt in addition to the conveyance of the garage (appraised at $13 million)in exchange for the $22.5 million cash and debt obligations. The local media never discussed the $16.5 million in debt that we gave up which would show that we gave $29.5 million in value for the $23.5 million. 4.Pedcor would have been much happier if Brian was still operating his Deli and only made this offer as we believe that we can redevelop the building into something that will be better for the City and City Center where both Pedcor the citizens of Carmel have a large investment. Bruce Cordingley, President, Pedcor

  3. I've been looking for news on Corner Bakery, too, but there doesn't seem to be any info out there. I prefer them over Panera and Paradise so can't wait to see where they'll be!

  4. WGN actually is two channels: 1. WGN Chicago, seen only in Chicago (and parts of Canada) - this station is one of the flagship CW affiliates. 2. WGN America - a nationwide cable channel that doesn't carry any CW programming, and doesn't have local affiliates. (In addition, as WGN is owned by Tribune, just like WTTV, WTTK, and WXIN, I can't imagine they would do anything to help WISH.) In Indianapolis, CW programming is already seen on WTTV 4 and WTTK 29, and when CBS takes over those stations' main channels, the CW will move to a sub channel, such as 4.2 or 4.3 and 29.2 or 29.3. TBS is only a cable channel these days and does not affiliate with local stations. WISH could move the MyNetwork affiliation from WNDY 23 to WISH 8, but I am beginning to think they may prefer to put together their own lineup of syndicated programming instead. While much of it would be "reruns" from broadcast or cable, that's pretty much what the MyNetwork does these days anyway. So since WISH has the choice, they may want to customize their lineup by choosing programs that they feel will garner better ratings in this market.

  5. The Pedcor debt is from the CRC paying ~$23M for the Pedcor's parking garage at City Center that is apprased at $13M. Why did we pay over the top money for a private businesses parking? What did we get out of it? Pedcor got free parking for their apartment and business tenants. Pedcor now gets another building for free that taxpayers have ~$3M tied up in. This is NOT a win win for taxpayers. It is just a win for Pedcor who contributes heavily to the Friends of Jim Brainard. The campaign reports are on the Hamilton County website. http://www2.hamiltoncounty.in.gov/publicdocs/Campaign%20Finance%20Images/defaultfiles.asp?ARG1=Campaign Finance Images&ARG2=/Brainard, Jim

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