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Lender purchases Renaissance Bay in sheriff’s sale

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The bank that is trying to recover some of the more than $23 million it loaned for a partially completed luxury condominium development on Indianapolis' north side purchased the property in a Wednesday sheriff’s sale.

Fort Wayne-based Star Financial Bank submitted the only bid for Renaissance Bay, a 55-acre development at Keystone Avenue and 78th Street. Plans for the $150 million project called for 300 condominium units ranging in price from $350,000 to $800,000.

A Marion County Sheriff’s Department spokeswoman said the bank paid $6.5 million for the property.

John McCreary, the bank’s regional president in Indianapolis, declined to confirm the price but said it represented the assessed value of the property.

Star Financial intends to sell the land, which has generated substantial interest, McCreary said.

“There are a number of parties that are interested in it that have talked to us over the past 12 months,” he said.

Henry Efroymson, chairman of the bankruptcy and restructuring group at Indianapolis-based law firm Ice Miller LLP, said it’s not unusual for a lender to be the only bidder at a sheriff’s sale. Typically, the move gives parties interested in a property more time to submit a bid, he said, and they can get more information on a property from a bank than they could at the sale.

Star Financial said in court filings that the developer, a partnership of Sunstone Properties and Shiel Sexton Co., stopped making payments in April 2010.

Defendants in the case are listed as Renaissance Bay Associates, which the local builder Shiel Sexton is a partner in, along with House Investments, an Indianapolis company that specializes in equity financing and mezzanine debt.

A court docket shows the case was closed in April, and a judgment of more than $3 million entered for the bank. The sheriff’s sale was ordered in April.

Shiel Sexton had a role building the project but not an equity interest, Executive Vice President Richard “Buddy” Hennessey told IBJ in December.  

The developer managed to build only a handful of the proposed buildings, inspired by the architecture of South Carolina. The property borders a 25-acre lake that connects to the White River.

A buyer likely would consider converting the unfinished condo project into apartments, taking a similar tack as the buyer of downtown’s The Maxwell. Condo sales have been especially weak in recent years, while apartment rent rates and occupancies have risen.

The Renaissance site actually had been home to an apartment complex called The Landings before the developers trucked in massive quantities of fill dirt to make way for the tony condos.

 

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  1. Now if he'd just stay there...

  2. Daniel - what about the many US citizens who do NOT follow what the Bible teaches? The Hindus, Jews, Muslims and others who are all American citizens entitled to all rights as Americans?? This issue has NOTHING to do with "What the Bible says..." Keep all Churches separate from State! Pence's ongoing idiocy continues to make Indiana look like a backwards, homophobic state in the eyes of our nation. Can't we move on to bigger issues - like educating our kids?

  3. 1. IBJ should link to the referenced report. We are in the age of electronic media...not sharing information is lazy. Here is a link http://www.in.gov/gov/files/Blue_Ribbon_Panel_Report_July_9_2014.pdf 2. The article should provide more clarity about the make-up of this panel. The commenters are making this item out to be partisan, it does not appear the panel is partisan. Here is a list of the panel which appears to be balanced with different SME to add different perspectives http://www.in.gov/activecalendar/EventList.aspx?view=EventDetails&eventidn=138116?formation_id=189603 3. It suggests a by-pass, I do not see where this report suggests another "loop". 4. Henry, based on your kneejerk reaction, we would be better off if you moved to another state unless your post was meant as sarcasm in which case I say Well Done. 5. The article and report actually indicates need to improve rail and port infrastructure in direct contradiction to Shayla commentary. Specifically, recommendation is to consider passenger rail projects... 6. People have a voice with their elected officials. These are suggestions and do not represent "crony capitalism", etc. The report needs to be analyzed and the legislature can decide on priorities and spending. Don't like it, then vote in a new legislature but quit artificially creating issues where there are none! People need to sift through the politics and provide constructive criticism to the process rather than making uninformed comments in a public forum based on misinformation. IBJ should work harder to correct the record in these forums when blatant errors or misrepresentations are made.

  4. Joe ... Marriage is defined in the Bible ... it is mentioned in the Bible often. Marriage is not mentioned once in the US or Indiana Constitution ...

  5. Daniel - Educate me please: what does the Bible have to do with laws? If the government wasn't in the business of marriage to begin with, then it wouldn't have to "define" marriage at all. Marriage could be left as a personal, religious, or otherwise unregulated action, with no ties to taxes, legal status, etc. Then people could marry whomever they want, and all this silliness would go away. Remember to vote Libertarian in November.

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