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Real estate exec’s bankruptcy filing lists $13.3M of debt

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A local real estate executive is claiming $13.3 million of debt, much of it owed to unsecured creditors, in his federal bankruptcy filing.

Philo Lange, a now-independent real estate broker who once served as a top executive at two prominent Indianapolis-area firms, filed for Chapter 7 bankruptcy protection on Monday. He is former managing partner of the now-defunct NAI Olympia Partners and was managing director of the Indianapolis office of Dallas-based Trammell Crow Co.

Lange lists $793,335 in assets, including $758,000 tied to four rental homes he owns. Three are located on North College Avenue in Indianapolis and the other in Petoskey, Mich., near the Upper Peninsula of the state, according to court documents.

His total debt includes nearly $12 million in unsecured claims, in which he owes PNC Bank $5.2 million for personal guarantees on two notes to business interests Hoosier Storage-Georgetown LLC and Harbor Plaza LLC.

Lange also owes $2.1 million to Ameriserv Trust & Financial Service in Indianapolis for a loan made to NBD One LLC, in addition to a $900,000 balance on another note to NBD from Community Bank in Noblesville, court documents said.

Lange founded Lange Realty Inc. in 1981 and operated it until 1995, according to his website. He served as managing director of Trammell Crow's local office from 1996 to 2000 and then joined NAI Olympia Partners, where he eventually became managing partner.

Olympia folded in December 2010 after a 20-year run as one of the city's largest commerical real estate brokerages.

Lange did not return a phone call seeking comment about the bankruptcy.
 

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  1. How much you wanna bet, that 70% of the jobs created there (after construction) are minimum wage? And Harvey is correct, the vast majority of residents in this project will drive to their jobs, and to think otherwise, is like Harvey says, a pipe dream. Someone working at a restaurant or retail store will not be able to afford living there. What ever happened to people who wanted to build buildings, paying for it themselves? Not a fan of these tax deals.

  2. Uh, no GeorgeP. The project is supposed to bring on 1,000 jobs and those people along with the people that will be living in the new residential will be driving to their jobs. The walkable stuff is a pipe dream. Besides, walkable is defined as having all daily necessities within 1/2 mile. That's not the case here. Never will be.

  3. Brad is on to something there. The merger of the Formula E and IndyCar Series would give IndyCar access to International markets and Formula E access the Indianapolis 500, not to mention some other events in the USA. Maybe after 2016 but before the new Dallara is rolled out for 2018. This give IndyCar two more seasons to run the DW12 and Formula E to get charged up, pun intended. Then shock the racing world, pun intended, but making the 101st Indianapolis 500 a stellar, groundbreaking event: The first all-electric Indy 500, and use that platform to promote the future of the sport.

  4. No, HarveyF, the exact opposite. Greater density and closeness to retail and everyday necessities reduces traffic. When one has to drive miles for necessities, all those cars are on the roads for many miles. When reasonable density is built, low rise in this case, in the middle of a thriving retail area, one has to drive far less, actually reducing the number of cars on the road.

  5. The Indy Star announced today the appointment of a new Beverage Reporter! So instead of insightful reports on Indy pro sports and Indiana college teams, you now get to read stories about the 432nd new brewery open or some obscure Hoosier winery winning a county fair blue ribbon. Yep, that's the coverage we Star readers crave. Not.

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