IBJNews

North-side office building falls into foreclosure

Back to TopCommentsE-mailPrintBookmark and Share

A nearly 100,000-square-foot office building on East 46th Street in Indianapolis has fallen into foreclosure after lenders found the owner in default on a $4.5 million loan.

LaSalle Bank and UBS Real Estate Investments Inc. filed suit on Aug. 15 against owners Keystone Corporation Square LP and Robert Ferree, claiming they owed a balance of $4.4 million on the loan as of June 20.

Keystone Corporation Square is an affiliate of Landmark Properties Group of Allison Park, Pa.

Landmark CEO Ferree resides in Valencia, Pa., according to court documents. He did not return a phone call seeking comment on the foreclosure.

Landmark owns more than a dozen commercial properties in five states, including Hawthorn Business Centre at 5060 E. 62nd St. in Indianapolis, according to its website.

A hearing has been set for Sept. 5 in Marion Superior Court to appoint a receiver to manage the property on East 46th Street, between North Keystone Avenue and Allisonville Road, during the foreclosure proceedings.

Tenants include ADT Security Services, City of Refuge Christian Church and Miller Coin Washer Co.

Building owners received a loan from UBS in November 2006. The lender notified them in June 2011 that partial payment was due, and UBS assigned LaSalle Bank as trustee on the loan.

With interest and other charges, UBS claims it is owed $5.2 million, according to court documents.
 
 

ADVERTISEMENT

  • eastside
    Keystone is east of Meridian street
  • North Side
    Thank you for the correction.
  • Oh...
    to tell the IBJ Staff that 46TH & KEYSTONE IS NOT ON THE EAST SIDE! Don't they have a big map on the wall of the newsroom there that you could look at before printing such things?
    • Who cares?
      Big whoop! A commercial property being foreclosed on. Why is this news? It's at 46th & Keystone. Are we supposed to be shocked that a property is in foreclosure proceedings there?
    • Tip of the iceberg
      This is just the tip of the Commercial Property Iceberg. I am very concerned about Regional Banks currently holding the paper on multi-million dollar commercial property loans.

    Post a comment to this story

    COMMENTS POLICY
    We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
     
    You are legally responsible for what you post and your anonymity is not guaranteed.
     
    Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
     
    No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
     
    We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
     

    Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

    Sponsored by
    ADVERTISEMENT

    facebook - twitter on Facebook & Twitter

    Follow on TwitterFollow IBJ on Facebook:
    Follow on TwitterFollow IBJ's Tweets on these topics:
     
    Subscribe to IBJ
    1. Again, Maria.... how much are YOU contributing? The man doesn't HAVE to give a red cent! What don't you get about that? And, I know this might actually require some actual "facts", but can you please point me to the parking garage that the city gave to him?

    2. Another internet tuff guy I see. And what would the basis of taking the person to jail? If they were drunk, yea. But if not, there would be no jailable offense. All these gestapo, Nazi, jackboots are running SCARED. When the SHTF in this country who's side are you going to be on? The citzens, or the establishment? Better make up your mind quick because it's not far off. I would rather be trying to make friends than enemies. But no worries my "friend", God will take care of you and your likes in good time. It tells us that in the bible. If you stand, support and help carry out the plans of evil rulers, you will NOT be spared the wrath of God. That simple. All you can do is repent now and ask God to forgive you.

    3. Yes, Ersal, thank you for donating a whole $75,000, while the city gives you a parking garage for free and is going to pay for a multi million dollar stadium for you. I'd be donating money too if I was on welfare.

    4. I live and work in Broad Ripple and agree 100% that the traffic is not a significant problem. It can be slow at some times, but hey...this is an urban area. As for the development itself...HOORAY. Office and retail development brings people during the day, something that our community needs much more of. Thank goodness people are finally waking up to take advantage of the serene White River views. The BRVA land us committee endorsed the project because they know how these kind of projects help offset the cries of "too many bars". Pray that this development, and the proposed major investment by Browning, move forward. And remember Good Earth, these will mean hundreds of daytime people - potential shoppers for your store.

    5. Under current, previous existing law, this new law would be unconstitutional. Not that supposedly having to have a driver's license to drive isn't in the first place.

    ADVERTISEMENT