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North-side office building falls into foreclosure

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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.
 
 

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  • 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.

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