IBJNews

Northeast-side office building falls into foreclosure

Back to TopCommentsE-mailPrintBookmark and Share

An 83,653-square-foot office building on the northeast side of Indianapolis is facing foreclosure after the out-of-state owners defaulted on a $5.2 million loan.

Kansas-based International Real Estate Holding Co. LLC filed a lawsuit March 10 against Boise, Idaho-based 1031 Heritage II LLC and several other owners based in Idaho and Delaware.

The office building, at 6666 E. 75th St. near Binford Boulevard and Interstate 465, is known as Heritage Park II. It is only 55-percent occupied, according to online real estate listings. Listed rent is $16.50 per square foot.

The building’s tenants include local homebuilders Arbor Homes LLC and Silverthorne Homes LLC.

International Real Estate Holding, which took possession of the loan in November from Kansas City, Kan.-based Brotherhood Bank & Trust, is seeking the appointment of a receiver for the property.

Milwaukee-based M&I Bank, whose parent agreed to be purchased in December by Bank of Montreal, originally made the $5.2 million loan in February 2008, according to the complaint.

1031 Heritage II last made a payment on the loan in July 2009. Including taxes and interest, International Real Estate Holding is seeking $5.5 million, the suit said.


 

ADVERTISEMENT

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
ADVERTISEMENT