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Receiver appointed in $16.8M foreclosure suit

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A Marion Superior Court judge on Monday morning appointed a receiver to manage several Indianapolis-area properties, including two retail centers, that are part of a $16.8 million foreclosure complaint.

Judge Theodore Sosin granted a request by lender Merrill Lynch Mortgage Trust and appointed Finsilver/Friedman Management Corp. of Farmington Hills, Mich., to oversee the properties owned by Greenwood developer Presnell Cos.

Merrill Lynch Mortgage Trust filed suit on Aug. 16.

The developer’s retail properties that are targeted for foreclosure include County Line Corners at 1285 N. State Road 135 in Greenwood and The Center at Shiloh Crossing at 10224 U.S. 36 in Avon. The Greensburg Crossing Shopping Center in Greensburg, about 50 miles southeast of Indianapolis, also is listed.

Other properties listed in the suit are the Presnell office building at 300 S. Madison Ave. in Greenwood, the McFarland Building at 8028 S. Emerson Ave. in Indianapolis, and a White Castle restaurant at 1414 Thompson Road, also in Indianapolis.

New York-based Merrill Lynch said in its complaint that Presnell owes it a total of $16.8 million, including nearly $13.4 million in principal on a $14.3 million loan the developer received from LaSalle Bank in April 2005.

Merrill Lynch, which took possession of the loan in April 2011, is asking that the properties be sold at a sheriff’s sale to help satisfy the debt.

Kevin Presnell, owner of the Presnell Cos., told IBJ last week he had been hoping to negotiate a deal to retain possession of the properties. He said the properties aren’t performing well and acknowledged that he quit paying on the loan after accusing Merrill Lynch of overcharging him several thousand dollars on property-tax payments.
 

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  1. So much for Eric Holder's conversation about race. If white people have got something to say, they get sued over it. Bottom line: white people have un-freer speech than others as a consequence of the misnamed "Civil rights laws."

  2. I agree, having seen three shows, that I was less than wowed. Disappointing!!

  3. Start drilling, start fracking, and start using our own energy. Other states have enriched their citizens and nearly elminated unemployment by using these resources that are on private land. If you are against the 'low prices' of discount stores, the best way to allow shoppers more choice is to empower them with better earnings. NOT through manipulated gov mandated min wage hikes, but better jobs and higher competitive pay. This would be direct result of using our own energy resources, yet Obama knows that Americans who arent dependent of gov welfare are much less likely to vote Dem, so he looks for ways to ensure America's decline and keep its citizens dependent of gov.

  4. Say It Loud, I'm Black and Ashamed: It's too bad that with certain "black" entertainment events, it seems violence and thuggery follows and the collateral damage that it leaves behinds continues to be a strain on the city in terms of people getting hurt, killed or becoming victims of crimes and/or stretching city resources. I remember shopping in the Meadows area years ago until violence and crime ended make most of the business pack you and leave as did with Lafayette Square and Washington Square. Over the past 10 to 12 years, I remember going to the Indiana Black Expo Soul Picnic in Washington Park. Violence, gang fights and homicides ended that. My great grandmother still bears the scares on her leg from when she was trampled by a group of thugs running from gun fire from a rival gang. With hundreds of police offices downtown still multiple shootings, people getting shot downtown during Black Expo. A number of people getting shots or murdered at black clubs around the city like Club Six on the west side, The Industry downtown, Jamal Tinsley's shot out in front of the Conrad, multiple fights and shootings at the skating rinks, shootings at Circle Center Mall and shooting and robberies and car jackings at Lafayette Mall. Shootings and gang violence and the State Fair. I can go on and on and on. Now Broad Ripple. (Shaking head side to side) Say It Loud, I'm Black and I'm Ashamed.

  5. Ballard Administration. Too funny. This is the least fiscally responsive administration I have ever seen. One thing this article failed to mention, is that the Hoosier State line delivers rail cars to the Amtrak Beech Grove maintenance facility for refurbishment. That's an economic development issue. And the jobs there are high-paying. That alone is worth the City's investment.

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