IBJNews

Receiver appointed to manage troubled Century Building

Back to TopCommentsE-mailPrintBookmark and Share

The historic Century Building downtown has been placed in the hands of a court-appointed receiver as a lender seeks to foreclose on the property.

Marion Superior Court Judge Robyn Moberly last week appointed locally based DTM Real Estate Services LLC to manage the seven-story building at 36 S. Pennsylvania St.

U.S. Bank filed in February to foreclose on the building owned by Century Building Investment Group LLC, a unit of California-based Blue Real Estate, claiming it’s owed $10.5 million on a loan default.

The building, built in 1901, is the corporate home of Steak n Shake, ExactTarget and Denison Parking.

Blue Real Estate, which entered the Indianapolis market as an investor in 2006, lost most of its local holdings last year after lenders took control of several properties.

U.S. Bank claims in its Century Building foreclosure suit that Blue received a loan in December 2006 from original lender Countrywide Commercial Real Estate Finance Inc. in the amount of $8.5 million.

U.S. Bank assumed the loan in June 2008, and alleges in its suit that Blue defaulted on the loan when it started missing payments in July 2011.

The unpaid principal on the mortgage still is $8.5 million, or nearly the total amount of the original loan. But U.S. Bank is seeking $10.5 million, including interest charges and payment penalties.

The Century Building contains 115,526 square feet of rentable space, ranking it as the 19th-largest office building in downtown Indianapolis, according to IBJ research.

The latest figures available show the building was 89-percent occupied at the end of 2011.

Receiver DTM Real Estate Services, at 1 N. Meridian St., will be paid $5,750 per month, or 3.5 percent of the building’s gross monthly revenue, to manage the building, according to court documents.

 

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
  1. Those of you yelling to deport them all should at least understand that the law allows minors (if not from a bordering country) to argue for asylum. If you don't like the law, you can petition Congress to change it. But you can't blindly scream that they all need to be deported now, unless you want your government to just decide which laws to follow and which to ignore.

  2. 52,000 children in a country with a population of nearly 300 million is decimal dust or a nano-amount of people that can be easily absorbed. In addition, the flow of children from central American countries is decreasing. BL - the country can easily absorb these children while at the same time trying to discourage more children from coming. There is tension between economic concerns and the values of Judeo-Christian believers. But, I cannot see how the economic argument can stand up against the values of the believers, which most people in this country espouse (but perhaps don't practice). The Governor, who is an alleged religious man and a family man, seems to favor the economic argument; I do not see how his position is tenable under the circumstances. Yes, this is a complicated situation made worse by politics but....these are helpless children without parents and many want to simply "ship" them back to who knows where. Where are our Hoosier hearts? I thought the term Hoosier was synonymous with hospitable.

  3. Illegal aliens. Not undocumented workers (too young anyway). I note that this article never uses the word illegal and calls them immigrants. Being married to a naturalized citizen, these people are criminals and need to be deported as soon as humanly possible. The border needs to be closed NOW.

  4. Send them back NOW.

  5. deport now

ADVERTISEMENT