Receiver sale for CityView

June 29, 2009
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CityView on MeridianA 20-story apartment tower in midtown Indianapolis is being offered in a receiver sale for about $42,000 per unit, about a third less than the unpaid loan balance. The 166-unit CityView on Meridian has been listed by CBRE for $6.9 million. The 1966 structure on the northeast corner of 38th and Meridian includes 164 underground parking spaces, 3,600 square feet of unused first-floor commercial space and a rooftop swimming pool. The previous owner, Chicago-based Freemont Sheridan Properties, envisioned the building as a premier residential address but defaulted on a loan. The loan has a principal balance of more than $11 million. A judge last year appointed Michigan-based apartment owner and manager McKinley Inc. as receiver. McKinley also manages the Brandywine and The Courts in Indianapolis and Carmel Woods in Carmel.
  • even @ 42k per unit, this is a tough sale. Anyone got any money left? :(
  • I wonder what the current occupancy rates are...and what the cash flow would look like? I suppose those are questions a buyer would ask...
  • A premier residential address.. haha. WHOOPS
  • ?
  • Good Buy
    This is a good price. Don't let the address scare you! This area has been on the upswing as I live at the condos that were recently redone two blocks to the north. Butler/Tarkington Park just had some good investments in to it. The Farmers Market across the street and the little shops and food stores along 38th are starting to get upgrades. The skin of this building (as I'm sure the interior) needs re-done, but overall is a prime location and could be a catalyst for further development. New 5/3rd bank nearby. Condos just south of 38th and Pennsylvania are being built as well as reinvestment in a lot of the homes in this area plus promises by other developers to remodel the exisiting mixed-used developments along meridian just south of 38th. Plus - who wouldn't want to jump off of a diving board - 20 stories high while watching to City Skyline! It's awesome.
  • Read the guy's reply on the bottom. Pretty good. :)

    Hilarious! No idea what he's talking about. Just south of there is what I call crack alley! There's so much uphill battling yet to be done in that area. I agree, midtown could be super cool but it has a long long way to go and who knows what the catalyst is to get it going.

    From Monon Trail (and in most cases beyond monon too) to Crownhill (East/ West) and 38th Street South to Fall Creek is dreadful, crime ridden, crap except for a few small pockets.

    One day 25 years from now it all be awesome! There's still plenty of time for idiots to jump in and pioneer too early, get there a$$'s handed to them and smarter outfits to come in later at pennies on the dollar.

    Prediction: whoever buys cityview will most likely fail. The next guy after that will have much greater chance of being successful.
  • So I posted the reply on the actual article, and unless you live right in this area - appearances are just that to you. I'm a white male in my late 20's early 30's and I an enjoying this area more and more. Everyone around here is friendly and I walk to the CVS, McDonalds, Subway, Melody Inn, Dollar General Etc.

    I feel safe walking my dog around this area. Yes you will encounter a begger or two, but they don't follow you after you say I don't have cash or when you inform them on the local shelters. The staff at all the 38th streest shops and eateries are friendly. The homes just north and yest just south along Penn, Washington are having new buyers move in. Across the street from 5/3rd were old run down apartments being converted into nice condos. An abandonded building at 38th and Penn (NE corner) was recently redeveloped into nice apartments.

    The business around here are good - United Way, Nuvo, General Alarm, Non-profits, and the apartments just south of 38th along Meridian. Yes - there are some bad ones, but just got redeveloped, a new facade, the GRand MEridian further south is being rebuilt. Shortridge is being brought back. Give the area a try. Many opportunities for investment and profit with Butler Students living in the Tower and nearby as well as younger professionals looking for cheap property and rent.
  • As long as you have a quick draw and good aim, you should be OK living in this area. It is ripe for redevelopment and I'm sure it won't be long before Fresh Market, Cafe Patachou and Starbucks fall in. Oh wait, nevermind on Starbucks.
  • They just need to demolish that eyesore and replace it with a CVS or Walgreens.
  • Haha! Mike W you need to establish residency there for a while.

    You know what IMPD calls that part of town? Dodge City.

    for a reason.
  • I really applaud what Mike has to say. For all the other ignorant folks polluting this thread, get a reality check! Everybody 15 years ago called Fall Creek Place dodge city now look at it. There are plenty of middle class people moving in and quality retail as well. Perhaps in another 5-10 years Midtown Indy can see similar development and progress. However, it sure as hell isn't coming if there's just negativity from everybody else around here. Thank you Mike for being positive and optimistic for the future of the North Meridian Corridor.
  • Thanks mike for his optimism!
  • We need more people like Mike and less people like these ignorant folks. Fall Creek Place used to be called dodge city now look at it!
  • I have claimed residency in this area for going on 5 years now. Been walking the same streets for 5 years now. I guess your perception of dodge city even though as one person mentions was only called for the Fall Creek Place - not this area, is just a lot of african americans lingering and walking about on the sidewalks. You must be oh so comfy in your Beamer as you drive through this part of town locking your doors. Get a clue, experience the city and get out a little. It's not as bad as you all think it is.
  • Gosh, where do some of you people live, Greenwood, Amo? The suburbs are so same-same-same, streets, stip malls and cornfields with tract housing.

    Indy is a city afterall, a little grit and occasional gunfire are part of the package. You must be TERRIFIED of New York or Chicago!

    Granted, the building and the neighborhood are challenged, but they are far from hopeless.

    Methinks some of you commuters see a few black people on the corner and immediately write them off as thugs, and the neighborhood as ghetto. A pretty narrow view you have as your drive to your tract communities in the cornfields. Same, same, same, just another kind of ghetto.
  • CORRECTED VERSION FROM THE FIRST POST. Forgive my spelling errors, and take two poInts off my score:

    Gosh, where do some of you people live, Greenwood, Amo? The suburbs are so same-same-same, streets, strip malls and cornfields with tract housing.

    Indy is a city afterall, a little grit and occasional gunfire are part of the package. You must be TERRIFIED of New York or Chicago!

    Granted, the building and the neighborhood are challenged, but they are far from hopeless.

    Methinks some of you commuters see a few black people on the corner and immediately write them off as thugs, and the neighborhood as ghetto. A pretty narrow view you have as you drive to your tract communities in the cornfields. Same, same, same, just another kind of ghetto.
  • Wonder if this could be converted to a midtown hotel?
  • Thank you parkershade. You rephrased my statement of them driving through in the beamers and stated it a little better. I don't think they are posting anymore because they realized they were guilty on passing a quick judgement.

    This area really is a good mix of diverse backgrounds and ethnic groups, younger individuals, college students, elderly, poor, and elite. The type of mix that you won't find in Homogenous Hamilton County.
  • If you really want to see some really blighted, rundown places, lets revisit some of these suburban areas in about 25 years
  • 25? I give 'em 10. Most businesses in the city are still thriving. look at the the strip mall action in the 'burbs - starting to remind me of Lafayette Rd. LOL. Maybe some of the suburbanites don't understand how to do broke and still keep things going...
  • Thanks MikeW.

    Give me diversity any day. Spice of life baby. Blight in the burbs? How can you tell the difference between boom and blight? It all looks the same, some just have a newer facade.

    I don't fault the burbs, I guess the schools are least safer. It's just so GD boring.
  • MikeW and parkershade. It's refreshing to see others with the same views as mine. :-)

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