IBJNews

Settlement allows Broadbent to keep downtown HQ

Back to TopCommentsE-mailPrintBookmark and Share

Indianapolis developer The Broadbent Co. will keep its downtown headquarters after settling a lawsuit with lenders that sought to foreclose on the building.

Huntington National Bank and PNC Bank filed their complaint in July 2011, charging that Broadbent defaulted on various construction loans and mortgages dating from February 2007.

In an e-mail to IBJ Friday morning, a Broadbent lawyer said the developer will continue to own its building at 117 E. Washington St. according to the terms of the agreement. He declined further comment.

Broadbent, a strip-center real estate specialist, borrowed more than $11 million to buy and renovate its headquarters. The company moved into the structure, formerly known as the Zipper Building, in October 2007 after a massive renovation of the then-50-year-old building.

But the company struggled during the commercial real estate downturn and faced a barrage of lawsuits as it attempted to reorganize certain properties under bankruptcy protection.

The disputes began in 2009 when Broadbent sued Huntington and PNC, charging they were wrongly attempting to restrict its access to a $50 million credit line.

Some of those suits involving Broadbent’s commercial properties were settled earlier this month.

One of the suits involved a $4 million Huntington loan tied to two Broadbent projects: the 130,181-square-foot Clearwater Crossing retail center near Keystone at the Crossing and the 103,934-square-foot North Willow Commons shopping center at West 86th Street and Ditch Road.

George P. Broadbent co-founded the real estate company formerly known as Skinner & Broadbent in 1972. The company operates 30 retail centers in the Indianapolis area.
 

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. President Obama has referred to the ACA as "Obamacare" any number of times; one thing it is not, if you don't qualify for a subsidy, is "affordable".

  2. One important correction, Indiana does not have an ag-gag law, it was soundly defeated, or at least changed. It was stripped of everything to do with undercover pictures and video on farms. There is NO WAY on earth that ag gag laws will survive a constitutional challenge. None. Period. Also, the reason they are trying to keep you out, isn't so we don't show the blatant abuse like slamming pigs heads into the ground, it's show we don't show you the legal stuf... the anal electroctions, the cutting off of genitals without anesthesia, the tail docking, the cutting off of beaks, the baby male chicks getting thrown alive into a grinder, the deplorable conditions, downed animals, animals sitting in their own excrement, the throat slitting, the bolt guns. It is all deplorable behavior that doesn't belong in a civilized society. The meat, dairy and egg industries are running scared right now, which is why they are trying to pass these ridiculous laws. What a losing battle.

  3. Eating there years ago the food was decent, nothing to write home about. Weird thing was Javier tried to pass off the story the way he ended up in Indy was he took a bus he thought was going to Minneapolis. This seems to be the same story from the founder of Acapulco Joe's. Stopped going as I never really did trust him after that or the quality of what being served.

  4. Indianapolis...the city of cricket, chains, crime and call centers!

  5. "In real life, a farmer wants his livestock as happy and health as possible. Such treatment give the best financial return." I have to disagree. What's in the farmer's best interest is to raise as many animals as possible as quickly as possible as cheaply as possible. There is a reason grass-fed beef is more expensive than corn-fed beef: it costs more to raise. Since consumers often want more food for lower prices, the incentive is for farmers to maximize their production while minimizing their costs. Obviously, having very sick or dead animals does not help the farmer, however, so there is a line somewhere. Where that line is drawn is the question.

ADVERTISEMENT