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. I took Bruce's comments to highlight a glaring issue when it comes to a state's image, and therefore its overall branding. An example is Michigan vs. Indiana. Michigan has done an excellent job of following through on its branding strategy around "Pure Michigan", even down to the detail of the rest stops. Since a state's branding is often targeted to visitors, it makes sense that rest stops, being that point of first impression, should be significant. It is clear that Indiana doesn't care as much about the impression it gives visitors even though our branding as the Crossroads of America does place importance on travel. Bruce's point is quite logical and accurate.

  2. I appreciated the article. I guess I have become so accustomed to making my "pit stops" at places where I can ALSO get gasoline and something hot to eat, that I hardly even notice public rest stops anymore. That said, I do concur with the rationale that our rest stops (if we are to have them at all) can and should be both fiscally-responsible AND designed to make a positive impression about our state.

  3. I don't know about the rest of you but I only stop at these places for one reason, and it's not to picnic. I move trucks for dealers and have been to rest areas in most all 48 lower states. Some of ours need upgrading no doubt. Many states rest areas are much worse than ours. In the rest area on I-70 just past Richmond truckers have to hike about a quarter of a mile. When I stop I;m generally in a bit of a hurry. Convenience,not beauty, is a primary concern.

  4. Community Hospital is the only system to not have layoffs? That is not true. Because I was one of the people who was laid off from East. And all of the LPN's have been laid off. Just because their layoffs were not announced or done all together does not mean people did not lose their jobs. They cherry-picked people from departments one by one. But you add them all up and it's several hundred. And East has had a dramatic drop I in patient beds from 800 to around 125. I know because I worked there for 30 years.

  5. I have obtained my 6 gallon badge for my donation of A Positive blood. I'm sorry to hear that my donation was nothing but a profit center for the Indiana Blood Center.

ADVERTISEMENT