South-side medical office building in foreclosure

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Citizens Financial Bank is seeking to foreclose on a medical office building on the south side of Indianapolis, claiming it is owed $4.1 million on a loan dating from 2002.

The Munster-based bank filed the lawsuit against Park Point Investment Co. in Marion Superior Court on May 9 and is asking a judge to appoint a receiver to oversee the building’s operations.

The building is located on East County Line Road near Community Hospital South. It houses several physician offices, in addition to the hospital’s Rehab & Sports Medicine Center.

Citizens claims in its suit that it loaned $4.6 million to Park Point in December 2002, with the entire principal coming due Dec. 31, 2011.

Park Point defendents listed in the suit include Larry S. Browning and Ronald J. Bowden, who are principals in Shelbyville real estate firm Evergreen Investment Corp.



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