Northeast-side office building falls into foreclosure

March 18, 2011

An 83,653-square-foot office building on the northeast side of Indianapolis is facing foreclosure after the out-of-state owners defaulted on a $5.2 million loan.

Kansas-based International Real Estate Holding Co. LLC filed a lawsuit March 10 against Boise, Idaho-based 1031 Heritage II LLC and several other owners based in Idaho and Delaware.

The office building, at 6666 E. 75th St. near Binford Boulevard and Interstate 465, is known as Heritage Park II. It is only 55-percent occupied, according to online real estate listings. Listed rent is $16.50 per square foot.

The building’s tenants include local homebuilders Arbor Homes LLC and Silverthorne Homes LLC.

International Real Estate Holding, which took possession of the loan in November from Kansas City, Kan.-based Brotherhood Bank & Trust, is seeking the appointment of a receiver for the property.

Milwaukee-based M&I Bank, whose parent agreed to be purchased in December by Bank of Montreal, originally made the $5.2 million loan in February 2008, according to the complaint.

1031 Heritage II last made a payment on the loan in July 2009. Including taxes and interest, International Real Estate Holding is seeking $5.5 million, the suit said.



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