Northwest-side medical building facing foreclosure

May 12, 2011

A Northbrook, Ill.-based investment firm says it is owed $4 million and is seeking to foreclose on a medical office building near St. Vincent Hospital in Indianapolis.

Road Bay Investments LLC filed a foreclosure notice on May 5 in Marion Superior Court and is attempting to take possession of the 30,000-square-foot building at 8424 Naab Road.

The firm said Sacramento-based Panattoni Investments LLC, the operator of the building, assumed obligations of the property’s mortgage on March 7, 2005, and has failed to repay it.

As of May 1, the unpaid balance of the loan is $4 million, the court filing said.

Tenants of the medical office building include Indianapolis Endocrinology & Diabetology Inc., Mid America Clinical Labs and Northside Gastroenterology.

About 6,600 square feet of space is available for lease, according to an online listing of the property.



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