Bank files to foreclose on Garcia Construction property

Fifth Third Bank has filed to foreclose on the assets of Garcia Construction Group Inc., which closed its doors in December.

The bank claims in a March 10 Marion Superior Court filing that the company operated by Charles Garcia owes it about $2.3 million for loans on Garcia Construction’s building at 6002 N. Michigan Road, and on personal property.

Founded in 1989, Garcia Construction was one of the biggest minority-owned firms in Indianapolis. Its 85 employees ranked it as the eighth-largest in 2012, according to IBJ statistics. The company reported revenue of $53.3 million in 2011.

Garcia is a former Indianapolis Chamber of Commerce chairman.

Fifth Third notified Garcia Construction in October that it was in default of the loans, according to the court filing.

“I don’t know what [Garcia’s] next chapter is,” said attorney Jeff Hokanson, who’s representing the company in the case. “But Garcia Construction as we all understood it is kaput.”

Hokanson said he’s working on a settlement with Fifth Third, which has hired Key Auctioneers to liquidate the company’s assets.

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