A couple of months after a sheriff's sale of the Fishers Banquet and Conference Center, an adjacent property with the same owners also is headed to auction.
According to court documents, property owner Kincaid Holdings LLC defaulted on a loan for the land at 7823 North by Northeast Blvd., northeast of the Interstate 69 and 96th Street interchange. The property is scheduled to be sold at a sheriff’s sale July 9.
The 2.65-acre property includes a 16,000-square-foot office building that is 100-percent occupied.
The company, which is run by the same family that owned the Fishers Banquet and Conference Center, failed to make payments on a $775,212 loan issued by Old National Bank in March 2012, according to court filings by the bank.
Randy Kincaid is listed as the representative for Kincaid Holdings and Globe Industrial Supplies Inc., which is listed as a tenant in the building. He is the brother of Dan Kincaid, president of Kincaid Realty Associates.
Kincaid Holdings was supposed to begin making payments on the property in April 2012, according to the bank.
After consistently not making payments, Kincaid Holdings acknowledged being in default in June 2014 and agreed to pay the owed amount by Sept. 30, 2014.
The bank alleges it never received the payment, according to court documents. Dan Kincaid told IBJ on Thursday that the loan payments and property taxes are up-to-date. He said he intends to file for bankruptcy to prevent the sheriff's sale.
When a Kincaid family firm defaulted on its loan for the banquet center, Dan Kincaid told the IBJ it was a “technical” default from a personal guarantee his father, Donald, had made for the loan before he died in 2008.
Kincaid also attempted to stop the sheriff's sale of the banquet center by filing for bankruptcy. However, he said, his previous attorney who handled that foreclosure didn't follow through with the paperwork.
He said a new attorney was filing for bankruptcy on the property, which would prevent the sheriff's sale and allow the family to either sell it or refinance the loan. Firms under financial stress often file bankruptcy in order to halt or stall actions by creditors.
"The payments are current, and there's plenty of value," Kincaid said. "Why would you foreclose on a property whose payments are 100-percent current?"
Since the bank filed the complaint to foreclose on the property in Hamilton County Superior Court in December 2014, the company has paid $5,852.13, according to court documents.
Hamilton Superior Court Judge Daniel Pfleging ruled in favor of the bank in April. Kincaid Holdings was responsible for $750,007 in principal, interest, late fees and attorney’s fees as of March 11, plus an additional $180 per day from March 11 to April 15—the day the ruling was issued.
Greg O’Herren, owner of Fishers-based Shamrock Builders, bought the 13,265-square-foot banquet center at an auction in April for just more than $1 million. The property has been renamed “The Wellington.”