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Historic downtown apartment building on the block

September 1, 2015

A five-story downtown apartment building that was renovated by a prominent Indianapolis developer who is facing 20 felony charges related to securities fraud is on the market.
Janus Lofts 225px
Summit Realty Group is accepting offers until Oct. 1 on the 23-unit Janus Lofts building at 240 S. Meridian St.

The Blu and Social nightclubs occupy the ground-level spaces of Janus Lofts. The rest of the building is fully occupied.

Cornelius “Lee” Alig, CEO of Mansur Real Estate Services Inc., redeveloped the 110-year-old former warehouse in 2003. Mansur said the company invested about $6.2 million in the Janus project.

The Marion County Prosecutor’s office in April charged Alig with five counts of securities fraud (one class B felony and four class C felonies), four counts of being an unregistered broker-dealer (class C felony), four counts of selling unregistered securities (class C felony), two counts of forgery (class C felony), and five counts of theft (class D felony).

Alig’s trial is set for Oct. 8.

A probable cause affidavit alleges Alig made false representations when borrowing on eight promissory notes from 2008 through 2012.

Alig filed for Chapter 7 bankruptcy in 2012. Summit is representing SPCP Group VI LLC, which purchased the mortgage for the property from lender PNC Bank.

PNC had asked for a judgment of $3.2 million and the appointment of a receiver after a Mansur affiliate defaulted on a 2003 construction loan for renovations to the building, which previously housed Kipp Brothers Wholesalers for more than 50 years.

Built by the Fahnley & McCrea Millinery Co. in 1905, the structure still has some original wood floors, tin-metal stamped ceilings and cast-iron columns. The building has about 9,590 square feet of retail space on the first floor and apartments on floors two through five.

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