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Buckingham buys downtown Janus Lofts building

February 23, 2016

Indianapolis-based Buckingham Cos., whose downtown apartment projects include CityWay, has purchased the five-story Janus Lofts building at 240 S. Meridian St.

The local office of Colliers International announced the deal Tuesday afternoon on behalf of the seller, Greenwich, Connecticut-based Silver Point Capital. Colliers accepted offers on the building for about a month, or until Oct. 1.

Colliers declined to disclose the sale price. Silver Point Capital paid $2.7 million in December 2014, according to Marion County property records.

The 35,640-square-foot Janus Lofts building includes 23 apartments, an underground parking garage and street-level retail space occupied by the Blu and Social nightclubs.

Built by the Fahnley & McCrea Millinery Co. in 1914, following a fire that destroyed the original 1905 structure, the building still has some original wood floors, tin-metal stamped ceilings and cast-iron columns.

Silver Point Capital purchased the mortgage for the property from lender PNC Bank. The bank took control of the property after an affiliate of Mansur Real Estate Services Inc. defaulted on a construction loan for renovations to the building, which previously housed Kipp Brothers Wholesalers for more than 50 years.

Former Mansur CEO Cornelius “Lee” Alig redeveloped the former warehouse in 2003.

Alig in November pleaded guilty to one count of theft, a class D felony, and one count of securities fraud, a class C felony, stemming from charges by the Marion County Prosecutors Office that he made false representations when borrowing on eight promissory notes. He is set to be sentenced March 16.

The Colliers team representing Silver Point Capital was led by Amy Burmeister, a multifamily advisory senior vice president.

Buckingham announced in November that it is planning a $110 million second phase to CityWay at Delaware and South streets.
 

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