Property Lines - Scott Olson

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Real Estate & Retail

Receiver sale for CityView

June 29, 2009

CityView on MeridianA 20-story apartment tower in midtown Indianapolis is being offered in a receiver sale for about $42,000 per unit, about a third less than the unpaid loan balance. The 166-unit CityView on Meridian has been listed by CBRE for $6.9 million. The 1966 structure on the northeast corner of 38th and Meridian includes 164 underground parking spaces, 3,600 square feet of unused first-floor commercial space and a rooftop swimming pool. The previous owner, Chicago-based Freemont Sheridan Properties, envisioned the building as a premier residential address but defaulted on a loan. The loan has a principal balance of more than $11 million. A judge last year appointed Michigan-based apartment owner and manager McKinley Inc. as receiver. McKinley also manages the Brandywine and The Courts in Indianapolis and Carmel Woods in Carmel.
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