The owner of Castleton Place, a shopping center in one of the city’s busiest retail areas, is the target of a $5 million foreclosure lawsuit by a lender that seeks to have the property placed in receivership.
One of the city’s best-known retail developers is alive and kicking again after a harrowing real estate downturn and protracted legal battle with two lenders.
The Indianapolis developer will continue to own its corporate headquarters at 117 E. Washington St. after reaching a settlement with two banks that had filed a lawsuit to foreclose on the building.
A newly public filing shows the co-founder of The Broadbent Co.’s net worth has fallen 60 percent, to $48 million.
Huntington National Bank and PNC Bank claim they are owed roughly $25 million on loans related to Broadbent Co.’s purchase and renovation of a building on East Washington Street downtown.
Developer George P. Broadbent sold The Broadbent Co. to his wife for $50,000 in March 2010 as he faced a barrage of lawsuits threatening his control over the real estate company he co-founded in 1972. He has also transferred several properties to her.
Six people were key mentors and associates during real estate career in Indianapolis.
The shopping center on U.S. 31 is the third Broadbent-operated strip mall to fall into bankruptcy and its second in Greenwood to claim financial problems.
Shopping center on East 82nd Street lists nearly $10.4 million in liabilities and about $7.6 million in assets. The Chapter 11 filing follows a request to foreclose on the property from the center’s lender.
German American Capital Corp. claims the owner of the strip mall, Castleton Plaza LP—a subsidiary of Broadbent Co.—owes it $10 million. The lender is requesting the property be sold at a sheriff's sale to help satisfy the debt.
Beleaguered local developer The Broadbent Co. plans to spin out its construction arm as an independent company as of Jan. 1.
The owner of the building that houses the Music Mill concert venue listed assets of $1.4 million and liabilities of $1.3 million.
Avis Skinner alleges Broadbent isn’t making the payments he committed to when he bought out her husband's real estate
interests in 2006.
A $20 million improvement of West 38th Street between Guion and High School roads that is set to begin next month is the first in a series of initiatives that stakeholders hope will revive the real estate fortunes of the area anchored by Lafayette Square Mall.
Two new lawsuits stemming from Broadbent Co.’s financial problems charge company President George Broadbent defaulted
on loans and owes more than $2.6 million.
