The owners of the Shops at Perry Crossing had been hoping to sell the shopping center before a May deadline to pay off the property’s loan balance, but the pandemic ruined those plans.
The suit, filed Tuesday in Marion Superior Court by Evansville-based Old National Bank, claims Paul Kite and his firm owe the bank $15.8 million.
The once-booming toxicology business struggled for years under declining revenue and huge debts before being acquired last year by a Texas private equity firm. Its Park Fletcher headquarters building remains empty.
The 100,000-square-foot building on Keystone Avenue once served as the headquarters for the landscape firm Mainscape Inc.
The sale is intended to resolve a lawsuit filed by Wells Fargo Bank that accused Hofmeister of defaulting on a $2.3 million mortgage on the building.
The foreclosure lawsuit is the latest legal problem for the 43-year-old retailer, which is still trying to pay off debt from a Chapter 11 bankruptcy it filed in 2011.
Banks support proposed state legislation that could prevent Hoosier homeowners from using a settlement process to avoid foreclosure. But the sponsor of a bill with the controversial provision says he will strike it.
An Indiana law that has helped thousands of residents at risk of foreclosure keep their homes could be "gutted" under a bill being considered by state lawmakers, housing advocates say.
The two centers are owned by Centre Properties and located on the east and west sides of Indianapolis. Meanwhile, in a separate case, a lender is seeking to foreclose on several industrial buildings.
First Horizon Home Loans claims the owner of the Villagio at Page Pointe still owes nearly $5.2 million on an $11.6 million loan and is asking a court to appoint a receiver to manage the property until it’s sold.
The Gold Building and Two Market Square have been struggling to maintain tenants and face a potential exodus of others to the county’s proposed criminal justice complex.
The lender for the Hawthorns Golf & Country Club is an affiliate of California-based Concert Golf Partners, which hopes to convert its debt into ownership of the Fishers club.
A Marion Superior Court judge on Tuesday entered a judgment to foreclose on the downtown building after MT Acquisitions LLC failed to pay its nearly $60 million mortgage balance.
The Fishers-based company lost the Comfort Suites City Centre near Lucas Oil Stadium in a bankruptcy reorganization filed by one of its affiliates, which owed a creditor about $12 million.
Fifth Third Bank claims that the company operated by Charles Garcia, a former Indianapolis Chamber of Commerce chairman, owes it about $2.3 million for loans on Garcia Construction’s building at 6002 N. Michigan Road, and on personal property.
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.
Lender JPMorgan Chase & Co. took possession of convicted Ponzi schemer Tim Durham’s Geist mansion Thursday after the property failed to draw an offer higher than the bank’s base bid of $2.24 million.