A Bloomington area real estate developer has agreed to place a number of rental properties into third party receivership. In a motion filed Tuesday, First Merchants Bank requested outside management of a number of Blackwell Rental properties across Bloomington. The move is part of an ongoing foreclosure proceeding. According to Blackwell attorney Greg Lauer, his client did not oppose the action. He says the Blackwell Group is currently attempting to sell the properties, to repay the debt.
“He doesn’t dispute that the bank is owed money.” said Lauer. “In fact he’s tried to get the bank paid by selling these properties to people who may have a little more cash flow than he does right now.”
A number of known and unknown tenants are listed as co defendants in the case.
The Blackwell Group is currently listed as a defendant in at least seven active civil cases in Monroe County Circuit Court. The organization is under pressure from entities ranging from the Herald Times to material suppliers like Hoosier Floor Coverings and Final Touch Exteriors. Many of the cases involve contract disagreements.