Steven Porter and Joseph Paul, Journal and Courier
An apartment complex in West Lafayette that markets itself as luxury student housing succumbed Monday to foreclosure.
McCormick Place Apartments, which took out a loan to purchase the property a decade ago, owes U.S. Bank more than $24.5 million, according to Tippecanoe Circuit Court records.
Judge Tom Busch ordered that the property be sold off to pay the debt, and he granted the plaintiff authority to collect rent.
Dakota Richart, a Purdue University graduate student who rents a McCormick Place apartment, said Monday that she hadn’t been notified of the foreclosure, nor did she have any idea how it might impact her lease.
James Hodge, executive vice president of Ambling Management Co. — which oversees operations at McCormick Place and student housing properties in 12 other states — said the foreclosure won’t have any effect on the tenants who reside in the 644-unit complex near Lindberg Road and U.S. 231.
Management at McCormick Place referred media inquiries to Ambling, while Hodge declined to comment further, noting Monday evening that he wasn’t aware of the court decision at the time.
Alan Mills, an attorney listed for plaintiff U.S. Bank, declined to comment on the settlement Monday.