EVANSVILLE, IN (WFIE) - Court documents show that four properties owned by the Kunkel Group are now under control of the receiver Summit Enterprises, Inc.
A receiver accepts responsibility for another’s property, often in cases where a company cannot meet financial obligations or enters bankruptcy
On Tuesday, an Order was filed for immediate appointment of a receiver due to outstanding debt to U.S. Bank National Association. The order lists the following four properties in Evansville:
- Kunkel Property: 329-331 Main Street
- Fendrich Property: 100 E. Sycamore & 15 John Street
- CBD Property: 122-123 NS 4th Street
- Hulman Property: 20 NW 4th Street & 109 NW Third Street
The order lists that the appointment of a receiver is necessary to protect and preserve the Real Estate and the rights of U.S. Bank National Association.
According to the order, the receiver gets compensation for taking control of the properties. The receiver also filed a $176,000 bond with the clerk as a condition that it will faithfully serve its receiver duties.
Jan Meets filed an Oath of Receiver accepting the position on behalf of Summit Real Estate Services. She has declined to comment.
In a statement, the Kunkel Group tells 14 News:
“Due to the loss of two major tenants at the Hulman Building, a technical default in the loan agreement was triggered. The four properties are cross-collaterized so unfortunately the other three buildings were affected. We are currently in the process of refinancing all four buildings. Tenants in place will notice little or no impact to the day-to-day operations of the buildings.”