Indianapolis Real Estate Broker Files Chapter 7 Bankruptcy

Philo Lange, an independent real estate broker, has filed for Chapter 7 bankruptcy, claiming $13.3 million of debt and $793,335 in assets. The Indiana realtor was formerly managing partner of the now-defunct NAI Olympia Partners and managing director of the Indianapolis office of Dallas-based Trammell Crow Co.

Scott Olson, writing for www.ibj.com (Indiana Business Journal), reports that Lange’s total debt includes close to $12 million in unsecured claims, in which he owes PNC Bank $5.2 million for personal guarantees on two notes to business interests, Hoosier Storage-Georgetown LLC and Harbor Plaza LLC. According to court documents, he also owes over two million dollars to Ameriserv Trust & Financial Service for a loan made to NBD One LLC, as well as a $900,000 balance on a third note to NBD from Community Bank.

Lange founded Lange Realty Inc. in 1981, running it until 1995, the website states. He served as managing director of the Trammell Crow Indianapolis office from 1996 to 2000, when he joined NAI Olympia Partners, eventually becoming managing partner. Olympia folded in December 2010 after being one of the city’s largest commercial real estate brokerages for two decades.

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