VALPARAISO | Centier Bank has filed a lawsuit alleging Coffee Creek Development in Chesterton has failed to pay a $634,000 balance on a loan.
The bank is asking the court to order the company to pay off its debt with interest and attorney fees, and/or foreclose on the mortgage lien in the case and order the real estate to be sold off at a sheriff's sale.
An official for Coffee Creek could not be located Monday for comment.
Centier said it loaned $784,000 to Coffee Creek on June 20, 2007. As a security for the loan, Coffee Creek granted a first priority mortgage lien to Centier, according to the suit.
The suit claims Coffee Creek defaulted on the loan by failing to pay it off by Sept. 30.