Hagan Properties

Providing quality shopping center, apartment and self-storage locations since 1990

(502) 245-8800
  • Home
  • Shopping Centers
    • Current Assets
    • Sold Assets
  • Apartments
    • Current Assets
    • Sold Assets
  • Self-Storage
    • Current Assets
  • About
    • About Us
    • Hagan HQ
    • Corporate Resume
    • In The News

Archives for November 2013

PBI Bank appeals verdict in Signature Point case

November 7, 2013 By Hagan Properties

NOV
7

By Kevin Eigelbach  – Reporter, Louisville Business First
Nov 7, 2013, 2:44pm EST

Louisville-based PBI Bank has appealed a $7 million judgment rendered against it in Jefferson Circuit Court in a lawsuit involving Signature Point, a proposed residential development off English Station Road.

As Business First reported in July, a Jefferson Circuit Court jury awarded $7 million in damages against the bank.

The case involved developer J. Scott Hagan and his former plan to build Signature Point, a complex of 414 apartments and 299 condominiums on 90 acres near Christian Academy of Louisville. PBI Bank lent Hagan more than $25 million to build the complex, but the project went awry in the last recession.

According to court records, Hagan had claimed that PBI Bank asked Hagan to deed the property to the bank in exchange for forgiving the loan. Hagan agreed if he could keep the 30 acres planned for apartments.

While they were negotiating, according to a trial memorandum that Hagan’s attorney prepared, PBI was also negotiating with a third party to buy the apartment property.

“PBI concealed the sales opportunity from (Hagan) and instead began a course of deceitful negotiating with Hagan in order to obtain a deed to the property,” according to the memorandum.

Hagan eventually deeded all the property to the bank, and the bank sold the apartment property to the third party — Managed Assets of Kentucky LLC— for $3.8 million, according to the trial memorandum.

A portion of the Signature Point property now is being developed by Elite Homes Inc., which plans to build 124 garden homes and unattached single-family homes, as Business First reported in August.

According to court records, on Oct. 25, the bank appealed the jury verdict to the Kentucky Court of Appeals both the verdict and the judge’s decision to deny PBI Bank’s motion to reduce post-judgment interest the bank would have to pay.

Attorneys for the bank and for Signature Point did not immediately return messages left for comment today.

Filed Under: In The News

Recent Posts

  • Why developers say townhomes are the next housing trend to hit Louisville
  • $26 million Bull Run Townhomes underway in East Louisville
  • The new Dee’s? The Hat Shoppe has everything to make your own Kentucky Derby hat
  • Law to curb ‘frivolous’ appeals of commercial development upheld by the Court of Appeals
  • Growing doughnut chain to open location in East End shopping center

Recent Comments

    Archives

    • April 2024
    • February 2024
    • November 2022
    • October 2022
    • September 2022
    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • February 2021
    • November 2020
    • October 2020
    • August 2020
    • July 2020
    • February 2020
    • July 2019
    • December 2018
    • September 2018
    • June 2018
    • April 2018
    • April 2017
    • March 2017
    • February 2017
    • December 2016
    • November 2016
    • September 2016
    • May 2016
    • April 2016
    • March 2016
    • January 2016
    • October 2015
    • July 2015
    • April 2015
    • January 2015
    • November 2014
    • June 2014
    • March 2014
    • November 2013
    • July 2013
    • May 2013
    • March 2013
    • November 2012
    • July 2011
    • September 2007

    Categories

    • In The News

    Meta

    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org
    • Facebook
    • Instagram

    Hagan Properties

    12911 Reamers Road
    Louisville KY 40245

    P: (502) 245-8800
    F: (502) 245-7747
    info@hagan.com
    COPYRIGHT © 2025