CLEVELAND, Ohio – A New York-based lender who gave a $171 million loan to the developers of Pinecrest in Orange Village now owns Northeast Ohio’s newest shopping and dining center, thanks to financial issues related to the coronavirus pandemic.
Cuyahoga County Fiscal Office records show that an affiliate of Square Mile Capital Management owns the 750,000-square-foot complex as of Wednesday. The firm in January 2019 issued a loan so that Fairmount Properties and DiGeronimo Companies, which developed Pinecrest, could refinance their construction obligations.
Crain’s Cleveland, which broke the story, reported that the transfer happened through a “deed in lieu of foreclosure,” which signals that the developers gave up the property instead of facing a foreclosure lawsuit. Cleveland.com and The Plain Dealer could not immediately obtain a copy of the land transfer documents, though court records show the previous owners did not face any foreclosure lawsuits in the county.