(Orange Village) - The owners of Greater Cleveland's newest major shopping center, Pinecrest, have turned over the deed for the property to the bank, rather than face foreclosure.
With very little fanfare, Fairmount Properties, turned over the deed of the lifestyle center at I-271 and Harvard Road to Square Mile Capital Management. Square Mile had loaned Fairmount $171.5 million to refinance construction loans. Fairmount has not been able to make the loan payments due to less money coming in, thanks to the pandemic. They decided it would be best to just turn over the lease, and avoid a costly court battle.
Pinecrest and all of its trendy stores will stay open, as Fairmount will now manage it for Square Mile.
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