Leader Building Issued Foreclosure Notice
Crain's Cleveland Business reports: In its “Distressed Property Radar,” Real Capital Analytics reported that as of Dec. 1, 50 properties ranging from office buildings to apartments in the Cleveland-Akron metropolitan statistical areas were classified as distressed. Those properties had a total loan value of $755 million. Last July, Real Capital calculated that the Cleveland-Akron MSA had 29 distressed properties with a total loan value of $712 million.
Real Capital reported that as of Dec. 1, $160 billion in commercial properties nationwide were distressed, which it defines as the subject of foreclosures, defaults or bankruptcy. It also estimated lenders and borrowers are resolving only 10% of them. The report tracks only properties of $2.5 million or more in value.
If misery loves company, the landmark Leader Building is part of a growing party downtown and elsewhere.
The former Baker Building at 1900 East Sixth St., which adjoins the Leader Building, became the subject of a foreclosure Dec. 10 when PNC Bank sued for a $900,000 mortgage in Cuyahoga County court. Capua Properties LLC, which has a Fairview Park address, bought the 11-floor, 45,000-square-foot building, in 2006 for $1 million. Angelo Russo, an attorney that Ohio records list as the agent for the building, did not return a call by deadline.
View the full article on Crain's Cleveland Business: Leader Building Issued Foreclosure Notice
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Posted by: Mark Alferman