Community development groups Cleveland Neighborhood Progress and Burten Bell Carr Development announced late Friday, Aug. 5, that they had succeeded in purchasing the landmark two-story retail and office center. The closing ended a year of efforts by the nonprofits, the city of Cleveland and others.
The city is willing to put up $12 million in loans to pay off the Square’s owners’ mortgage debt. The nonprofts Burten Bell Carr Development Corporation and Cleveland Neighborhood Progress would take possession of the site, pay back at least half the loan and find a new owner for the property.
Lender sues to seize Shaker Square
COSTAR
The future of landmark Shaker Square on Cleveland s East Side just hit a surprise twist as the lender has filed to appoint a receiver to replace 18-year owner Coral Co. of Cleveland.
Editor s note: The original story was updated on Wednesday, Dec. 23, with comments from the property owner on the court case.
Breaking stride with lender forbearance and other measures that shopping center owners have used to cope with the pandemic s economic fallout, the lender behind an $11 million mortgage on Shaker Square has filed to seize the property through a foreclosure proceeding.
Wilmington Trust National Association of Delaware and Washington, D.C.-based special servicer CW Capital Asset Management on Dec. 17 filed a foreclosure proceeding in Cuyahoga County Common Pleas Court to recoup the landmark shopping center on Cleveland s East Side from Coral Shaker Square LLC, an affiliate of Coral Co. real estate development and management concern.