CLEVELAND, Ohio – Millennia Companies, one of the largest owners of downtown Cleveland buildings, has defaulted on a $52 million mortgage for The Statler apartment building that is now facing foreclosure, according to a lawsuit.
Millennia owes $60.7 million to Union Labor Life Insurance Company, when fees and interest are included, according to the lawsuit filed Thursday in federal court in Cleveland.
The insurance company asked a federal judge to order the building be foreclosed on and sold, with the money paying off the debts.
Messages left for Millennia officials were not returned.
The Statler is one of the most recognizable and historic buildings in the city. It was built in 1912, originally as an upscale hotel.
The building on Euclid Avenue and East 12th Street currently features