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The Florida-based company sold Innova last year, shedding 247 units near the Cleveland Clinic. The Finch Group also has unloaded Parkside Dwellings and expects to sell CircleEast Townhomes.
Axonic Capital LLC, a mezzanine lender on the waterfront property, entered the sole bid at a Uniform Commercial Code foreclosure auction in New York on Thursday, Jan. 12.
The future of the 240-unit apartment building, called the Flats at East Bank, is in flux in the wake of developer Scott Wolstein's death.
The sales are part of Montlack's ongoing quest to shed nearly 1,500 units in Northeast Ohio.
Owner Kirt Montlack aims to shed 29 properties in Cleveland, Cleveland Heights, Lakewood and Shaker Heights. That portfolio includes a major concentration of buildings on the north side of Shaker Square.