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The Cleveland- and Hungary-based real estate developer acquired a site owned by Walworth Pointe's developer that adjoins the townhouse project in Cleveland but is not involved in court proceedings. The deal signals a new effort to try to put the distressed project back on track.

Fund That Flip, through its FTF Lending unit, has filed to foreclose on a $1.4 million loan it issued in the latest phase of a Cleveland townhouse project with a troubled history.