Millennia Companies Hit with Third Foreclosure Suit Over Downtown Cleveland Property

CLEVELAND, Ohio — Troubled real estate firm Millennia Companies is now contending with a third lawsuit claiming unpaid obligations related to its downtown Cleveland holdings.

Last week, the Ohio Water Development Authority initiated foreclosure proceedings against Millennia concerning outstanding debt linked to 75 Public Square, a high-end apartment complex adjacent to the Old Stone Church.

As one of the biggest downtown property owners, Millennia has encountered similar accusations in recent months involving defaults on loans for The Centennial Building and The Statler apartments.

The latest filing in Cuyahoga County Common Pleas Court asserts that Millennia defaulted on a $3 million loan granted in 2020 to facilitate the transformation of 75 Public Square from offices to residential units.

According to the suit, the company stopped making required payments as of July 2023, resulting in an outstanding balance exceeding $3.4 million, encompassing principal, interest, penalties, and legal expenses.

The action requests foreclosure on the mortgage and associated securities, the installation of a receiver to oversee the property, and possibly a deficiency judgment against ex-CEO Frank Sinito and his spouse, Malisse Sinito, who served as personal guarantors.

Frank Sinito resigned from his CEO role in June while retaining ownership of the firm.

In response, Millennia’s Chief Investment Officer Angelica Sinito described the lawsuit as “unexpected,” noting active negotiations with the authority and other creditors.

“Considering the property’s promising prospects in the burgeoning Sherwin-Williams global headquarters area, this move is both unforeseen and regrettable,” she stated.

The company’s release expresses optimism about 75 Public Square’s outlook, despite “widespread distress” in the downtown market.

Representatives for the Ohio Water Development Authority were unavailable for immediate comment.

In October, Deutsche Bank launched a federal foreclosure case against Millennia’s Centennial Building over a $35.4 million defaulted loan. This dispute endangers over $70 million in public subsidies for the development, including local county contributions, state tax incentives, and a HUD-guaranteed loan.

Sinito indicated that discussions with lenders and partners to safeguard the building and push forward its revitalization are continuing.

Millennia is also navigating foreclosure at The Statler, another key downtown asset, due to an alleged $52 million default. Sinito attributed dips in occupancy to garage renovations and affirmed ongoing talks with lender Union Labor Life Insurance Company.

These legal battles unfold against a protracted backdrop involving Frank Sinito. Federal authorities searched his residence last year, following HUD’s claims that Millennia mishandled or lost $4.7 million.

In May, a HUD administrative judge determined that Millennia and related entities executed over 100 improper fund transfers amounting to roughly $3 million.

Adding to Millennia’s woes, the company has drawn sharp criticism for property management issues at HUD-subsidized affordable housing complexes. For instance, at Tiffin West Apartments in Tiffin, Ohio—located at 1746 W Market St. and managed by Millennia Housing Management, LTD—residents have protested deplorable conditions including black mold, leaking roofs, broken air conditioning units, overflowing dumpsters, and a complete absence of on-site management or maintenance. The complex reportedly owes more than $7,000 in unpaid garbage fees, and the management office has remained locked with windows obscured, even after a new manager was briefly spotted in June 2025. Housing advocates have accused HUD of inadequate oversight, often looping complaints back to Millennia without proper scrutiny, while residents demand urgent interventions to rectify the hazardous living environment. These reports echo broader allegations against Millennia, including substandard conditions at other sites like Atlanta’s Forest Cove Apartments, which was condemned for similar violations, and tie into ongoing investigations of the company’s CEO.