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Council waives reversionary clause for Grand River Walk developer to clear mortgage; developers pledge swift mobilization
Summary
Painesville City Council approved a third amended development agreement with Grand River Walk LLC for 257 East Main Street, removing a reversionary clause to allow the senior lender to take a clean mortgage. Developers said the change is the final condition for financing and pledged to mobilize within weeks of closing.
Painesville City Council voted to authorize the city manager to enter a third amended development agreement with Grand River Walk LLC for development at 257 East Main Street. The amendment removes a reversionary clause that lenders said prevented issuance of a clean mortgage and was the last outstanding condition for the senior lender to close financing.
John Saenz, representing Grand River Walk LLC, told council the developer is close to closing and needs the amendment to satisfy the senior lender’s title requirements. Michael Vidmar, director of development for Merus…
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