Cincinnati Carew Tower faces foreclosure after being put up for sale

Carew Tower, one of Downtown’s most iconic buildings, faces foreclosure and more than $ 642,000 in overdue bills, just a year after the building went on sale.

Lender Veles Partners LLC filed a lawsuit against the building’s owner, Greg Power, on Oct. 15 for defaulting on the mortgage, according to Hamilton County Common Pleas Court records.

Veles claims that Power owed $ 9,664,656 in principal on the loan, around $ 93,630 in interest and $ 3,594 in late fees as of October 5th.

Power – a downtown commercial real estate investor who owns Carew Tower and the affiliated Hilton Cincinnati Netherland Plaza Hotel with 561 rooms – was served a subpoena on November 2.

Neither Power nor the center-based lawyers representing Veles could be reached for comment Friday.

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