Federal authorities executed a search warrant at the residence of Frank Sinito, a well-known Cleveland real estate developer and restaurateur. Sinito, CEO of Millennia Companies, is under investigation by the U.S. Department of Housing and Urban Development (HUD) over allegations of financial misconduct involving some of his properties.
Millennia Companies, a major player in the real estate industry, manages affordable housing properties nationwide. The company also owns Cleveland’s Key Tower, Ohio’s tallest building, along with several upscale restaurants such as Marble Room, Il Venetian, and LockKeepers.
On Wednesday, agents from HUD and the U.S. Department of Agriculture searched Sinito’s home. The search follows HUD’s recent decision to bar Millennia and Sinito from entering new contracts with the agency until 2028. The restrictions were outlined in letters sent by HUD, first in December and then reaffirmed in March, accusing Sinito of unauthorized transfers and mismanaging security deposit accounts. According to HUD, approximately $4.9 million from 19 HUD-related properties is either missing or was improperly allocated.
Millennia is one of the largest owners of multifamily housing units in the U.S., with over 31,000 properties across 26 states.
Marisa Darden, Sinito’s attorney, addressed the situation in a statement: “This is an ongoing investigation. No arrests have been made, and no charges have been filed. Both Mr. Sinito and Millennia Housing Development are cooperating fully and have no further comment at this time.”