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Celeron Suites, Kent State (MCG Holdings, Inc.)

A limited partnership purchased the University Terrace property adjacent to Kent State University. The property consisted of two dormitory-style residential buildings, one office building, and one commercial building. The partnership converted the office building and the two dormitories into studio apartments. The residences were renamed “Celeron Suites”. The commercial building was also modernized and was 100% leased. The financing for the project was obtained from AmeriTrust. The financing was renewed by Society Bank, the successor to AmeriTrust, and was subsequently refinanced with Huntington National Bank. MCG was formed to acquire its assets and to assume all the financial responsibilities of their original partnership. Subsequently, an independent property ownership entity acquired 100% of all the assets.

Bemus Bay Condominiums

Bemus Bay isa 40-unit condominium complex recently constructed on the shores of Chautauqua Lake, NY. The units are contained in two identical 4-story buildings. All units have decks with lake views, and each unit owner has a boat slip in the adjacent marina. The initial financing for the land acquisition and preliminary development activities was provided by National City Bank of Cleveland, OH. A $13,375,000 construction loan was secured from Jamestown Savings Bank, a division of Northwest Savings Bank. Flagship’s partner was Lee Chilcote, a Cleveland-based real estate attorney. In late 2011, Bemus Bay Associates sold the remaining units to a subsidiary of Northwest Savings Bank.
Visit www.bemusbaycondos.com for more information.

Medical Office Building (Flagship Carnegie Corp.)

Flagship Carnegie Corp. purchased a defaulted note from Society Bank (now Key Bank) and acquired a vacant and vandalized 25,000 sq. ft. office building located at 12000 Shaker Boulevard, Cleveland, OH via foreclosure. The building was an award winning structure when it originally opened in 1961. Its exterior was restored and the interior thoroughly modernized to accommodate a medical clinic. A “mini-perm” construction loan and an FF&E loan were provided by Commerce Exchange Bank (now Second Bank Corp). The project won the 1995 Friends of Shaker Square President’s Award for a “Landmark Renovation” and subsequently received an award from the Cleveland chapter of The American Institute of Architects for the rehabilitation of a historically significant building.

Positive Education Program

Flagship conducted a systematic search for a new headquarters building for Positive Education Program. PEP provides education and job-related training for multiply handicapped youngsters throughout Cuyahoga County. Following Flagship’s recommendations, PEP acquired the former United Way Headquarters in the Midtown area of Cleveland. The headquarters consisted of two buildings, one of which was demolished to create additional parking. The remaining building was thoroughly modernized and converted to office use. Flagship subsequently negotiated the lease renewal and coordinated the renovation of PEP’s Greenwood Day Treatment Center located in the former Ludlow School in Shaker Heights. Flagship also assisted PEP in the acquisition of the former Community Guidance, Inc. headquarters building in Cleveland.

Flagship arranged financing for the projects utilizing low interest rate floating tax exempt bonds issued by Cuyahoga County. A letter-of-credit and interest rate swap facility were provided by Key Bank and McDonald Investment Co.

Warren / Chaney Office Furniture (Ayres Investments, Ltd.)

Flagship assisted Ayres in selecting an existing building at 3200-3220 Euclid Avenue in Cleveland for the headquarters/showroom of Warren/Cheney Associates, a commercial office furniture company. The building was built as a jewelry factory and showroom. It was functioning as the office and warehouse for a novelty company when Flagship acquired it from the family that owned the business. Flagship arranged the initial financing from Key Bank and the City of Cleveland Empowerment Zone. The City of Cleveland vacated East 32nd Street and the roadway was incorporated into a new parking lot. Flagship also coordinated the initial leasing and renovation of the tenant space.

University of Maine Office Building (MaineTech Development Company)

MaineTech, in conjunction with the Town of Orono, the University of Maine and Bennoch Road Associates, an adjacent private landowner, served as the Master Developer of the 70-acre Maine Technology Park in Orono, ME (a suburb of Bangor) from 1987 to 1992. MaineTech Center, a 20,000 square foot office building, opened in August 1988 with the University of Maine as the major tenant. Subsequently, the building was 100% net leased to MBNA, a Delaware financial institution. MBNA exercised its option to purchase and acquired the building in February 1999. Initial funding for the building included a State of Maine Development Fund Loan and a construction loan from Bangor Savings Bank, Bangor, ME. A parcel was sold for an additional office building which currently houses the Maine headquarters of the United States Department of Agriculture, Soil Conservation Service. An existing service station/convenience store located on a frontage parcel was sold and thoroughly modernized. MaineTech Development Company was a joint venture of Flagship Properties and DKM Properties.

Shawnee State Apartments (University Housing Company)

University Housing Company developed a townhouse complex on the campus of Shawnee State University in Portsmouth, Ohio. The complex, which opened in 1985 provided the first on-campus housing for the newest branch of the Ohio State University system. Financing was provided by Ohio Savings Bank. Shawnee State acquired the properties pursuant to the terms of the ground lease in 1994.

LaSalle Dealership Adaptive Reuse (LaSalle Holdings, Ltd.)

LaSalle acquired the former United Motors Building, a 42,000 sq. ft. underutilized building in the Midtown Corridor section of Cleveland. The initial financing was provided by Cleveland Development Partnership II. Construction financing was arranged with Fifth Third Bank. Permanent financing in the amount of $5,000,000 was secured with long-term taxable bonds issued by the Cleveland/Cuyahoga County Port Authority supplemented with debt financing provided by a consortium of public entities including the State of Ohio, City of Cleveland Empowerment Zone, and Cuyahoga County. Historic Tax Credits were awarded to the project. LaSalle transferred the building to CDP II as a new home for the Cleveland YWCA.

Northern Kentucky University Residential (Highland Heights, KY Land)

Flagship acquired 12 acres of land adjacent to Northern Kentucky University. Flagship had the property annexed into the City of Highland Heights and rezoned to multifamily use. It was subsequently sold to an Atlanta based development company and has been since improved with 120 student apartments.

Leesburg, VA land

Flagship acquired 10 acres of land and secured all approvals for the development of 72 townhouses in this suburb of Washington, D.C. The land was sold prior to development to Trammel Crow Residential. Flagship's partner was Wesley Berger of Cleveland.