CRAIN’S LIST Cleveland’s grantmaking foundations, ranked by grants awarded, with a look at giving focus areas
LAW SCHOOLS: Ohio institutions are easier to get into than others in U.S. PAGE 2
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CRAINSCLEVELAND.COM I SEPTEMBER 20, 2021
A long-awaited refinancing at the Flats East Bank puts the 23-acre riverfront project on firmer footing — and eases the path for additional development. | MICHELLE JARBOE
High-profile project on firmer ground
Flats East Bank refinancing resolves financial challenges BY MICHELLE JARBOE
A recent refinancing at the Flats East Bank, a $500 million-plus project at the mouth of the Cuyahoga River, resolves longstanding financial challenges and smooths the
path for more development on the 23-acre site. Developer Scott Wolstein closed Thursday, Sept. 16, on a deal that had been in the works for well over a year. The transaction replaced bonds issued in 2010 and 2014 with new debt,
carrying a longer term and lower interest rates, and freed up cash for Wolstein to catch up on millions of dollars in payments to public lenders. “It cleans up what has been a major source of acrimony between us and all the various governmental en-
tities,” Wolstein said. By simplifying the financial underpinnings of the project and removing liens from portions of the site, the restructuring also will make it easier for Wolstein to refinance his existing buildings — and to construct new ones on parking lots that eventually might hold up to 1,500 apartments.
The Flats East Bank, where construction started a decade ago, includes a 23-story office tower, the 150-room Aloft Cleveland Downtown hotel, a riverfront apartment building and more than a dozen restaurants and entertainment venues. See FLATS on Page 19
Third season is ‘biggest’ yet for Progressive, Mayfield
Banks blast proposal to give IRS additional data
BY KEVIN KLEPS
BY JEREMY NOBILE
Jeff Charney, to the surprise of some of his coworkers, helped a Boston firm at which he worked land Larry Bird for an advertising campaign in the mid-1980s. It was a heck of an accomplishment for a recent college graduate. Bird, who didn’t seem all that ea-
ger to talk in the commercial, was asked to make 26 shots for a campaign whose slogan was “quality starts with fundamentals.” The Boston Celtics great, according to Charney, said, “Hey kid, if I hit the 26 hits shots in a row so you don’t have to edit, can I leave?” See MAYFIELD on Page 21
NEWSPAPER
VOL. 42, NO. 34 l COPYRIGHT 2021 CRAIN COMMUNICATIONS INC. l ALL RIGHTS RESERVED
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Cleveland Browns quarterback Baker Mayfield has the on-camera presence and swagger of actor Mark Wahlberg, says Progressive chief marketing officer Jeff Charney, right. | CONTRIBUTED
THE
LAND SCAPE
Banks and credit unions are up in arms about a legislative proposal brewing that would require financial institutions to report additional information about customer accounts to the Internal Revenue Service, and they're pressing lawmakers to prevent
the measure from passing as part of a federal budget reconciliation bill. Industry officials in Ohio bristle at the proposal, which they say is unnecessary and could have sweeping impacts on the financial services sector. See BANKING on Page 22
A CRAIN’S CLEVELAND PODCAST
9/17/2021 1:31:38 PM