Our Blog

Great Lakes Financial Group Receives FHA Commitment for a 223(a)(7) Refinance Project

Content Developer — Thu, 03 May 2012 05:00:00 GMT

Great Lakes Financial Group has received another FHA commitment! A personal care home nestled in a serene, residential neighborhood in Pittsburgh, PA has $3.6 million FHA commitment to refinance the property through the 223(a)(7) platform. This refinance opportunity, originated out of our D.C. office by our V.P. of Loan Origination Allan Rugg, will decrease the current interest rate, thus saving thousands of dollars each year on the commercial mortgage loan.

For any questions regarding this commitmment or to find out how we can help refinance your current asset, please call us directly at 216-861-1300 or click here to inquire through email.

Cleveland's Rock and Roll Hall of Fame Induction Ceremony Details

Content Developer — Thu, 12 Apr 2012 05:00:00 GMT

The Downtown Cleveland Alliance is on top of everything exciting that is happening in Cleveland. Today on their blog they posted the most recent information regarding the Rock Hall Induction Ceremony and some of that information is below. They also have the lastest news on new construction, upcoming events, and community projects. Read more about the Downtown Cleveland Alliance at http://www.downtownclevelandalliance.com/.

The 27th Annual Rock and Roll Hall of Fame Induction Ceremony will take place on Saturday, April 14 in Cleveland and premiere on HBO on Saturday, May 5 (9-11:30 p.m. EST/PST). In addition, HBO Signature will present a 24-hour marathon of the HBO special, beginning at midnight that same day, and concluding Sunday, May 6 at midnight.

Some of the performers and presenters announced are:

Beastie Boys will be inducted by Chuck D (new addition: LL Cool J to present)
Donovan will be inducted by John Mellencamp (new addition: both to perform)
Small Faces/The Faces will be inducted by Stevie Van Zandt (new addition: The Small Faces/Faces to perform)
Red Hot Chili Peppers will be inducted by Chris Rock (new addition: Red Hot Chili Peppers to perform
Laura Nyro will be inducted by Bette Midler
Freddie King will be inducted by Billy Gibbons and Dusty Hill (new addition: Billy Gibbons and Dusty Hill to perform)
Don Kirshner will be inducted by Carole King (new addition: Darlene Love to perform)
Cosimo Matassa, Tom Dowd, Glyn Johns will be inducted by Robbie Robertson
The Blue Caps, the Comets, the Crickets, the Famous Flames, the Midnighters and the Miracles will be inducted by Smokey Robinson

Joseph Bobeck Presents at Upcoming NOAA Meeting

Content Developer — Mon, 02 Apr 2012 05:00:00 GMT

The Northeast Ohio Apartment Association has invited Joseph Bobeck, Principal of GLFG, to present at the upcoming April 13th member meeting. Some topics of discussion may include vendor relations, commercial real-estate financing options, or how to pick the perfect vendor, with time for a question/answer session at the end. Mike Roeder with Abell Pest Control will also be offering his expertise along side Joseph Bobeck. Please contact us for more information regarding this event at 216-861-1300.

For all of events offered by the NOAA check out their website at http://www.noaamembers.com/.

GLFG Ends First Quarter with FHA Commitment

Content Developer — Mon, 26 Mar 2012 05:00:00 GMT

It has been a great first quarter for Great Lakes Financial Group (GLFG). The team has been working tirelessly and their hard work has paid off with another FHA commitment for 2012. This will be the fourth commitment for the year and an amazing way for GLFG to end the first quarter.

Paul Olson Represents Great Lakes Financial Group at Crittenden Conference March 18th!

Content Developer — Thu, 08 Mar 2012 06:00:00 GMT

Paul Olson, Vice President of Great Lakes Financial Group's Chicago Office, will be representing Great Lakes Financial Group at this year's Crittenden Multifamily Conference in Dallas, TX from March 18-20. Paul is a key member of the Great Lakes Financial Group family and will be a featured speaker at the event. To learn more about Paul and the Crittenden Multifamily Conference click here http://www.crittendenmultifamily.com/paul-olson.html.

Joseph Bobeck Participates in Panel Discussion

Content Developer — Thu, 01 Mar 2012 06:00:00 GMT

On March 8, 2012 the legal professionals Meyers Roman will be hosting a breakfast panel discussion regarding commercial real-estate lending titled "Happy Days Are Here Again-- Or Are They?" at the Hilton Cleveland East Hotel in Beachwood, OH.

Joseph Bobeck, Principal of Great Lakes Financial Group, will be joining the panel and if you would like to come hear the discussion, ask questions, or network with some industry experts please call Meyers Roman for more information at 216-831-0042.

Click here for more information Happy Days Are Here Again--Or Are They?

Cleveland Welcomes Horseshoe Casino May 14th!

Content Developer — Mon, 20 Feb 2012 06:00:00 GMT

Great Lakes Financial Group has been headquartered in Cleveland, Oh for over 25 years and love to spread good news about our wonderful hometown. Cleveland will be welcoming the first casino to ever come to Ohio on May 14, 2012. Read this article for all the amazing details: Cleveland Casino May 14th

New Additions to GLFG Team

Content Developer — Mon, 16 Jan 2012 06:00:00 GMT

Over the last few months Great Lakes Financial Group has made some wonderful additions to our hardworking team. We think of our employees as family and are so proud to welcome Daniele Betliskey, David Peterson, and Tina Vespucci.

Daniele works in our Servicing Department as a Servicing Analyst. She earned her Bachelor's Degree from Ursuline College and has been working in areas of finance for over 14 years. She brings her expertise to Great Lakes Financial Group from working with Slavic Village Development and NRP Group LLC. Daniele is a passionate and dedicated person and we are so excited to bring her on board.

David joins Great Lakes Financial Group as a Financial Analyst. He graduated from Kent State University with a Bachelor's Degree in Accounting and went on to work at MBNA/Bank of America as a Business Analyst. After some time at MBNA/Bank of America, David was ready to further his career and went on to be a Senior Accountant/Analyst at Howard Wershbale and Co. David's financial and business knowledge makes him an integral part of our team and we are thrilled to have him working with us.

Tina comes to Great Lakes Financial Group as our Marketing Director. She is currently completing her MBA from Case Western Reserve University's Weatherhead School of Management and she earned her Bachelor's Degree in Telecommuncations from Bowling Green State University. Before joining our team Tina worked as a Television Producer at WKYC Channel 3 in Cleveland and as the Assistant Director of Annual Giving at Case Western Reserve University. We welcome her to the financial world and are so excited to have her marketing expertise applied here at Great Lakes Financial Group.

CREW Event

Content Developer — Mon, 28 Mar 2011 05:00:00 GMT

The women of Great Lakes Financial Group love to participate in CREW of Cleveland events. If you are unfamiliar with CREW of Cleveland it stands for Commercial Real Estate Women, Inc. of Cleveland. This month's event we went to Anthony Vince Salon and had a blast. For more infomation on CREW of Cleveland go to http://crewcleveland.org/.

USDA PACKAGE!!

Content Developer — Fri, 18 Feb 2011 06:00:00 GMT

Great Lakes Financial Group has been an Agency lender for over 20 yrs. Look at what we now provide! Read USDA Lending Oppurtunities: USDA 11.pdf

CREF-San Diego

Content Developer — Mon, 07 Feb 2011 06:00:00 GMT

Great Lakes Financial Group sends team to annual CREF conference in sunny San Diego, California. At this conference GLFG will continue to market itself as a trusted financial advisor in the Commercial Real Estate market. We look forward to seeing our partners and friends there!

Vicky Berger-Joins GLFG Underwriting Team

Content Developer — Wed, 26 Jan 2011 06:00:00 GMT

After earning her Bachelor’s Degree from Ursuline College, magna cum laude, in Business Administration with a concentration in Psychology, Vicky Berger immediately began her career working in the fields of human resource management and commercial/residential lending. She comes to us from Geauga Savings Bank, where she was instrumental over the past 15 years in growing this small community bank from $67MM in asset size, to its current asset size of $350MM. As Assistant Vice President she was responsible for implementing programs, policies and procedures in all facets of human resources involving recruitment, compensation, benefits, training and employee development. As Lending Manager/Underwriter, she was part of the team that originated, underwrote and closed nearly $80MM annually in residential, multi-family, commercial, construction, and working farm loans. She has been involved in real estate, both professionally and personally for the past 20 years from acquisition, to rehab, to sale, to rental property management. Vicky has participated in the Dale Carnegie Training program, and is a certified H&R Block tax preparer.

Carlos Molina-New Loan Production Addition-Southeast Region

Content Developer — Fri, 07 Jan 2011 06:00:00 GMT

On Januray 5th, 2011. Carlos Molina was brought on to develop the
growth of Great Lakes Financial Groups Southeast Regions Office.
Prior to joining Great Lakes Financial Group, Carlos Molina managed
the opening of the Northern Ohio commercial real estate region for a
Pittsburgh based bank. He served as the Senior Vice President and
Regional Manager. The Northern Ohio Region generated annual loan
funding in excess of $100 million.

Mr. Molina has also served as Senior Vice President and Regional
Manager in Ohio for a large Chicago headquartered bank. This
Cleveland based commercial real estate region, consisted of
approximately $525 million in loan commitments and $400 million in
loan principal outstanding.
This represented a portfolio loan growth in excess of 30%.

Previous experience included managing the Northern Ohio commercial
real estate region for a major national bank, primary markets
included: Cleveland, Akron, Canton and Youngstown. During his
management this Northern Ohio region grew from $30 million in loan
commitments to approximately $900 million in loan commitments and $675
million in principal outstanding.

During his tenure at the major national bank, he also managed the
Central Ohio commercial real estate region based in Columbus, Ohio.
This portfolio grew from $75 million in loan commitments to $400
million in the five (5) years he managed the Central Ohio market.

His experience in commercial real estate financing has involved the
construction, refinancing and acquisition of:
multi-family, retail, office, office/warehouse, student housing,
lodging, industrial, health care and self-storage assets.

Carlos Molina is a graduate of Saint Louis University where he
received a Bachelor of Science in Business Administration with a major
in finance.

Happy Holiday Closing #2-Shadow Creek Apartments

Content Developer — Tue, 28 Dec 2010 06:00:00 GMT

Great Lakes Financial Group closed Shadow Creek Apartments. A $6.8 million HUD 223 (A) (7) project in North Royalton, Ohio. The HUD 223 (A) (7) is designed to refinance prexisting HUD loans. Through the HUD program the borrower was able to reduce debt service, and with the new interest rate realize a savings over the life of the loan. Great Lakes is greatful for the oppurtunity to help another partner.

Happy Holiday Closing #1-Senior Towers

Content Developer — Tue, 21 Dec 2010 06:00:00 GMT

Great Lakes Financial Group closed a HUD 221D4 project called Senior Towers Apertments in Martinsburg, WV. This project was a tax credit refinance and rehab for 2.8 milliion. The tax credits will allow for the continued viability of the property and it's residents. Great Lakes is greatful to be able to help another partner.

Ginnie Mae Set's New Lender Requirements

Content Developer — Fri, 17 Dec 2010 06:00:00 GMT

Great Lakes Financial Group is pleased to announce that we meet all of the new Ginnie Mae capital requirements for lenders. This will help further secure the lending practices of the commercial banking industry. See attached article. Ginnie Mae Requirements.pdf

Valerie Garrity Joins Great Lakes as Servicing Manager

Content Developer — Thu, 09 Dec 2010 06:00:00 GMT

Valerie has over fifteen years of real estate experience including management, multifamily development and loan closing. Prior to coming to GLFG as Servicing Manager, Valerie served as a Development Project Manager for the NRP Group focusing on development in Texas. Valerie graduated from Northwood University with a B.A. in Management

Calvary Apartments- Closed November 20th, 2010

Carl Carrado — Wed, 24 Nov 2010 06:00:00 GMT

Calvary Tower Apartments in Youngstown, Ohio, is a non-profit senior apartment community, the existing 202 project was re-financed under the HUD 223(f) program while maintaining the existing use agreement. This re-finance was for $4,203,000 and will allow for improvements to the building which will contribute the continued viability of the Calvary Tower Apartments into the future.

1317 Playhouse Square-Closed November 5th 2010

Content Developer — Fri, 05 Nov 2010 05:00:00 GMT

Great Lakes Financial Group "GLFG" works with local investors to reorganize a deal that went through some financial turmoil. 1317 Playhouse was scheduled for redevelopment prior to the 2008 financial crisis. When the crisis became reality, the developer could no longer perform. Through their "Advisory Services", GLFG" helped investors buy back the property, keep the tax credits in place and reposition the asset for purchase/redevelopment. On November 5th 2010, GLFG closed the loan to an outside group helping relieve the investors of an asset gone bad. Thanks again for the oppurtunity!

Lake Park Apartments-Closed 27th, 2010

Content Developer — Wed, 27 Oct 2010 05:00:00 GMT

Lake Park Village Apartments located in Streetsboro, Ohio, is a multifamily garden-style community built in 1988. The existing 110 units were re-financed under the Freddie Mac CME program. This re-finance was for $2,550,000.