-Center projected to create more than 300 jobs and generate between $25 and $30 million in annual salaries.-

Cleveland, Ohio – March 23, 2006 – Cleveland Mayor Frank Jackson and Quicken Loans Chairman and founder Daniel Gilbert, who also is majority owner of the Cleveland Cavaliers and operator of the Quicken Loans Arena, today announced that Quicken Loans’ new Internet Home Lending Center will open in downtown Cleveland on April 3, 2006. This is the first out-of-state facility for Quicken Loans, which is the nation’s largest online home lender. The company is based in Livonia, Michigan.

The Quicken Loans Internet Home Lending Center will be located in the MK-Ferguson Building (the former U.S. Post Office) at 1500 W. Third Street in Cleveland’s Central Business District. Quicken Loans has leased 45,000 square feet on the building’s fifth floor from Forest City Enterprises Inc. The space currently is being renovated to incorporate the company’s state-of-the-art technology and home loan training facilities.

Led by 11-year Quicken Loans veteran, Vice President Jeffrey Perry, the Internet Home Lending Center will initially open with 50 employees who will advise and assist clients in all 50 states with their home financing needs. Quicken Loans will continue to hire and train approximately 15 to 20 new employees per month in Cleveland. The new location is expected to create between 300 and 350 new positions within the first two or three years. When fully operational, the center is projected to generate between $25 and $30 million in annual salaries and $3 to $4 billion in annual closed loan volume.

“I applaud Quicken Loans’ decision to make this significant investment in Ohio,” said Lt. Governor Bruce Johnson, who also serves as state development director. “This project is a great example of how companies are recognizing that ‘Ohio Means Business’ and are increasingly looking to our state for their location and expansion needs. With our new, competitive tax structure, companies like Quicken Loans will be profitable, and Ohio and its residents will benefit with good jobs and a positive business climate.”

“Quicken Loans’ new business venture in Cleveland demonstrates that the City of Cleveland is a great place to live and work,” said Cleveland Mayor Frank Jackson. “Dan Gilbert’s willingness to work with the City and invest in Cleveland is an example of the type of public-private partnerships we need to make Cleveland a 24-hour city.”

“The State of Ohio and Mayor Jackson’s office have been extremely cooperative and helpful in bringing this project to fruition,” said Dan Gilbert. “This partnership has achieved a big win for the community, our current and future employees, and our company.”

“Locating a new Home Lending Center in Cleveland allows us to draw off the energy and momentum of the new and improved Quicken Loans Arena and the Cleveland Cavaliers,” he continued. “Downtown Cleveland is vibrant and dynamic. It’s a great place for work and entertainment, and provides an exceptional quality of life for many of our employees who are choosing to live downtown.”

“We’re extremely gratified that Quicken Loans chose MK-Ferguson/Tower City for their new home. This building provides a perfect location for Quicken Loans,” said Forest City Enterprises’ Senior Vice President of Office Leasing & Development, Patrick Lott. “Connected to the Tower City Center via the Gateway connector, it’s within walking distance of the Quicken Loans Arena and other sports venues, as well as restaurants, nightlife, shopping and museums.”

Cleveland-based design and construction firms Vocon and Infinity are providing architectural and design services, and overseeing the construction build-out.

For more information about Quicken Loans’ career opportunities in Cleveland, visit www.quickenloanscareers.com.

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