He never dreamed a player would earn a diploma and own a deed.
But that’s what happened when Crain, founder and principal of the Crain Company where he serves as head of business development, purchased the financially strapped college that announced in June 2024 that it was closing this month.
For fiscal 2023, the college had an operating deficit of $4.9 million on top of a $1.3 million deficit the year before, according to reports. From 2022 to 2023, its total operating revenues fell about 18.7% to $15.5 million.
Financial woes followed enrollment drops. Between 2017 to 2022, Eastern Nazarene’s fall enrollment fell by more than a third to 535 students. Since 2010, the headcount fell by nearly half, according to federal data.
Ironically, the day college officials were notified by the board of trustees about the pending closing of the college, Crain and others were working on a fund-raising campaign to improve the soccer and baseball facilities there.
“It was a bummer to hear,” Crain, 41, said about the closure during a phone interview. “The college is special to me. I spent some formidable years there. I didn’t know what to think.”
Instead of mourning over the loss of the 21-acre campus and its rich history dating back to 1900, Crain, who oversees acquisitions, land development, and partnerships with institutional investors and national retail tenants. saw an opportunity for a business venture that could benefit his growing company and the Quincy community.
It was important, he said, to keep the “heritage and legacy” of the campus.
Last summer, he met with the board of trustees and purchased the private Christian college for an undisclosed amount.
Crain Company was selected as the buyer because of Crain’s understanding and appreciation for the institution’s legacy as an educational institution and to the local community, the Rev. Dr. Colleen Derr, who serves as college president, said in a statement.
“Throughout our conversations, the Crain team has been eager to work closely with key partner institutions and community leaders to ensure that future development of the property aligns with the community’s needs and priorities,” the president said.
Crain said he plans to keep the independent and popular preschool, Campus Kinder Haus, that serves about 200 children open. He called the preschool “really important to the community” and closing it would have been “a major hit on the community.”
He also hopes to keep intact some of the college’s landmarks — the front lawn, library and Gardner Hall, the administrative building — and covert some of the buildings into a mix of new multi-family, town home and senior-living residential developments.
Eventually, he said, some of the aging buildings will need to be demolished. He understands what residents will think the first time they hear a bulldozer.
He wants to make money and be a good community partner. That can be a tricky balancing act.
“We’re not the big bad developer,” he said. “That’s not the way we are. It’s a business decision and we must do the right thing;”
The timeline for the construction is undecided, said Crain, who earned his master’s degree from Kansas State University.
His parents, Jack and Andrea, retired Butler County educators, have moved to Wichita, Kan., to be closer to their grandchildren, Crane said. He and his wife, Jenna, have two children, Kennedy, 12, and Landry, 11.
When Crane visits his alma mater, the last 20 years melt away. He still remembers the first time he stepped on campus.
Now that campus is empty. It’s a college without students.
“I have a sadness,” he admitted. “But I also have some hope in a new use and make a positive impact on the community.“
Journal-News Writer Rick McCrabb features local people in this Sunday column. Reach out to him with story ideas at rmcrabb1@gmail.com.
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