$5 Million Transaction Announced

(Richmond, VA – June 13, 2002) – Richmond-based John B. Levy & Company, Inc. announced today the placement of $5,000,000 in long-term permanent financing on behalf of Ludwell Apartments LLC. The financing was secured by the Ludwell Apartments, a student apartment project located adjacent to the William and Mary campus in historic Williamsburg, Virginia. The property was financed with a permanent mortgage having a 10-year term that amortizes over 30 years.

The Ludwell Apartments are master-leased on a short-term basis to the Commonwealth of Virginia/College of William and Mary and have been utilized as rental housing for primarily graduate students at the college for over 30 years.

John B. Levy & Company, Inc. is a real estate investment-banking firm founded in 1995 and headquartered in Richmond, VA. The Company raises equity and debt for developers and owners of commercial and multi-family projects. Over the past number of years, the firm has arranged and structured more than $1 billion in such investments.