$13.1 Million Financing Announced

(Richmond, VA – May 3, 2002) – Richmond-based John B. Levy & Company, Inc. announced today the placement of $13,100,000 in long-term permanent financing on behalf of Turning Basin LLC. The financing was secured by a newly constructed office building in Richmond, Virginia located across from the city’s historic Turning Basin waterfront area. The new development, which comprises 95,000 square feet, is called the Turning Basin Building and is a part of a multi-phased restoration project in the popular riverfront area. The property was financed with a permanent mortgage having a 5-year term that amortizes over 25 years.

Located within Historic Shockoe Slip, the Class A office building houses the headquarters of First Market Bank and PricewaterhouseCoopers as well as several other tenants. The funding secured by John B. Levy & Company also helped rehabilitate the historic Norfolk & Southern Railway Building.

“As a hometown company, we were very excited to be a part of the effort to revitalize downtown Richmond. The Turning Basin development, the building of the largest convention center between Charlotte, NC and Washington, DC and more than $2 billion in new downtown investments are catapulting Richmond into the 21st century,” said John B. Levy, president of John B. Levy & Company.

The Turning Basin is part of a canal system surveyed by George Washington before the American Revolution. The canal system, which once moved goods along the James River and into Richmond, now serves visitors and locals visiting area shops and restaurants.

Part of the downtown revitalization also includes a new railway station, scheduled to open in winter 2002. The station is expected to be the hub of a multi-modal transportation center for downtown Richmond.

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.

Please contact Andrew R. Little for more information (804-644-2000, x260 or alittle@jblevyco.com).