$16,500,000 Million Financing Transaction Announced

(Richmond, VA – January 16, 2003) – Richmond-based John B. Levy & Company, Inc. announced today the placement of $16,500,000 in permanent financing on behalf of Greater Greensboro Investment Properties L.L.C. The financing was secured by the River Walk Apartments located in Greensboro, North Carolina. The property was financed with a permanent mortgage carrying a 5.83% interest rate and having a 10-year term that amortizes over 30 years.

River Walk Apartments are located on approximately 34.1 acres and are adjacent to North Carolina A&T’s campus in Greensboro, North Carolina. The student-housing complex consists of 151 renovated units and 72 new units. Eighty existing buildings were extensively reconstructed/remodeled and six new three-story apartment buildings were constructed.

John B. Levy & Company, Inc. is a real estate investment-banking firm founded in 1995 and headquartered in Richmond, Virginia. The firm raises equity or debt for developers and owners of commercial and multi-family projects nationwide. The firm has structured over $1 billion in financing. Despite a tumultuous economic environment over the past several months, the firm has successfully closed a number of transactions, each with its own property specific challenges. Representative transactions include: a $43,000,000 in financing for CSC’s new headquarter building in Maryland; a $10 million non-recourse rehabilitation loan for a speculative office property in downtown Richmond; a $7.4 million acquisition/ rehab loan for a multifamily project in Durham, North Carolina (closed in 20 days) and an office building in Orlando, Florida, a market that has faced significant vacancies over the past 18 months.

For further information, contact Andrew Little at 804-644-2000, ext. 260 or alittle@jblevyco.com.