$16,000,000 Million Financing Secured for Brit-BECO Building

Washington, DC – December 16, 2002 – Richmond-based John B. Levy & Company, Inc. announced on December 12th the placement of $16,000,000 in long-term permanent financing on behalf of BRIT-BECO Building LLC -- a limited liability company organized in the State of Maryland. The financing was secured by an 113,550 square foot office complex ideally located along Rockville Pike in Montgomery County, Maryland. The property was financed with a 5.65% fixed-rate, permanent mortgage having a 10-year term that amortizes over 30 years. Located directly across from White Flint Mall, the building originally constructed in 1974 enjoys a healthy tenant mix.

“While the commercial office market is softening, the transaction demonstrates that well located and properly structured transactions are still aggressively sought after by lenders,” said John B. Levy, president, John B. Levy & Company. “From the borrowers point of view, the terms of this financing are fantastic. In fact, the interest rate is well below the average yield on the 10-Year US Treasury for the past 30 years.”

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 six 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; $120 million in re-financing for a cluster of office buildings in the Mid-Atlantic region; 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 R. Little at 804-644-2000, ext. 260 or alittle@jblevyco.com.