$1,400,000 Equity Placement Announced

(Richmond, VA – February 13, 2003) – Richmond-based John B. Levy & Company, Inc. announced today the placement of $1,400,000 in preferred equity on behalf of a regional apartment owner. The placement facilitated the acquisition and ongoing rehabilitation of an apartment complex located in the Tidewater area of Virginia. The property was capitalized with preferred equity carrying a specified dividend and having a definitive term.

The apartments are located on a 10-acre site in the Tidewater area of Virginia. The nearly 150-unit garden apartment complex was constructed in 1972 and is comprised of one and two bedroom units. The project has been continuously leased to 95% or better.

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.