Virginia Real Estate Market Continues to Roll

Washington, DC – November 25, 2003 – Richmond-based John B. Levy & Company, Inc. is pleased to announce the placement of over $13,500,000 in financing for two projects in Virginia.

The first transaction is $7,200,000 in long-term permanent financing for multiple buildings in the Merrilee Business Center in Merrifield, Virginia. The financing, which was quite complex and included different terms for individual properties, was placed through one of John B. Levy & Company’s institutional correspondents on behalf of The McCue and McCue Limited Partnership. A key term of the transaction allowed the borrower to avoid significant prepayment penalties through the replacement of collateral. The Merrilee Business Center enjoys a fantastic location near I-495 and adjacent to the Dunn Loring Metro Station. Although the Northern Virginia market suffers from one of the highest vacancy rates in the country, the five buildings, constructed in the early 1980s, contain 160,895 net rentable square feet and have an occupancy rate over 90%.

The second transaction, $6,400,000 in permanent financing, is for the 411 Granby Apartments, a mixed use project located at 411 Granby Street in the heart of downtown Norfolk, a stone’s throw from McArthur Center. This project, which includes 49 gorgeous residential units and ground floor retail, was completely renovated and now has an extremely competitive position over other luxury units in Norfolk. The apartments are unique to the area due to their loft style features including 12 ft ceilings, large windows, raised bedrooms, and plentiful floor plans. The project has historic tax credits that made the transaction particularly complicated.

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. John B Levy & Company has exclusive relationships with a variety of correspondents, and, as a result, is able to secure financing tailored to meet the needs of individual projects with a range of requirements. These relationships have enabled the firm to secure both debt and equity, with the most appropriate and advantageous terms for their clients, often not found through traditional means.

Since inception, John B. Levy & Company has structured over $1 billion in financing. Representative transactions include: a $43,000,000 in financing for CSC’s new headquarters 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.

Contact Andrew R. Little, 804-644-2000, ext. 260, for more information.

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