John B. Levy & Company, Inc. Provides Financing for Oklahoma Property

Washington, D.C., February 27, 2004 --- Richmond-based John B. Levy & Company, Inc., has arranged for refinancing of New City Center at 605 N. Moore Avenue in Moore, Oklahoma just south of Oklahoma City. The loan amount is $8.2 million with a ten-year term, amortized for 25 years, at 5.76%. The borrower is New City Center, LLC, a single-purpose entity controlled by its sole member, a Northern Virginia based real estate management company.

The 181,170 mixed-use property is strategically located adjacent to I-35 a primary arterial in close proximity and easy access to the state’s Capitol city, the Will Rodgers Airport, and the University of Oklahoma. The property was originally constructed in 1963 and since 1997 has undergone significant renovations that include $3.3 million of capital expenses on remodeling the façade, new signage, resurfacing the parking lot, extensive landscaping, retrofitting lighting and tenant build-out. At closing, the property was 98% leased and occupied by a good mix of national and local tenants. Major and national tenants include Cendant, Ferguson Plumbing, Family Dollar, Ace Hardware, Western Wear, Payless, Subway and Hallmark.

John B. Levy & Company, Inc. is a real estate investment-banking firm founded in 1995 and headquartered in Richmond, Virginia. The firm raises equity and debt for developers and owners of commercial and multi-family projects nationwide. In the past several years, the firm has structured over $1 billion in financing for a variety of developers and investors. Debt and equity has been secured for all property types across the country including joint venture and preferred equity and mezzanine debt. Representative transactions include: $43 million in financing for a single tenant transaction in Maryland; $24.7 million in equity and debt for the acquisition and rehabilitation of several multifamily projects in North Carolina and Virginia for a regional multi-family developer; $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).

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

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