(Richmond, VA – November 11, 2002) – Richmond-based John B. Levy & Company, Inc. announced today the placement of $15,500,000 in long-term permanent financing on behalf of Park Crescent Associates, L.P., a Virginia limited partnership. The financing was secured by the Park Crescent Apartments located in Norfolk, Virginia. The property was financed with a permanent mortgage having a 10-year term that amortizes over 25 years.
Park Crescent is a premier luxury apartment complex with 288 garden apartment units located on 20.24 acres.
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 90 days, 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.