(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.
Washington, DC/Richmond, VA 2002 — Richmond-based John B. Levy & Company, Inc., is pleased to announce the financing for a complete renovation project in the heart of Richmond. The property, a 112,000 sq. ft. Class A office building, is located on 15th St., between Cary and Dock Streets.
The transaction, a $10,000,000 loan, is for construction rehabilitation financing and is non-recourse. The property, which is historic, is eligible for approximately $5m in both federal and state tax credits.
Washington, DC/Richmond, VA Sept. 2, 2002 — Richmond-based John B. Levy & Company, Inc., is pleased to announce the financing of a new office building occupied by Computer Sciences Corporation (NYSE: CSC) in New Carrollton, Maryland. The transaction was a permanent mortgage for $43,000,000 that has a 10-year term and a fixed rate. CSC, a large investment grade tenant, is leasing the building exclusively for ten years.
One of the largest private sector office buildings in Prince George’s County,
Washington, DC August 8, 2002 — Richmond-based John B. Levy & Company, Inc., arranged the financing for the 184 unit Century Oaks apartment complex in Durham North Carolina, adjacent to the Research Triangle Park. The $7.4 million loan closed in 20 days – an unheard of speed in a healthy market, even more remarkable with the capital markets as they are currently. The financing, which was approved in record time and as originally applied for,
Washington, DC August 7, 2002 — Richmond-based John B. Levy & Company, Inc., arranged and structured the financing for an 85,000 sq. ft. office building in the Winter Park, Florida located at 2699 Lee Road. The $5.6 million loan (total purchase price was $7.3m) was applied for on June 11th and closed on August 2nd. The financing was at a fixed rate for ten years at 6.85%, and represents 77% of the total purchase price.