September 18, 2000

(Washington, D.C., September 18th, 2000) - - John B. Levy & Company, Inc. announced the placement of an $8,150,000 redevelopment loan on behalf of WWG Oakland Ridge, LLC, a Delaware limited liability company. The financing for the loan was secured by The Oakland Ridge Building, which is located in Columbia, Md.

The borrowing entity is an affiliate of the Wellsford-Whitehall joint venture. John B. Levy & Company, Inc. was hired exclusively for this assignment. The transaction is especially interesting because the property will be entirely redeveloped and re-leased on a speculative basis. The loan was highly structured and is non-recourse to the borrowing entity and its affiliates.

The Oakland Ridge Building is a four-building complex, including three adjacent buildings. A fourth building is connected by an enclosed walkway. Totaling 143,814 square feet, the property was financed with a 30-month floating-rate loan.

Located in Richmond, VA, John B. Levy & Company, Inc. is a real estate investment-banking firm that raises equity and debt for developers and owners of commercial and multi-family projects. The firm is willing to co-invest with its partners on equity transactions.