(Washington, DC January 12, 2001) - John B. Levy & Company announced today the placement of $120,000,000 in long-term permanent financing on behalf of BRIT Limited Partnership (BRIT). Financing was provided by AIG/SunAmerica Life.
BRIT used six of its office buildings, four in Virginia and two in Maryland, to secure the multimillion dollar deal. BRIT has 20 properties in the metropolitan area with more than 2.5 million square feet of office space.
“We are very pleased with the transaction. This particular arrangement consolidated several of BRIT’s other loans and helped them retire $63 million worth of long-term mortgages with the proceeds,” said John B. Levy, president of the commercial real estate firm responsible for arranging the financing. “We have had the opportunity to help BTRIT with their financing needs for more than a decade. This time we were able to arrange very flexible terms including substitution rights and release provision,” Levy said.
BRIT acquired each of the properties used for the financing in the early 1990s and has since managed and leased the buildings to a current occupancy level of 97 percent. The buildings were constructed in the 1980s and very early 1990s.
John B. Levy & Company, Inc. (JBL) is a real estate investment banking firm founded in 1995 and headquartered in Richmond, Virginia. JBL raises equity or debt for developers and owners of commercial and multi-family projects. Over the past five years, the firm has arranged and structured more than $500 million in such investments.
The offering was entirely marketed from the John B. Levy & Company, Inc. website at https://www.jblevyco.com.
Media contact: Barbara Lohman, Devillier Communications, Inc., 202 833-8121