$75 MILLION IN FINANCING SECURED FOR BALTIMORE APARTMENT COMPLEX

BALTIMORE — Greenbelt, Md.-based The Bozzuto Group has commenced construction on The Fitzgerald, a mixed-use property featuring 280 apartments and 14,000 square feet of retail, after obtaining $75 million in financing. Bozzuto and its joint venture partners — Gould Property Co., The New York State Teachers’ Retirement System (NYSTRS) and a former Baltimore Raven football player — secured a $52 million construction loan from Bank of America and $23 million in equity from the NYSTRS. The property is located on 4.6 acres in the heart of Baltimore’s cultural district and is expected to deliver in 2010.