The Bozzuto Group Secures $75 Million in Financing; Begins Construction on Mixed-Use Development in Baltimore City
October 01, 2008
The Fitzgerald at UB Midtown to Include 280 Luxury Apartments,
14,000 Square Feet of Street-Level Retail and 1,245 Space Parking Garage
Greenbelt, MD - October 1, 2008 - A Bozzuto-led venture today announced the group has completed financing and commenced construction on The Fitzgerald at UB Midtown, a mixed-use community located in the heart of Baltimore’s Cultural District. The financing consists of a $52 million construction loan provided by Bank of America and RBS Citizens, as well as $23 million in equity funded primarily by New York State Teachers’ Retirement System (NYSTRS).
The Fitzgerald is a joint venture between The Bozzuto Group, Gould Property Company, NYSTRS and former Baltimore Raven Michael McCrary. The project sits on 4.6 acres of land owned by the University of Baltimore and is part of a massive redevelopment effort by the University and the surrounding community.
“To secure this level of financing during the current economic environment is a momentous accomplishment for all involved,” said Thomas Bozzuto, CEO of The Bozzuto Group. “We give credit to our lenders, to the University of Baltimore and to the City of Baltimore for their confidence in, and commitment to, The Fitzgerald at UB Midtown.”
“We are very pleased that this project is moving forward,” said Robert Bogomolny, President of the University of Baltimore. “The Bozzuto and Gould team have been great partners, and their ability to secure financing in these times is a testament to their strong reputation in the region. The Fitzgerald will be a significant addition to the UB community and to midtown Baltimore.”
The Fitzgerald is being developed, built and managed by The Bozzuto Group. The parking garage will be managed by Parking Management, Inc. (PMI). Bozzuto has commenced construction and is expected to complete work in 2010. An official groundbreaking ceremony is being planned for November 2008.
About The Fitzgerald at UB Midtown
Located in the heart of Baltimore’s Cultural District and named after F. Scott Fitzgerald, who resided just a few blocks away, The Fitzgerald at UB Midtown sits at the nexus of some of Baltimore’s most established neighborhoods. The project will serve as cornerstone to a vibrant community of world-class performance halls, museums and academic institutions, and will become the commercial heart of the University of Baltimore’s booming campus and its neighbor, the Maryland Institute College of Art (MICA).
Located adjacent to the Lyric Opera House and Mount Royal Station, The Fitzgerald also offers immediate access to Light Rail transit and Penn Station as well as major transportation routes.
The development will include a vibrant mix of 280 luxury apartments, 14,000 square feet of street-level retail and dining and a 1,245 space parking garage that will enhance the University of Baltimore’s academic community and the surrounding neighborhood.
For more information, please visit www.fitzgeraldbaltimore.com.
About The Bozzuto Group
Headquartered in Greenbelt, MD, The Bozzuto Group consists of six integrated companies - Acquisitions, Construction, Development, Homebuilding, Land Development and Property Management - that together provide a broad range of real estate services. The company is committed to providing quality housing for all, from luxury homes and apartments to affordable housing solutions. Since 1988, the company has developed, acquired and built more than 31,000 homes and apartments. Throughout The Bozzuto Group’s 20-year history, the firm and its principals have been honored with numerous industry awards and honors. For more information, please visit www.bozzuto.com.