The Gazette: What Credit Crunch? Bozzuto Venture Gets $75M in Financing for Project
October 03, 2008
A venture group led by The Bozzuto Group of Greenbelt has completed the financing and begun construction on The Fitzgerald at UB Midtown, a mixed-use development in Baltimore. The financing consists of a $52 million construction loan provided by Bank of America and RBS Citizens, plus $23 million in equity funded primarily by New York State Teachers' Retirement System.
The Fitzgerald is a joint venture between The Bozzuto Group, Gould Property Co., the teachers' retirement system and former Baltimore Ravens star Michael McCrary. The project sits on 4.6 acres of land owned by the University of Baltimore and is part of a large redevelopment effort by the university and the surrounding community, according to Bozzuto information. The Fitzgerald is to include 280 luxury apartments, 14,000 square feet of street-level retail and a 1,245-space parking garage. The development is expected to be completed in 2010.
"To secure this level of financing during the current economic environment is a momentous accomplishment for all involved," said CEO Thomas Bozzuto in a statement. "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."