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… Continue reading
October 02, 2008
The Bozzuto Group has secured a $75 million construction-financing package and begun work on The Fitzgerald at UB Midtown, a mixed-use community going up on 4.6 acres owned by the University of Baltimore 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 and $23 million equity investment funded primarily by the New York State Teachers’ Retirement… Continue reading
October 01, 2008
It was the kind of day developers dread.
The Bozzuto Group crews had been building and marketing a condominium complex in Germantown in the mid-1990s when the market went soft. Nearby townhouse developments slashed their prices to move units.
Suddenly a new Germantown townhouse cost less than a Bozzuto condominium. Sales slumped and forced Bozzuto to make deep price cuts as well.
When the project was complete, “I went to my [equity] partner and said, ‘Not only did you not make… Continue reading
October 01, 2008
Developers of a proposed $75 million luxury apartment building in midtown Baltimore have secured financing and started construction on the project near the University of Baltimore.
The Bozzuto Group, which will develop and manage the Fitzgerald at UB Midtown in a venture with the university and other partners, said yesterday that it obtained a $52 million construction loan from Bank of America and RBS Citizens and $23 million in equity funded by the New York State Teachers'… Continue reading
September 30, 2008
One of midtown Baltimore’s high-profile residential projects is moving forward, as developers have secured financing for the $75 million Fitzgerald at UB Midtown apartment complex despite an icy credit market.
The Greenbelt-based Bozzuto Group announced Tuesday that it has begun construction on the Fitzgerald, a 280-unit apartment complex that will be built on land leased from the University of Baltimore. The project is scheduled for completion in 2010, but… Continue reading