Aug. 16, 2010

Abdo Development Secures Financing, Partners With Bozzuto and Pritzker Realty Group

WASHINGTON, D.C. - The redevelopment of Catholic University's South Campus into a vibrant mixed-use, transit-oriented community advances with today's announcement that Abdo Development has teamed with The Bozzuto Group, a Washington D.C. area-based residential real estate company, and Pritzker Realty Group, a Chicago-based real estate investment company, to finance the project.

"I am so pleased to welcome The Bozzuto Group and Pritzker Realty Group to the partnership that The Catholic University of America initiated earlier with Abdo Development," said CUA President John H. Garvey.

"The redevelopment of the university's South Campus - so important to CUA's long-held goal of transforming the gateway to the heart of our university - has moved another step closer to fruition. These two new partners will bring an added dimension of expertise and resources to the effort, making us even more confident about the positive changes that await CUA and its neighbors."

Jim Abdo, president and CEO of Abdo Development, said, "We are thrilled to have secured financing for our Catholic University redevelopment project. Through this partnership, we will achieve our vision of creating a new community made up of vibrant residential housing, artist studios and community space, as well as a main street with eclectic, local retail - all just minutes from the emerging 12th Street retail district and three Metro stops from Union Station."The multi-phase development is located on five city blocks in Washington, D.C.'s Brookland neighborhood, adjacent to the Brookland-CUA Metrorail station and just three miles north of the U.S. Capitol. The community will ultimately consist of a progressive mix of uses: approximately 720 residential units, 45 townhomes, 83,000 square feet of street-level retail, 15,000 square feet of artist studio space, a 3,000 square-foot community arts center, and 850 parking spaces.

Approved plans also include streetscape and hardscape improvements that will greatly improve the South Campus's walkability, creating a lively, pedestrian-friendly atmosphere and significantly improving traffic patterns and pedestrian crossings along Michigan Avenue.

"We couldn't be more delighted to be a part of the team working with Abdo Development and Catholic University to move this tremendous project forward," said Tom Bozzuto, CEO of The Bozzuto Group. "Jim has created a great project, in a terrific location, and we are honored that he's asked us to co-develop, build, and ultimately manage the community."

Penny Pritzker, CEO of Pritzker Realty Group, noted that "The Catholic University South Campus redevelopment project is a prime example of mixed-use, transit-oriented, urban infill development. Coupled with Washington, D.C.'s favorable supply/demand outlook and the nation's lowest unemployment rate, we are confident that this is a remarkably sound investment. We very much look forward to working with Catholic University, Abdo and Bozzuto to create a dynamic new community for the Brookland neighborhood."

The development, scheduled to break ground by the end of next year, represents the first equity commitment by the recently-formed $75 million Bozzuto/Pritzker Realty Group joint venture.

About Abdo Development Abdo Development is a District of Columbia development and construction company that specializes in luxury residential and retail development. The firm was incorporated in 1996 by Jim Abdo, its president and CEO. Abdo Development concentrates its development in and immediately around the urban core of Washington, D.C. To date, the company has completed more than 30 development projects, many of which include distressed historic structures that require complete restoration and conversion, as well as new buildings that are built with the same quality and attention to detail as its historic properties.

About The Bozzuto Group Headquartered in the Washington, D.C., area, The Bozzuto Group is a fully integrated and diversified residential real estate company providing a broad range of real estate services throughout the Mid-Atlantic and Northeast. The company is committed to providing quality housing for individuals of all income levels, producing everything from luxury homes and apartments to affordable housing solutions. Throughout The Bozzuto Group's more than 22-year history, the firm and its principals have been honored with numerous industry awards and accolades, including having been recognized by the NAHB as the nation's premier apartment development company, and twice as management company of the year. For more information, please visit http://www.bozzuto.com.

About The Catholic University of America The Catholic University of America, founded in 1887 by the U.S. Catholic bishops with the support of Pope Leo XIII, is the national university of the Catholic Church in the United States. Established as a graduate research center, the university began offering undergraduate education in 1904 and today is home to 12 schools and 21 research facilities. Catholic University is the only American university with ecclesiastical faculties granting canonical degrees in three disciplines. The university's verdant 193-acre campus, located just north of Capitol Hill, allows students easy access to the wide range of educational, cultural and political opportunities that Washington, D.C., has to offer. For more information, please visit http://www.cua.edu.

About Pritzker Realty Group Pritzker Realty Group is an investment vehicle founded by Penny Pritzker. PRG is a value-added investor targeting a broad range of direct equity and debt investments in real estate assets, portfolios, and joint ventures throughout the United States. Since 1991, Pritzker has overseen real estate assets including apartment buildings, office and industrial developments, parking lots, and senior living facilities across the U.S. with a combined value of $5 billion.

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CONTACTS:

Toby Millman, Abdo Development202-265-9393/toby@abdo.com

Lauren McDonald, The Bozzuto Group301-623-1579/lmcdonald@bozzuto.com

Victor Nakas, Catholic University202-319-5600/nakas@cua.edu