Greenbelt-based The Bozzuto Group has launched a $20 million fund as a “quick and reliable source of capital to fund” for-sale properties in the Baltimore and Washington corridor, according to a spokeswoman from the company.
Bozzuto Homes is currently focused on projects in the D.C. and Baltimore corridor with an emphasis on higher density developments. The fund will back for-sale projects featuring property types such as condos, townhomes and single-family homes.
The Alta 47 project in Baltimore’s Locust Point neighborhood is the fund’s first investment. That townhome project is a joint venture with Scott Plank’s War Horse LLC.
The launch of the fund with focus on for-sale properties comes weeks after Toby Bozzuto, The Bozzuto Group CEO and president, expressed concern to the Wall Street Journal about the credit market for multifamily projects.
“Our business has radically changed,” Bozzuto told the newspaper.“I haven’t seen anything this seismically different since 2008, when credit dried up.”
Do you have real estate news to share? Contact Adam Bednar at [email protected].