In the Spring, Wrightwood Capital provided slightly more than$26 million to CRG, structured in a 36 month loan, to finance theacquisition and development of the 23-acre project--a sum thatrepresents 96% of the total development costs, Ramsey tellsGlobeSt.com. "It was a complex project, as there were two owners ofthe separate parcels," he says.

Located on SR 235, the major thoroughfare in the county, theproject will be located one mile from the main gate of PatuxentRiver Naval Air Station. The station has been attracting aerospaceand government contractors to the area and a number of retailoperations have sprung up nearby in response. As a result, Ramseysays, the site's current use as a manufactured home park is nolonger optimal for that stretch of land.

Since the financing's close, the project has gained momentum andthe developer is setting a Spring '08 date to break ground. Thisyear, site preparation work will begin including tear down of someof the manufactured homes. Others will be relocated, Ramsey says.CRG initially intends to develop 16 acres as Phase One and theremaining seven acres as Phase Two.