WATERFORD DEVELOPMENT AND CARUSO HOMES SEAL $100 MILLION DEAL AT CENTURY-OLD DUTCH CASTLE

RESTON, Va. – Waterford Development, the Reston-based developer of residential, office and retail real estate, has facilitated a $100 million line of credit to Caruso Homes, recently named 2006 America’s Best Builder by the National Association of Home Builders and Builder Magazine.

The line of credit was made possible through Waterford’s financial business partner, Bouwfonds Property Finance, an international real estate finance company. Representatives from Caruso and Waterford traveled to Holland recently to finalize the transaction at the century-old Dutch Castle that serves as the headquarters of Bouwfonds Property Finance.

The financial support is designed to help Caruso Homes expand beyond the Washington metropolitan area into states throughout the Mid-Atlantic region. The substantial line of credit is the first of its kind that Waterford has brokered for an alliance partner.

Waterford Development and Bouwfonds Property Finance have worked together for more than 10 years, during which time Bouwfonds has financed over a billion dollars worth of Waterford’s development portfolio.

Caruso Homes and Bouwfonds Property Finance are both members of Waterford Development’s alliance partner network, a group of select companies that enjoy mutually beneficial relationships with Waterford Development. Alliance partnerships are the cornerstone of Waterford’s philosophy, which emphasizes building personal, long-term relationships that extend beyond individual projects.

“Caruso Homes has proven to be a very valuable member of our alliance partner network, as evidenced by the 2006 America’s Best Builder recognition,” said Mr. Jan A. Zachariasse, president and CEO of Waterford Development. “The $100 million revolving line of credit is an expression of great confidence in Caruso’s ability to evolve from a local builder to a regional residential development company.”

Jeff Caruso, owner and CEO of Caruso Homes, was extremely pleased with the new agreement. “We have enjoyed our special relationship with Waterford Development and Bouwfonds. The ability to grow strategically with their financial support will greatly simplify the financing of future residential projects.”

Waterford Development has completed two large projects in collaboration with Caruso Homes. Belmont Greene, a traditional neighborhood development in Ashburn, Va., and Symphony Village, an active adult community located in Centreville, Md.; both received national recognition for excellence.

Waterford Development is a full-service real estate development company headquartered in Reston, Virginia, with an office in Raleigh, North Carolina. Over the past 15 years, Waterford Development has developed thousands of acres of land and completed numerous unique residential communities, as well as innovative office and retail spaces. Recent award-winning developments include Belmont Greene, Symphony Village, The Broadway, and The Palladium in McLean.