WATERFORD DEVELOPMENT EXPANDS INTO COMMERCIAL REAL ESTATE

Reston, VA – Waterford Development announced today the company will enter the commercial real estate market with the formation of a new entity, Waterford Commercial, LLC. Christopher A. Ciliberti, formerly vice president of development for The Akridge Company, will serve as president of the newly established company, which will focus primarily on office development in the Washington, DC metropolitan area and in Northern Virginia.

“Waterford Development is excited to expand into the commercial arena through Waterford Commercial, particularly when headed by someone of Chris Ciliberti’s caliber,” said Jan A. Zachariasse, president of Waterford Development. “He brings a level of integrity, character and experience consistent with Waterford’s corporate mission of Relationship Real Estate.”

While at Akridge, Ciliberti headed development activities in the Washington suburbs. In addition, he has developed commercial projects in excess of $250 million in the Washington DC area, Houston and Dallas.

Waterford Commercial has a $100 Million development funding commitment from Bouwfonds Property Finance, a wholly owned subsidiary of ABN AMRO, one of Europe's leading real estate finance organizations.

“Having a committed and sophisticated financial partner eliminates a key element of risk for acquisitions and development,” said Ciliberti. “That is a tremendous advantage in completing transactions and initial development. This is a great opportunity for all parties, particularly as overall office vacancies continue to decline and new opportunities become more available.

Founded in 1989 by Dutch-born Zachariasse and headquartered in Reston, Virginia, Waterford Development has successfully formed relationships with regional, national and international organizations to complete numerous residential communities. The new venture allows the company to achieve its goal of diversification into the commercial sector.

Waterford Development, recently named the Metropolitan area’s 15th largest homebuilder, 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 Palladium at McLean.

For further information, please contact Christopher A. Ciliberti at (703) 674-1699.