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

Located on SR 235, the major thoroughfare in the county, the project will be located one mile from the main gate of Patuxent River Naval Air Station. The station has been attracting aerospace and government contractors to the area and a number of retail operations have sprung up nearby in response. As a result, Ramsey says, the site's current use as a manufactured home park is no longer optimal for that stretch of land.

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