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January 2013 Archives

Maryland business see dramatic drop in venture capital

For the first time since 2009, venture capital financing for companies in a region including Maryland has dropped; however, the number of deals receiving funding has remained stable. While venture capitalists spent about $987.5 million on 163 deals, investment fell by close to 27 percent to $725.1 million on 164 deals. According to PricewaterhouseCoopers, nationwide venture capital funding fell by approximately 10 percent to $26.5 billion during the yearlong period. This accounted for just under 3,700 deals.

Firm purchases Maryland property for nearly $100M

An out-of-state real estate firm paid approximately $98.5 million for two Maryland shopping centers, according to recently released Baltimore land records. The company, Ashkenazy Acquisition Corp., reached a purchase agreement with Maryland-based General Growth Properties in March of 2012, though news of that deal only became public in the fall. USB Real Estate Securities Inc. reportedly granted a $76 million loan to Ashkenazy to finance the purchase. 

Maryland health systems to merge

The University of Maryland Medical System has approved a proposed merger between two of its members, Chester River Health and Shore Health. The boards of both systems, both of whom unanimously agreed to the merger, say that the deal will create a sustainable and secure financial future for both institutions while making better health care more accessible to their patients.

Maryland man says he was demoted for defending himself

A Pizza Hut delivery driver claims his employer demoted him and reduced his shifts by over 10 hours per week after he defended himself with a fiberglass tent stake during an attempted robbery in Maryland. The man claims that representatives with Pizza Hut's corporate office informed him that he had acted in violation of a company policy that prohibits delivery drivers from carrying weapons and reassigned him to the kitchen with reduced pay.

Maryland fort to see construction of $72M apartment complex

Maryland's Fort Meade is expected to be home to a new 14-building apartment facility by the end of 2013. According to a garrison commander at Fort Meade, the $72 million project will be funded by a public-private partnership with Picerne Military Housing. He explained that the military's "dwindling resources" would not have allowed it build the complex without assistance, adding that it will provide accommodations to service members at no cost to the government. The commander said that the partnership will help Fort Meade give its troops the "high-quality homes they deserve."

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