EagleBank provides financing – GuruFocus.com
BETHESDA, Maryland, July 18 12, 2022 (GLOBE NEWSWIRE) — EagleBank, one of the largest community banks in the Washington, D.C. area, today announced that it has provided financing to Perseus TDC, Transwestern Development Company and Griffin Capital for the construction of Residencies at The Six (“The Six”)a 7-story, 313,972 square foot, 316 unit apartment complex located in Hyattsville, MD in Prince George’s County.
Due for completion in late summer 2024, the property is located inside the Capital Beltway at 6400 America Boulevard, Hyattsville, in vibrant downtown college. The building is designed for National Green Building Standard (NGBS) Gold certification and will feature 2,052 square feet of retail on the ground floor and a 276-space above-ground parking garage. Amenities will include a top floor pool deck and recreation area, a 2-level fitness center, an interior courtyard with seating, grills and fireplaces, a refrigerated fitness room, a storage room, a pet spa and bike storage.
A short walk from the University of Maryland and close to the Discovery District, a public-private research center, The six is located in a thriving community with easy access to public transportation – just ¼ mile from Prince George’s Plaza subway (green/yellow lines), employment hubs, educational and cultural institutions and other amenities that enhance life.
“As a trusted community lender, EagleBank is committed to providing tailored solutions to our clients across all industries and markets,” said Ryan Riel, executive vice president and chief mortgage lender. “We are proud to be part of such an exciting project in the heart of one of the most dynamic neighborhoods in Prince George’s County.
“We are proud that The six has achieved the three goals of the Metropolitan Washington Council of Governments, which together aim to provide much-needed housing in areas considered ‘hubs of activity,'” said Nihar Shah, vice president of development at Perseus TDC. “The project also injects capital investment into an area the federal government has designated as an opportunity zone, helping to achieve regional and national goals.”
The transaction was facilitated by members of EagleBank’s experienced commercial real estate team, including Senior Vice President and Chief Market Officer Barb Mackin, and Portfolio Manager Michael Scarpaci.
About Eagle Bancorp, Inc. and EagleBank
Eagle Bancorp, Inc. is the holding company of EagleBank, which began operations in 1998. EagleBank is headquartered in Bethesda, Maryland, and operates comprehensive commercial banking services through 17 offices, located in suburban, Maryland, Washington , DC and Northern Virginia. EagleBank is focused on building relationships with businesses, professionals and individuals in its market.
About Perseus TDC
Perseus TDC, a subsidiary of Transwestern Development Company, invests alongside its financial partners in well-located properties in the Washington, D.C. metro area, adding value through planning, design, risk management and operations qualified. The company draws on the expertise of its leaders in the development of offices, hospitality, multi-family, retail and mixed-use properties, honed through decades of experience. Based in Washington, DC, Perseus TDC exercises the capabilities of a national company with the dexterity of a local developer. Visit perseustdc.com for more information.
About Griffin Capital Company
Griffin Capital is a leading alternative investment asset manager headquartered in El Segundo, California. Founded in 1995, Griffin Capital has owned, managed, sponsored or co-sponsored investment programs representing approximately $22 billion in assets.1 The firm’s senior executives and employees have co-invested more than $300 million in various investment verticals, aligning Griffin Capital’s interests with those of its more than 200,000 investors. The firm leverages the breadth and depth of its cycle-tested investment management teams to capitalize on long-term economic trends and secular growth opportunities in the real estate industry through direct investment strategies.
1Includes total estimated project costs for assets under construction.
Additional information is available at: www.griffincapital.com.
About Transwestern Development Company
Transwestern Development Company (TDC®) creates value by executing development projects for itself, its partners and valued customers across the United States. Part of the Transwestern Companies, the diversified firm develops logistics, multi-family, office, mixed-use and healthcare properties, with a pipeline of projects underway or completed since 2012 exceeding $7.1 billion.
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