EagleBank Provides Construction Financing to Urban Atlantic for Affordable Workforce Housing in New Carrollton, Maryland
April 27 2022 - 5:00AM
EagleBank, one of the largest community banks in the Washington,
D.C. area, today announced it provided $54,250,000 in financing to
Urban Atlantic Development LLC to support the construction of The
Margaux, a 291-unit workforce housing community adjacent to the New
Carrollton, Maryland, Metro station and developed in partnership
with Prince George’s County, Maryland, and the Washington
Metropolitan Area Transit Authority (WMATA).
A landmark addition to the redevelopment of the
New Carrollton Metro hub, the project from Urban Atlantic
Development LLC is designed to provide transit-oriented homes to
essential workers—teachers, first responders, health care workers,
and others at risk of being overwhelmed by escalating housing
costs. The Margaux is also the first new construction project to
benefit from Amazon’s Housing Equity Fund, which provided $25.4
million in low-rate loans.
“EagleBank’s lending team is dedicated to
supporting our community by providing financing for affordable
housing projects so that everyone has equal access to housing,”
said Ryan Riel, Chief Real Estate Lending Officer at EagleBank. “As
the D.C. community prepares to welcome Amazon’s newest
headquarters, this development will support the creation of
additional affordable housing supply. It was a pleasure working
with Urban Atlantic again and we look forward to continuing our
partnerships in the affordable housing space.”
Scheduled for completion in 2023, The Margaux is
part of a 2.3 million square foot, mixed-use transportation hub
that includes office space, retail, additional housing, and Metro’s
new Maryland Office Building. A unit mix of studio, 1-, 2-, and
3-bedroom units will be limited to renters who earn no more than
80% of the area’s median income for 98 years.
“We’re delighted to welcome our long-time
partner EagleBank to a project that will create critical in-demand
residences for our community’s frontline workers,” said Vicki
Davis, Managing Partner of Urban Atlantic. “Together with Amazon,
WMATA, and the Prince George’s County leadership, we will be making
a profound difference for families and individuals by providing the
opportunity to live in a community with easy access to transit,
employment centers, schools, healthcare, education, and other
life-enhancing amenities.”
The transaction was facilitated by members of
EagleBank’s experienced commercial real estate team, including CRE
relationship manager Andrea Berkeley, vice president and CRE
portfolio manager Richard Koller, and senior vice president and CRE
portfolio administration manager Nette Antehun.
The Margaux is located along Garden City Drive
in New Carrollton and has onsite access to multiple mass transit
options, including Amtrak, MARC train and commuter rail, Metrorail,
Metrobus, and Purple Line light-rail transit. Near-immediate access
to I-495, I-95 and Route 50 also provides excellent regional
accessibility.
About Eagle Bancorp, Inc. and
EagleBankEagle Bancorp, Inc. is the holding company for
EagleBank, which commenced operations in 1998. EagleBank is
headquartered in Bethesda, Maryland, and conducts full service
commercial banking through 20 offices, located in Suburban,
Maryland, Washington, D.C. and Northern Virginia. EagleBank focuses
on building relationships with businesses, professionals and
individuals in its marketplace.
About Urban AtlanticSince its
founding in 1998, Urban Atlantic has established a strong track
record of successfully investing and developing in
transformational, large-scale, mixed-income TOD communities
exceeding 10,000 residential units and three million square-feet of
commercial. Headquartered in the Washington metro area, the firm’s
portfolio includes over $2 billion in completed real estate
developments. Urban Atlantic’s third-party investments have
leveraged an additional $2 billion in real estate developments and
operating businesses in emerging markets. Visit
www.urban-atlantic.com for more information.
EagleBank ContactVikki Kayne,Chief Marketing
Officer301.986.1800
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