EagleBank Provides Financing for Strathmore Square Development in North Bethesda
22 Februar 2023 - 12:00PM
EagleBank (NASDAQ: EGBN), one of the largest community banks in the
Washington, D.C. area, today announced it will provide $94,000,000
in financing to Aimco and Fivesquares Development, LLC to launch
the construction of Phase 1 of Strathmore Square in North Bethesda,
Maryland. Strathmore Square will feature two LEED Gold,
Class A apartment buildings designed by world-renowned architect
and dean of the Yale School of Architecture, Deborah Berke
Partners, that sit atop a shared podium and underground garage,
functioning as one property. Phase 1 will consist of 220 apartment
units, 8,900 square feet of cultural and retail offerings, a
1.2-acre public park designed by award-winning landscape
architecture firm Hargreaves Jones Landscape Architects, designers
of the London Olympic Park and a new, landscaped neighborhood main
street. Strathmore Square is located across from the
Grosvenor-Strathmore Metrorail Station, at the intersection of
Rockville Pike and just north of the Washington D.C. beltway. The
project is being developed in partnership with the Washington
Metropolitan Transit Authority (WMATA).
The unique architecture of the buildings
features elegantly terraced buildings with the majority of units
having generous balconies and views of Rock Creek Park or the new
central square. Building 1 will be a nine-story structure with 49
units and Building 2 will be a ten-story structure with 171 units.
The property will feature modern amenities including a
state-of-the-art fitness center with on-demand virtual classes,
interior and exterior filtered water stations, coworking spaces, a
private dining room, a spa room, a pet grooming area, a residential
lounge, and more. Of these units, 15 percent will be reserved for
tenants earning between 50-70 percent of the area median
income.
Over time, Strathmore Square will include future
phases and will become a community of over 2,100 housing units and
an exemplar of inclusive transit-oriented community centered on the
arts, culture, nature and healthy, sustainable living. Adjacent to
the renowned Strathmore Music Center and Rock Creek Park and
located at the center of Montgomery County’s growth corridor,
Strathmore Square is one of the region and Montgomery County’s
largest sites to support the achievement of regional housing and
climate change goals. "North Bethesda is a vibrant,
fast-growing community with a rich culture,” said Ryan Riel,
Executive Vice President and Chief Real Estate Lending Officer at
EagleBank. “We are grateful for the opportunity to expand our
territory in one of Maryland’s most sought-after neighborhoods as
we fulfill our mission of bringing compelling service and value to
the businesses and communities we serve.”The transaction was
facilitated by EagleBank’s experienced Commercial Real Estate
Lending team, Scott Emmer, 1st SVP and CRE Market Executive, and
Richard Koller, VP and Portfolio Manager.“Creating a brand-new
transit-oriented arts community built on more than thirty years of
aspirational regional planning is immensely exciting for our native
DC development team. The hyper-place-based focus and determination
of the many members of the team, led by our partners at
Fivesquares, has resulted in a unique showcase of what community
developers, local institutions, public planners, and committed
investors can accomplish when working towards the same ambitious
goal,” commented Matt Hopkins, Regional Vice-President of
Development for Aimco. “The groundbreaking of the first phase of
Strathmore Square marks the transformation of a parking lot into a
vibrant community centered on arts, culture, open space and active
living—a community with a soul that will be brought to life by our
partnership with adjacent Strathmore Music Center. The first
220-unit building and 1.2-acre public park, is the result of seven
years of effort and the coming together of the local community,
WMATA, the County Council, Strathmore Music Center and our
investors, Eagle Bank, Aimco, Amazon and Eagle Bank,” said Andy
Altman, Principal and Co-founder of Fivesquares Development.
About AimcoAimco is a diversified real estate
company primarily focused on value-add, opportunistic, and
alternative investments, targeting the U.S. multifamily sector.
Aimco’s mission is to make real estate investments where outcomes
are enhanced through its human capital so that substantial value is
created for investors, teammates, and the communities in which we
operate. Aimco is traded on the New York Stock Exchange as AIV. For
more information about Aimco, please visit its website
www.aimco.com.
About Fivesquares Development,
LLCFivesquares Development is a Washington, DC based real
estate development firm that specializes in partnering with
nonprofit, cultural, government, and academic organizations to
optimize the value of their real estate and further their missions
by transforming large, complex sites into exhilarating places that
have a meaningful impact on the people and communities we
touch.
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.
EagleBank ContactVikki KayneChief Marketing
Officer301.986.1800
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