EagleBank Provides Financing to Perseus TDC, Transwestern Development Company and Griffin Capital for the Construction of a Class-A Multifamily Complex in Hyattsville, MD
Funding will support construction of 316 exclusive multifamily units
News provided byEagle Bancorp, Inc.
Jul 18, 2022, 6:00 AM ET
BETHESDA, Md., July 18, 2022 (GLOBE NEWSWIRE) -- EagleBank, one of the largest community banks in the Washington, D.C. area, today announced it provided financing to Perseus TDC, Transwestern Development Company and Griffin Capital for the construction of Residences at The Six (“The Six”), a 7-story, 313,972 sf, 316-unit apartment complex located in Hyattsville, MD in Prince George’s County.
Projected to be completed in late summer 2024, the property is located inside the Capital Beltway at 6400 America Boulevard, Hyattsville in the vibrant University Town Center. The building is designed for National Green Building Standard (NGBS) Gold certification, and will include 2,052 sf of ground floor retail and a 276-space above grade parking garage. Amenities will include a top-floor pool terrace and recreational space, a 2-level fitness center, an interior courtyard with seating, grills, and fireplaces, refrigerated package room, storage room, pet spa and bike room.
Within short walking distance to the University of Maryland and close to the Discovery District, a public-private research hub, The Six is situated in a thriving community with easy access to transit – just a ¼ mile from the Prince George’s Plaza Metro (Green/Yellow lines), employment hubs, educational and cultural institutions, and other life-enhancing amenities.
“As a trusted community lender, EagleBank is committed to delivering tailor-made solutions for our clients across all sectors and markets,” said Ryan Riel, EVP and Chief Real Estate Lending Officer. “We’re proud to be involved in such an exciting project in the heart of one of Prince George’s County’s most thriving neighborhoods.”
“We are proud that The Six has achieved all three goals of the Metropolitan Washington Council of Governments, which in combination aim to provide much-needed housing in areas considered ‘activity centers,’” said Nihar Shah, Vice President of Development at Perseus TDC. “The project also injects capital investment into an area that the federal government has designated as an Opportunity Zone, helping to realize regional and national goals.”
The transaction was facilitated by members of EagleBank’s experienced commercial real estate team, including Senior Vice President and Market Executive Barb Mackin, and Portfolio Manager Michael Scarpaci.
About Eagle Bancorp, Inc. and EagleBank
Eagle 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 17 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 Perseus TDC
Perseus TDC, an affiliate of Transwestern Development Company, invests alongside its financial partners in well-located Washington, D.C., metro area properties, adding value through skilled entitlement planning, design, risk management and operations. The firm draws upon its principals’ expertise in developing office, hospitality, multifamily, retail and mixed-use real estate, refined through decades of experience. Based in Washington, D.C., Perseus TDC wields the capabilities of a national firm 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 encompassing approximately $22 billion in assets.1 The Company’s senior executives and employees have co-invested over $300 million in various investment verticals, aligning Griffin Capital’s interest with those of its more than 200,000 investors. The Company 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 sector through direct investment strategies.
1Includes estimated total project costs for assets under construction.
Additional information is available at: www.griffincapital.com.
About Transwestern Development Company
Transwestern Development Company (TDC®) creates value through the execution of development projects for itself, its partners and valued clients throughout the United States. Part of the Transwestern companies, the diversified business develops logistics, multifamily, office, mixed-use and healthcare properties, with a pipeline of projects in process or completed since 2012 exceeding $7.1 billion.
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