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EagleBank Lends $54M for New Carrollton Workforce Community
Bethesda, MD-based EagleBank has provided $54.3 million in financing to Urban Atlantic Development, LLC, to support the construction of The Margaux. The multifamily will also benefit from Amazon’s Housing Equity Fund, which has provided $25.4 million in low-rate loans.
The 291-unit affordable workforce housing community will be adjacent to the New Carrollton Metro station and developed in partnership with Prince George’s Countyand the Washington Metropolitan Area Transit Authority. Units will be limited to renters who earn no more than 80% of the area’s median income.
The Margaux is part of a 2.3 million square foot, mixed-use transportation hub that includes office space, retail, and additional housing.
“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.
EagleBank’s Andrea Berkeley, Richard Koller and Nette Antehun facilitated the transaction.
- ◦Development
- ◦Financing
