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.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.