EagleBank Provides $26M Acquisition Loan for D.C. Retail Property
Washington D.C.-based community bank EagleBank has provided a $26 million acquisition loan to support the revitalization of Mazza Gallerie, a historic retail space in the Friendship Heights neighborhood of D.C.
Mazza Gallerie is situated in the established Wisconsin Ave. retail corridor and is immediately adjacent to the Friendship Heights metro rail station. The property consists of 440,000 square feet of shops and restaurants. Real estate developer and owner Tishman Speyer is the recipient of the loan and will spearhead redevelopment of the property.
EagleBank’s financing will fund a significant portion of the project’s purchase price and will allow Tishman Speyer to construct approximately 350 multifamily units and 26,000 square feet of ground-floor retail. Barb Mackin, Sameera Rizvi and Jeniffer Mejia of EagleBank arranged the financing on behalf of Tishman Speyer.