EagleBank Provides Financing for Strathmore Square Development in North Bethesda

Funding supports the building and construction of 2 multifamily, property apartment and facility retail in Strathmore Square

BETHESDA, Md., Feb. 22, 2023 (WORLD NEWSWIRE) — EagleBank (NASDAQ: EGBN), among the biggest neighborhood banks in the Washington, D.C. location, today revealed it will supply $94,000,000 in funding to Aimco and Fivesquares Development, LLC to launch the building and construction of Phase 1 of Strathmore Square in North Bethesda, Maryland.   Strathmore Square will include 2 LEED Gold, Class A apartment buildings developed by world-renowned designer and dean of the Yale School of Architecture, Deborah Berke Partners, that sit atop a shared podium and underground garage, operating as one property. Phase 1 will include 220 apartment or condo systems, 8,900 square feet of cultural and retail offerings, a 1.2-acre public park developed by acclaimed landscape architecture company Hargreaves Jones Landscape Architects, designers of the London Olympic Park and a brand-new, landscaped community primary street. Strathmore Square lies throughout from the Grosvenor-Strathmore Metrorail Station, at the crossway of Rockville Pike and simply north of the Washington D.C. beltway. The job is being established in collaboration with the Washington Metropolitan Transit Authority (WMATA).

The special architecture of the structures includes elegantly terraced structures with most of systems having generous terraces and views of Rock Creek Park or the brand-new main square. Building 1 will be a nine-story structure with 49 systems and Building 2 will be a ten-story structure with 171 systems. The property will include modern-day facilities consisting of an advanced gym with on-demand virtual classes, exterior and interior filtered water stations, coworking areas, a personal dining-room, a health spa room, an animal grooming location, a property lounge, and more. Of these systems, 15 percent will be scheduled for renters making in between 50-70 percent of the location average earnings.

Over time, Strathmore Square will consist of future stages and will end up being a neighborhood of over 2,100 real estate systems and a prototype of inclusive transit-oriented recreation center on the arts, culture, nature and healthy, sustainable living. Adjacent to the popular Strathmore Music Center and Rock Creek Park and situated at the center of Montgomery County’s development passage, Strathmore Square is among the area and Montgomery County’s biggest websites to support the accomplishment of local real estate and environment modification objectives. 

“North Bethesda is a dynamic, fast-growing neighborhood with an abundant 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 deal was assisted in by EagleBank’s knowledgeable Commercial Real Estate Lending group, Scott Emmer, first 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-creator of Fivesquares Development.

About Aimco

Aimco is a varied realty business mainly concentrated on value-add, opportunistic, and alternative financial investments, targeting the U.S. multifamily sector. Aimco’s objective is to materialize estate financial investments where results are improved through its human capital so that significant worth is developed for financiers, colleagues, and the neighborhoods in which we run. Aimco is traded on the New York Stock Exchange as AIV. For more details about Aimco, please visit its website www.aimco.com.

About Fivesquares Development, LLC

Fivesquares Development is a Washington, DC based realty advancement company that concentrates on partnering with not-for-profit, cultural, federal government, and scholastic companies to enhance the worth of their realty and even more their objectives by changing big, intricate websites into exciting locations that have a significant influence on individuals and neighborhoods we touch.

Eagle Bancorp, Inc. and EagleBank
Eagle Bancorp, Inc. is the holding business for EagleBank, which began operations in 1998. EagleBank is headquartered in Bethesda, Maryland, and carries out complete business banking through 20 workplaces, situated in Suburban, Maryland, Washington, D.C. and Northern Virginia. EagleBank concentrates on building relationships with businesses, experts and people in its market.

EagleBank Contact
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