EagleBank Provides $54M Construction Loan for ‘Missing Middle’ Housing in Maryland
By Keith Loria April 28, 2022 8:00 amreprints
EagleBank has provided $54.3 million in construction financing for The Margaux, a workforce housing development in Maryland that has received financial backing from Amazon’s housing fund.
Urban Atlantic is building the 291-unit Margaux, which is located next to the New Carrollton Metro.
“Explosive CRE growth in the D.C. area is creating immense opportunity for impactful real estate development that supports our community,” Ryan Riel, chief real estate lending officer at EagleBank, told Commercial Observer. “The Margaux is an example of thoughtful development addressing a significant need of the community we live and work in and we are extremely proud to play a role in improving the lives of the people within the communities we serve.”
In March, Amazon committed $25.4 million for the development, as part of its $2 billion Housing Equity Fund, a commitment to preserve existing housing and create inclusive housing developments through low-rate loans and grants.
“As the D.C. community prepares to welcome Amazon’s newest headquarters, this development will support the creation of additional affordable housing supply,” Riel said.
A unit mix of studio, one-, two-, and three-bedroom units will be limited to renters who earn no more than 80 percent of the area’s median income for 98 years.
“The Margaux will provide housing for essential workers — teachers, nurses, first responders — who don’t qualify for housing subsidies but whose incomes can’t keep pace with the region’s escalating rents,” Alan Lederman, managing director of development at Urban Atlantic, told Commercial Observer last month. “This is the missing middle. Creating housing with long-term affordability in mixed-income and mixed-use communities at transit centers like New Carrollton is essential to the vitality and health of our region.”
The Margaux is part of a 2.3 million-square-foot, mixed-use transportation hub that includes office space, retail, additional housing and Metro’s new Maryland office building. The project is slated for completion in 2023.
The financing was facilitated by EagleBank’s Andrea Berkeley, Richard Koller and Nette Antehun.
Keith Loria can be reached at Kloria@commercialobserver.com.