EagleFinancial institution Provides Bridge Financing to Lowe Team for Land


BETHESDA, Md., Oct. 06, 2022 (GLOBE NEWSWIRE) — EagleFinancial institution, one of many largest group banks within the Washington, D.C. space, in the present day introduced it offered $41,579,740 in financing to Lowe, FLGA., The Davenport Group and USAA Real Estate for a 99-year floor lease with Howard University for a 1.85 acre lot positioned within the Shaw neighborhood of Washington, D.C. The Lowe plans to develop a 525,000-square-foot, 10-story constructing with up to 500 flats, 27,000 sq. ft of floor flooring retail area and 246 beneath grade parking.

Situated at 2047 9th Street and 2251 Sherman Avenue within the up-and-coming Shaw neighborhood of northwest Washington, DC, the property is simply two blocks west of Howard University and Howard University Hospital and three blocks north of the U Street Corridor which is residence to a mixture of eating places, theatres and nightlife leisure venues. With easy accessibility to Georgia and Florida Avenues, the property can also be a brief strolling distance from each the U Street/African-American Civil War Memorial/Cardozo Metro Station and the Shaw-Howard University Metro Station (each on the Green/Yellow traces) and accessible to different mass transit choices.

“As a top CRE lender in the DC market, EagleBank is proud to contribute to the development of one of the oldest DC neighborhoods – an enclave of businesses, theaters and rowhouses since the 19th-century — alongside our trusted partners. Our CRE lending team has deep expertise and a unique understanding of the DC area, and the development of this property serves as an example of the flexible lending solutions we can offer,” stated Ryan Riel, EVP and Chief Real Estate Lending Officer at EagleFinancial institution.

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The transaction was facilitated by members of EagleFinancial institution’s skilled business actual property workforce, together with senior vice chairman and market government Barb Mackin, and vice chairman and portfolio underwriting supervisor Steven Rabin.

About Lowe
Los Angeles-based Lowe, previously often called Lowe Enterprises, is a number one nationwide actual property funding, improvement and administration agency. Over the previous 50 years, it has developed, acquired or managed greater than $32 billion of actual property property nationwide because it pursued its mission to construct worth in actual property by creating progressive, lasting environments and significant experiences that join folks and place. Lowe at the moment has greater than $2 billion in business actual property initiatives within the pipeline or below improvement. In addition to its Los Angeles headquarters, Lowe maintains regional workplaces in Southern California, Northern California, Charleston, Denver, Seattle, and Washington, DC Lowe’s hospitality subsidiary, CoralTree Hospitality, operates quite a few resort and resort properties throughout the US. Lowe’s business property operations subsidiary, Hospitality at Work®, brings hospitality inspired-property administration service to workplace buildings nationwide. Lowe’s inexpensive housing subsidiary, Concord Communities, is actively growing and redeveloping high quality inexpensive communities within the metropolitan Washington, DC space.
For extra data go to www.Lowe-RE.com, www.hospitality-work.com, www.coraltreehospitality.com, www.concordcommunities.com

About FLGA
FLGA is a 100% Minority-owned, Washington DC-based actual property improvement and funding firm with a singular mix of private and non-private sector experiences and successes within the areas of mixed-use and concrete life-style improvement. The Company was established in 1995 by Fred L. Greene after serving because the Director of Planning for the District of Columbia from 1984 to 1992. The professionals that make up FLGA have developed and/or participated within the improvement of roughly 2 million sq. ft of economic improvement throughout all main asset lessons together with multifamily residential, workplace, retail and resort. Presently, FLGA has greater than $900 Million in business actual property initiatives within the pipeline or below improvement.
For extra data, go to www.flgallc.com.

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About Davenport
Formed in 2020, Davenport is a boutique actual property and funding advisory agency targeted on buying value-add and opportunistic actual property in and across the DC Metro space with out limitation in multi-family, retail, workplace and industrial asset lessons.
For extra data, go to www.davenportdc.com.

About USAA Real Estate
Along with its affiliate firms, USAA Real Estate invests throughout the chance spectrum for a worldwide shopper base, managing over $36 billion in internet property below administration inside a diversified portfolio throughout North America and Europe. USAA Real Estate offers strategic fairness and debt capital, together with to capitalize on the accelerating demand for technology-driven actual property property, to meet the essential want for housing options, and for different market and capital construction alternatives exhibiting compelling risk-return traits. For extra data, go to usrealco.com.

EagleFinancial institution Contact
Vikki Kayne,
Chief Marketing Officer

About Eagle Bancorp, Inc. and EagleFinancial institution
Eagle Bancorp, Inc. is the holding firm for EagleFinancial institution, which commenced operations in 1998. EagleFinancial institution is headquartered in Bethesda, Maryland, and conducts full service business banking by means of 16 workplaces, positioned in Suburban, Maryland, Washington, D.C. and Northern Virginia. EagleFinancial institution focuses on constructing relationships with companies, professionals and people in its market.

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