Banking News

EagleBank Provides Financing to Perseus TDC, Transwestern Development Company and Griffin Capital for the Construction

EagleBank Provides Financing to Perseus TDC, Transwestern Development Company and Griffin Capital for the Construction
Funding will support construction of 316 exclusive multifamily units

EagleBank, one of the largest community banks in the Washington, D.C. area, announced it provided financing to Perseus TDC, Transwestern Development Company and Griffin Capital for the construction of Residences at The Six (“The Six”), a 7-story, 313,972 sf, 316-unit apartment complex located in Hyattsville, MD in Prince George’s County.

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Projected to be completed in late summer 2024, the property is located inside the Capital Beltway at 6400 America Boulevard, Hyattsville in the vibrant University Town Center. The building is designed for National Green Building Standard (NGBS) Gold certification, and will include 2,052 sf of ground floor retail and a 276-space above grade parking garage. Amenities will include a top-floor pool terrace and recreational space, a 2-level fitness center, an interior courtyard with seating, grills, and fireplaces, refrigerated package room, storage room, pet spa and bike room.

Within short walking distance to the University of Maryland and close to the Discovery District, a public-private research hub, The Six is situated in a thriving community with easy access to transit – just a ¼ mile from the Prince George’s Plaza Metro (Green/Yellow lines), employment hubs, educational and cultural institutions, and other life-enhancing amenities.

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“As a trusted community lender, EagleBank is committed to delivering tailor-made solutions for our clients across all sectors and markets,” said Ryan Riel, EVP and Chief Real Estate Lending Officer. “We’re proud to be involved in such an exciting project in the heart of one of Prince George’s County’s most thriving neighborhoods.”

“We are proud that The Six has achieved all three goals of the Metropolitan Washington Council of Governments, which in combination aim to provide much-needed housing in areas considered ‘activity centers,’” said Nihar Shah, Vice President of Development at Perseus TDC. “The project also injects capital investment into an area that the federal government has designated as an Opportunity Zone, helping to realize regional and national goals.”

The transaction was facilitated by members of EagleBank’s experienced commercial real estate team, including Senior Vice President and Market Executive Barb Mackin, and Portfolio Manager Michael Scarpaci.

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