BETHESDA, MD — EagleBank, one of the largest community banks in the Washington, DC area, announced that it provided financing to support the construction of a luxury apartment complex in Northwest Washington, DC’s 16th Street Historic District. The project is a joint venture led by Perseus TDC and equity partner Allstate Insurance Company.
EagleBank’s loan offering will fund a significant portion of total project costs, allowing Perseus TDC to construct a five-story, 158-unit luxury apartment building with an underground parking garage for both residents and Scottish Rite Temple patrons. The transaction was facilitated by members of EagleBank’s experienced commercial real estate team, senior vice president Barb Mackin, portfolio manager Sameera Rizvi and portfolio administrator Jeniffer Mejia.
“As a trusted community lender, EagleBank is committed to delivering tailor-made solutions for our clients across sectors and markets,” said Ryan Riel, EVP, chief real estate lending officer. “We’re excited to have been involved in such a unique project at the heart of one of D.C.’s most sought-after neighborhoods.”
Elevated by its proximity to several amenity hubs, the project site is conveniently situated in a quiet, upscale neighborhood and is walkable to both the Dupont Circle and U Street metro rail stations. The property’s amenities will include 24/7 concierge services, coffee bar, fitness facility, rooftop pool and lounge with a commercial kitchen, multipurpose room and private courtyard garden.
“The 16th Street Historic District is a high-demand market for DC’s young professionals given the access to public transportation and popular amenities,” said Adam Peters, regional partner of Perseus TDC. “Alongside our equity partner, Allstate Insurance Company, we’re looking forward to delivering a best-in-class multifamily development that addresses the ongoing need for residential projects in the area.”