EagleBank Provides $26 Million in Financing for Friendship Heights Retail Landmark Mazza Gallerie

Rhea-AI Summary

EagleBank has provided $26 million in funding for the redevelopment of Mazza Gallerie in Friendship Heights, a prime retail area in Washington, D.C. The loan will enable Tishman Speyer to construct approximately 350 multifamily units and 26,000 square feet of ground-floor retail. This project highlights EagleBank’s commitment to community investment and its expertise in commercial real estate lending. Mazza Gallerie benefits from a strategic location adjacent to the Friendship Heights metro, reinforcing its potential for growth and demand.

Positive

• EagleBank provided $26 million for the redevelopment of Mazza Gallerie.
• Project includes construction of 350 multifamily units and 26,000 square feet of retail space.
• Strong demand drivers include proximity to public schools and accessible amenities.

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• None.

Funding will support construction of multifamily units and retail space

BETHESDA, Md., May 25, 2021 (GLOBE NEWSWIRE) -- EagleBank, one of the largest community banks in the Washington, D.C. area, today announced that it provided $26 million in acquisition financing to support the revitalization of Mazza Gallerie, a landmark retail space in the thriving Friendship Heights neighborhood. Tishman Speyer, a leading real estate developer and owner, is sole recipient of the loan and will spearhead redevelopment of the property.

EagleBank’s loan offering will fund a significant portion of the project’s purchase price and will allow Tishman Speyer to construct approximately 350 multifamily units and 26,000 square feet of ground-floor retail. The transaction was led by members of EagleBank’s experienced commercial real estate team, senior vice president Barb Mackin, portfolio manager Sameera Rizvi, and portfolio administrator, Jeniffer Mejia.

“This transaction underscores EagleBank’s commitment to invest in our community,” said Mackin. “We’re thrilled to work with Tishman Speyer to finance such a unique and promising property “

Leveraged by its premium location, Mazza Gallerie is situated in the established Wisconsin Ave. retail corridor and is immediately adjacent to the Friendship Heights metro rail station. The property boasts several key demand drivers, including access to strong public schools, walkable outdoor amenities and 440,000 square feet of shops and restaurants.

“As a top CRE lender in the D.C. market, EagleBank is proud to contribute to the redevelopment of the Mazza Gallerie space alongside our trusted partner Tishman Speyer. Our CRE lending team has deep expertise and a unique understanding of the D.C. area, and the revitalization of this landmark property serves as an example of the flexible lending solutions we can offer,” added Antonio Marquez, President of Commercial Banking at EagleBank.

About Eagle Bancorp, Inc. and EagleBank
Eagle Bancorp, Inc. is the holding company for EagleBank, which commenced operations in 1998. EagleBank is headquartered in Bethesda, Maryland, and conducts full service commercial banking through 20 offices, located in Suburban, Maryland, Washington, D.C. and Northern Virginia. EagleBank focuses on building relationships with businesses, professionals and individuals in its marketplace.

EagleBank Contact
Vikki Kayne,
Chief Marketing Officer
301.986.1800

FAQ

What is the amount of funding provided by EagleBank for Mazza Gallerie?

EagleBank provided $26 million in funding for the redevelopment of Mazza Gallerie.

Who is responsible for the redevelopment of Mazza Gallerie?

Tishman Speyer is the sole recipient of the loan and will lead the redevelopment.

How many multifamily units will be constructed at Mazza Gallerie?

Approximately 350 multifamily units will be constructed at Mazza Gallerie.

What type of retail space will be included in the Mazza Gallerie project?

The project will include 26,000 square feet of ground-floor retail space.

Where is Mazza Gallerie located?

Mazza Gallerie is located in the Friendship Heights neighborhood in Washington, D.C.