Press release
EagleBank Provides Financing for Strathmore Square Development in North Bethesda
Funding supports the construction of two multifamily, residential apartment buildings and amenity retail in Strathmore Square BETHESDA, Md., Feb. 22, 2023
About this update from Eagle Bancorp, Inc.
[{"type":"text","content":"Funding supports the construction of two multifamily, residential apartment buildings and amenity retail in Strathmore Square\nBETHESDA, Md., Feb. 22, 2023 (GLOBE NEWSWIRE) -- EagleBank (NASDAQ: EGBN), one of the largest community banks in the Washington, D.C. area, today announced it will provide $94,000,000 in financing to Aimco and Fivesquares Development, LLC to launch the construction of Phase 1 of Strathmore Square in North Bethesda, Maryland. Strathmore Square will feature two LEED Gold, Class A apartment buildings designed by world-renowned architect and dean of the Yale School of Architecture, Deborah Berke Partners, that sit atop a shared podium and underground garage, functioning as one property. Phase 1 will consist of 220 apartment units, 8,900 square feet of cultural and retail offerings, a 1.2-acre public park designed by award-winning landscape architecture firm Hargreaves Jones Landscape Architects, designers of the London Olympic Park and a new, landscaped neighborhood main street. Strathmore Square is located across from the Grosvenor-Strathmore Metrorail Station, at the intersection of Rockville Pike and just north of the Washington D.C. beltway. The project is being developed in partnership with the Washington Metropolitan Transit Authority (WMATA). The unique architecture of the buildings features elegantly terraced buildings with the majority of units having generous balconies and views of Rock Creek Park or the new central square. Building 1 will be a nine-story structure with 49 units and Building 2 will be a ten-story structure with 171 units. The property will feature modern amenities including a state-of-the-art fitness center with on-demand virtual classes, interior and exterior filtered water stations, coworking spaces, a private dining room, a spa room, a pet grooming area, a residential lounge, and more. Of these units, 15 percent will be reserved for tenants earning between 50-70 percent of the area median income. Over time, Strathmore Square will include future phases and will become a community of over 2,100 housing units and an exemplar of inclusive transit-oriented community centered on the arts, culture, nature and healthy, sustainable living. Adjacent to the renowned Strathmore Music Center and Rock Creek Park and located at the center of Montgomery County’s growth corridor, Strathmore Squa...