Monday Properties, a leading national real estate investment firm, has announced today the arrangement of $66.8 million in construction financing with EagleBank for the ground up development of a new, class-A multifamily building located at 2000 N Beauregard Street, Alexandria, VA. The new multifamily project is located within a designated Opportunity Zone Census Tract created as part of the Tax Cuts and Jobs Act of 2017 and is being redeveloped by Monday Properties. The construction financing was originated by Bryan Leigh, Senior Vice President of Commercial Real Estate at EagleBank.
Thanks to the financing from EagleBank, 2000 N Beauregard will transform into a new, 300-unit multifamily apartment building with a 420-space parking garage. The development will consist of a 6-7 story wood frame construction over one and two levels of concrete podium, wrapped around an internally located 6-level precast garage.
The property will include an open first floor plan with resort style amenities located adjacent to the main lobby entrance, including a club and game room, a bar that opens up to an outdoor terrace and grill area, lounge pool, and fully equipped gym. The property will also provide dedicated co-working space and conference facilities with high speed internet, bike repair and storage, and a dog washing station, among other amenities for resident use. Monday Properties remains firmly committed to the health, safety and well-being of our communities. Our team will balance the delivery of world-class amenities with health and safety considerations to protect all future residents.
Expected to deliver in early 2022, 2000 N Beauregard is located in a prime walkable area and boasts easy access to I-395. Future residents will enjoy their five-minute drive to the Pentagon, Amazon’s future headquarters in National Landing, Reagan National Airport, and the 15-minute commute to Capitol Hill.
The development is conveniently located at the intersection of Seminary Road and N Beauregard Street, and is walking distance to The Shops at Mark Center, which features a Starbucks, CVS, a bank, grocery store, dry cleaners, salons, and several restaurants.
“This project will help meet a critical need for new housing in the region, and we could not be more pleased to have closed our financing and started construction on this exciting development,” Frank Craighill, Vice President of Development for Monday Properties. “We’re optimistic that this project will catalyze further development in the area and are proud to deliver new, Class A apartments to residents in early 2022.”
“Both EagleBank and Monday Properties share the same commitment to enhancing communities, and we are confident that the asset is well positioned to capitalize on the continued growth of this submarket. This transaction is a great example of our local presence and relationships, as we were able to assist a group of well-seasoned real estate developers in a challenging financing environment. It has been a pleasure working with everyone at Monday Properties and Eastdil Secured,” added Bryan Leigh, Senior Vice President of Commercial Real Estate at EagleBank.
Monday Properties continues to look for investments that deliver quality amenities for its clients and support growing communities. It is committed to its mission of being an active property manager for its Northern Virginia tenants.
About Monday Properties: Monday Properties is a dynamic real estate investment firm that serves as an owner, operator, and developer in highly targeted, supplied constrained markets. With 238 years of senior leadership experience, Monday Properties delivers unique commercial and residential investment offerings that transform communities, including the U.S. corporate headquarters of Nestlé, which resides in Monday Properties’ world-class office tower, 1812 North Moore Street. Since 2002, the firm has completed over 60 property transactions representing $13 billion in capital value and 28 million square feet and has leased over 10 million square feet. For more information on Monday Properties, please visit www.mondayre.com.
About Eagle Bancorp, Inc & 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. For more information, visit eaglebankcorp.com.