Urban Atlantic has secured $54.25 million from EagleBank to construct The Margaux, a 291-unit workforce housing project near the New Carrollton Metro station.
This brings the project’s total financing to $80 million after the developer received $25.4 million in low-rate loans from the Amazon Housing Equity fund. Urban Atlantic is constructing The Margaux as part of a 2.3 million-square-foot mixed-use development, to include a new Metro office building, on property owned by the Washington Metropolitan Area Transit Authority. The development “will create critical in-demand residences for our community’s frontline workers,” said Vicki Davis, Urban Atlantic’s managing partner, in a statement.
Metro’s Maryland headquarters building is expected to be complete in late 2022. Construction on this new apartment building, to be located next door, will be complete in late 2023. It will offer studio, one-, two- and three-bedroom units targeted to people making less than 80% of the area median income who are threatened by higher housing costs, the developer said.
