Fivesquares Development, Aimco, and EagleBank Honored with NAIOP DC|MD ‘Best Transaction’ Award at the 2024 Annual Awards of Excellence Gala

Strathmore Square Honored for Transformative Real Estate Vision and Innovative Financing

Fivesquares Development, Aimco, and EagleBank’s transit-oriented, arts-infused community, Strathmore Square, was recognized with the ‘Award of Excellence – Best Real Estate Transactions: Sale or Re-Capitalization over $25 Million’ at NAIOP’s 22nd Annual Awards of Excellence, which celebrates top real estate accomplishments in the national capital region.

Strathmore Square is a multi-phase, transit-oriented development in North Bethesda that has delivered the first phase of 220 units, 8,000 sf of cultural and retail space, and a 1.25 acre park.  At full build out Strathmore Square will feature 2.2 million square feet of multifamily, senior living, and retail spaces all around the 1.25-acre community park. As one of the last undeveloped sites along Metro’s Red Line, it offers a dynamic setting for inspired living where culture, nature, transit and energy intersect. In partnership with the renowned Music Center at Strathmore and the Washington Metropolitan Area Transit Authority (WMATA), this 8-acre community hosts events in the public park and is situated next to the Strathmore, Rock Creek Park and has direct Metro access.

In 2018, WMATA and Fivesquares signed a joint development agreement to create a 2.2 million-square-foot arts-centric residential community. The project’s first phase, which began construction in September 2022, introduced the multifamily residential buildings Ravel and Royale and a 1.25-acre central community park. The development team utilized an innovative financing strategy facilitated by a collaboration between Fivesquares Development, EagleBank, Criterion, Aimco, Amazon and WMATA, with cultural partner Strathmore.

The financing for Strathmore Square was a groundbreaking partnership between the development team and Montgomery County, aimed at creating a community-focused, transit-oriented, mixed-income development. Despite market challenges, the project secured a significant financing package, including a 98-year ground lease.

EagleBank provided a $94 million construction loan to Aimco and Fivesquares Development to kickstart Phase 1. Additional funding came from a $70 million equity loan through Criterion, Amazon, Aimco, and Fivesquares, with Amazon committing $24 million to support affordable housing for residents earning 50-70% of the area median income.

Strathmore Square is the first project to benefit from Montgomery County’s 15-year tax abatement for high-rise residential developments near Metro stations, positioning it as a national model for transit-oriented developments (TOD). The collaboration with WMATA and Strathmore further emphasizes the community’s focus on arts, culture and green space.

Once complete, Strathmore Square will not only transform from a commuter lot into one of the region’s largest residential sites but also significantly contribute to advancing both housing and climate goals. More importantly, it will enhance North Bethesda’s community fabric, leaving a lasting impact on the local community.

ABOUT STRATHMORE SQUARE

Strathmore Square’s development partnership comprises Fivesquares Development and Aimco, along with financing partners Eagle Bank and Amazon Housing Equity Fund, transit partner Washington Metropolitan Area Transit Authority (WMATA) and cultural partner Strathmore. At full buildout, Strathmore Square will be a 2.2 million-square-foot vibrant cultural hub that sets a new standard for wellness with the perfect blend of culture and convenience. The neighborhood will feature a 1.25-acre community park at the center of the neighborhood, approximately 2,000 residential units and 60,000 square feet of ground-floor retail, with 8,000 square feet at the base of Ravel and Royale.

ABOUT FIVESQUARES DEVELOPMENT

Fivesquares Development is a local real estate company that specializes in the creation of engaging mixed-use environments and the transformation of neglected spaces into community assets. Founded and led by two leaders in the local real estate development and urban planning fields, Ron Kaplan, formerly the Chief Investment Officer of Federal Realty, the developers of Bethesda Row, and Andy Altman, the former Planning Director of Washington, DC, Fivesquares is known for the award-winning development of Liz in Washington, DC that exemplifies the confluence of high design, place-making, and complex mixed-use development to create lasting change in a neighborhood. For more information, please visit fivesquaresdevelopment.com.

ABOUT AIMCO

Aimco is a diversified real estate investment company with a nearly 30-year history of growth and innovation in the multifamily sector. Today, the Aimco platform is focused on a total return strategy that includes development, redevelopment, and other opportunistic investments that offer the prospect of outsized returns on a risk-adjusted basis while also maintaining an allocation to stabilized properties. For more information, visit www.AIMCO.com.

ABOUT 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 more than a dozen offices, located in Suburban, Maryland, Washington, D.C. and Northern Virginia. EagleBank focuses on building relationships with businesses, professionals and individuals in its marketplace