EagleBank Provides $71.5 Million in Financing to Rosenthal Properties for 4-Property Retail Acquisition in Richmond, VA
BETHESDA, Md., June 15, 2023 (GLOBE NEWSWIRE) — EagleBank (NASDAQ: EGBN), one of the largest community banks in the Washington, D.C. area, today announced it has provided Rosenthal Properties a $71,500,000 loan for the acquisition of a 4-property retail portfolio located in Richmond, VA.
This portfolio, making up almost 583,000 square feet of retail space, is located in three submarkets of Richmond: Regency, Staples Mill, and the Midlothian West submarket. All three submarkets are located in the western suburbs of Richmond. Anchor tenants for these properties include Walmart SuperCenter, The Fresh Market, Aldi and Wegmans.
“During these turbulent times in the debt markets, EagleBank delivered on their commitment to fund this acquisition. A collection of grocery anchored assets of this quality is very difficult to replicate, so we are thrilled to have partnered with EagleBank,” said Glenn Rosenthal, President of Rosenthal Properties.
The transaction was handled by EagleBank’s experienced commercial real estate team, including Senior Vice President, Market Executive Kathy Harbold, and Vice President, CRE Portfolio Manager David Redmond.
“Our clients have always been at the heart of our business, and their success is intertwined with ours,” said Ryan Riel, Executive Vice President and Chief Real Estate Lending Officer. “While the Richmond region is typically outside of our traditional lending area, Rosenthal Properties is a long-term client and partner that trusts us to deliver their loan needs in any region. We continue to ensure our clients receive the best process and results for their business needs.”
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 13 offices, located in Suburban, Maryland, Washington, D.C., and Northern Virginia. EagleBank focuses on building relationships with businesses, professionals, and individuals in its marketplace.
About Rosenthal Properties
Founded in 1999 by Glenn Rosenthal, Rosenthal Properties is regarded as one of the Mid Atlantic area’s most reputable, fully integrated commercial real estate firms. Rosenthal Properties offers its clients a full range of services, including property management, leasing, and construction management. Rosenthal Properties owns, leases, or manages a portfolio of approximately 8 million square feet of investment-grade retail centers, industrial parks and office buildings throughout Virginia, Maryland, and Washington, D.C., both with its own capital and in partnerships with respected institutional investors.
EagleBank Contact
Vikki Kayne
Chief Marketing Officer
301.986.1800
