PRC Structures $61.5 Million Capital Stack Including Construction Loan & Preferred Equity for 1401 Pennsylvania Avenue

Press Release

Bethesda, MD, September 5, 2017 – CAS Riegler Companies (CASR), Neighborhood Restaurant Group (NRG), and May Development (May) announced that a new Class-A apartment and retail  development at 1401 Pennsylvania Avenue, SE is fully funded. The companies secured a $44,536,250 loan with EagleBank and a $17,000,000 preferred equity investment provided by EB5 Capital. Phillips Realty Capital arranged both components of the capital stack.

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