Press release
EagleBank Provides Financing for Affordable Housing in Columbia Heights Neighborhood of Washington, DC
Funding will support the refinancing and pre-development costs of a more than 125-unit affordable housing property in the Columbia Heights Neighborhood of
About this update from Eagle Bancorp, Inc.
[{"type":"text","content":"Funding will support the refinancing and pre-development costs of a more than 125-unit affordable housing property in the Columbia Heights Neighborhood of Washington, DC\nBETHESDA, Md., June 14, 2022 (GLOBE NEWSWIRE) -- EagleBank, one of the largest community banks in the Washington, D.C. area, today announced it provided $25MM for the refinancing and pre-development costs of a more than 125-unit affordable housing property in the Columbia Heights Neighborhood of Washington, DC. The project is sponsored by Somerset Development Company, LLC of Washington, DC and Jonathan Rose Companies of New York, NY. The land parcel will be bifurcated into two, one for the construction of 125 units of affordable housing that promotes aging-in-place for seniors and families and features modern amenities including a playground, computer center, fitness center, rooftop event space and a community garden. The affordable building will be designed to the highest green building standards, including LEED platinum and passive house, and feature a solar integrated green roof, electric vehicle charging stations, energy recovery ventilation, and all-electric systems. The other parcel will consist of a 197-unit market-rate building developed by Crescent Communities. Of the 200 units, 8% will be affordable under Inclusionary Zoning requirements. “EagleBank’s lending team remains committed to supporting our community by providing financing for affordable housing in the D.C. area,” said Ryan Riel, Chief Real Estate Lending Officer at EagleBank. “This financing will allow our partners to re-position the site and provide roughly 1.56x more affordable units for DC. It was a pleasure working with Somerset Development Company LLC and Jonathan Rose Companies, two prominent affordable housing developers well-known to EagleBank’s CRE and FHA groups.” The transaction was facilitated by members of EagleBank’s experienced commercial real estate team, Andrea Berkeley, Richard Koller, and Nette Antehun. Construction is scheduled to begin July 2022 and all existing tenants have the opportunity to move back into the new property once completed. \"The limited supply of high-quality affordable housing affects everyone - but has particular importance to families,\" said Nathan Taft, Partner/Senior Managing Director, Acquisitions, Jonathan Rose Companies. \"Expanding housing acc...