Press release
EagleBank Provides More than $81 Million in Financing for Montgomery County Housing Opportunities Commission
Funding will support revitalization of multifamily units in downtown Bethesda BETHESDA, Md., June 01, 2021 (GLOBE NEWSWIRE) -- EagleBank, one of the largest
About this update from Eagle Bancorp, Inc.
[{"type":"text","content":"Funding will support revitalization of multifamily units in downtown Bethesda\nBETHESDA, Md., June 01, 2021 (GLOBE NEWSWIRE) -- EagleBank, one of the largest community banks in the Washington, D.C. area, today announced that it provided $81.2 million in fixed rate acquisition financing to support a key affordable housing project in downtown Bethesda, MD. Bradley Crossing LLC, controlled by the Housing Opportunities Commission of Montgomery County (HOC), is sole recipient of the loan and will manage renovation of the property. “As a Bethesda-based bank, I’m proud to see our CRE lending team’s continued commitment to providing financing that invests in and supports our community,” said Ryan Riel, EVP, Chief Real Estate Lending Officer. EagleBank’s loan offering will fund a significant portion of the project’s purchase price and total acquisition cost, allowing HOC and Bradley Crossing LLC to acquire approximately 401 multifamily apartment units situated on five separate land parcels. The transaction was facilitated by members of EagleBank’s experienced commercial real estate team, vice president and senior relationship manager Andrea Berkeley and portfolio manager Sean Krysick. “HOC’s nearly 50 years of successful affordable housing production, financial strength and trusted reputation made it an easy decision to get involved,” said Berkeley. “We’re pleased to deepen our commitment to the community in which we serve by financing low-income housing opportunities such as this one.” “This acquisition and redevelopment effort is a testament to our commitment to helping people reach their fullest potential. We have been laser-focused on creating access to areas of opportunity for the individuals and families we serve. Our efforts in South Bethesda will create a gateway to opportunity for folks, regardless of their income – excellent schools, quality jobs, public transportation, and the other high-end community amenities,” Stacy Spann, Executive Director of HOC said. “In a tight housing market, amid a burgeoning housing affordability crisis, HOC stands by its goal to preserve and increase affordable opportunities for Montgomery County residents wherever we are able. We are proud to partner with EagleBank, a long-time, trusted community lender, to bring Montgomery County the additional housing it desperately needs.” As Montgomery County’...