EagleBank has responded to customers’ growing needs for expertise
in the FHA Multifamily FHA commercial real estate industry with the
creation of its new FHA Multifamily Lending Division. The
Bank has hired four highly-focused lenders with extensive
experience and expertise in this specialized area. The
Federal Housing Administration (FHA) provides mortgage insurance to
approved lenders, such as EagleBank, to make loans to borrowers for
multifamily properties. These loans facilitate long-term,
fixed-rate, fully-amortizing financing, and allow financing through
the issuance of tax-exempt bonds and mortgage-backed
securities.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/035c2645-dc7a-45df-9775-feaec88b37d7
According to Chairman and CEO Ronald D. Paul,
“FHA Multifamily Lending is a logical and strategical next-step in
pursuing our commitment to the multifamily rental sector, while
providing growth for EagleBank. This new division will enable
EagleBank to provide the continuum of debt products for the
multifamily rental ownership community, from development to
long-term permanent financing. We are delighted to bring on
the talent and specialized expertise of four new professionals who
can provide the strength and background needed to serve FHA
multifamily financing needs throughout the Metro DC area. We
enthusiastically welcome Tony Washington, Rich Devaney, Mike
Somerville and Quinn Cullen to EagleBank.”
Anthony T. Washington has over
25 years of commercial lending experience, including 20 years in
multifamily commercial real estate finance, and has originated
several billion dollars of loans. Washington has expertise in
all facets of multifamily real estate, including structuring deals,
underwriting, and negotiating documents. He has formed strong
business relationships with national owners, brokers, and managers,
as well as life insurance companies, national banks and mortgage
investors, such as Fannie Mae and Freddie Mac.
Prior to joining EagleBank, Washington served as
VP/National Production Manager for Oak Grove Capital, LLC, and
other lending firms, including Walker Dunlop, LLC, Charter Mac
Mortgage Capital—which became Centerline CHC, American Property
Financing and AMI Capital. The latter two were acquired by
Wells Fargo. As VP of Middle Market Lending at First National
Bank of MD in Baltimore, he grew and maintained client
relationships of $5 million to $50 million in annual revenue.
Richard K. Devaney has over 30
years of institutional experience in the investment, development
and operations of multifamily housing and commercial real
estate. In 2006, Devaney co-founded Crossbeam Capital, an
institutional real estate investment advisory firm, which launched
its first private equity real estate fund in 2007; it has
approximately $1 billion in assets under management. As
Chairman and CEO, Devaney was responsible for investment strategy,
capital markets, portfolio and asset management, and investor
relations. He also led Crossbeam Capital through a merger
with Concierge Asset Management in 2010, forming Crossbeam
Holdings, with subsidiaries that own or manage 34 apartment
communities spanning 10 states.
Prior experience includes service as National VP
for Equity and Mezzanine Debt Investments with the American
Communities Fund at Fannie Mae (ACF), where he authored ACF’s
five-year plan and managed a team that generated $971 million in
investments over 188 transactions. Those transactions span
40,000 units – with total market capitalization in excess of $5
billion. Devaney managed Bank of America’s economic and
affordable housing development lending with a portfolio of over
$400 million. He holds a B.A. in Economics and Business
Administration from Belmont Abbey College. Devaney served on
the Board of Directors for the National Multi-Housing Council and
is a member of the Board of Directors for KaBOOM, a national,
non-profit; he also serves as the Chairman of its finance
committee.
Michael G. Somerville has over
25 years of experience in the areas of credit and counterparty risk
management involving the analysis, approval and monitoring of
complex credit relationships. Somerville has served as the
Advances Manager of the Federal Home Loan Bank of Cincinnati,
Director of Credit Risk Management for the Federal Home Loan Bank
of Dallas and the Vice President of the Financial Analytics Unit
for the Depository Trust and Clearing Corporation. In
addition to these positions, Somerville held a variety of positions
focused on counterparty and credit risk management within Fannie
Mae, including the monitoring of the DUS lenders and low-income
housing tax credit syndicators, as well as serving as Director of
Single Family Counterparty Risk. He has significant
experience in the areas of analysis of financial institutions,
broker/dealers and REITs, as well as analysis of commercial and
multifamily real estate and mortgage-backed securities.
Somerville has expertise in the areas of risk-based capital, policy
development, operations and systems development.
Prior to joining EagleBank, he served as the
Director of Multifamily Asset and Counterparty Oversight for the
U.S. Department of Housing and Urban Development, responsible for
the management of the lenders, the analysis of the FHA-insured
multifamily loan portfolio (that consisted of over 10,700 loans
with an outstanding balance in excess of $71 billion), and the
review of early defaults. He holds a B.S. from Xavier
University and a MBA from the George Washington University.
Quinn Cullen brings 10 years of
experience in multifamily lending to EagleBank. He has worked
on several billion dollars of originations on behalf of Fannie Mae,
Freddie Mac and the Federal Housing Administration. Cullen worked
in all facets of multifamily real estate, including deal
structuring, underwriting and document negotiation, and working
with owners, appraisers, attorneys, brokers, life insurance
companies, national banks and engineering consultants.
Cullen was AVP/Account Manager at Oak Grove
Capital and a VP/Account Manager at Oak Grove Capital in Bethesda,
MD. He was responsible for loan originations, loan analysis,
developing loan proposals and quotes, and preparation of loan
committee packages. At Oak Grove, he worked on
$3.5-billion-plus multifamily deals. Past positions include
service at Deutsche Bank Berkshire Mortgage (now Berkley Point) and
Chartermac Mortgage Capital (now Hunt Mortgage Group) and other
Fannie Mae, Freddie Mac and FHA lenders. He holds a B.S. from
St. Joseph’s University in Philadelphia, PA.
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 21 offices, located in Montgomery County, Maryland,
Washington, D.C. and Northern Virginia. EagleBank focuses on
building relationships with businesses, professionals and
individuals in its marketplace.
EagleBank Contact
Ronald D. Paul
301.986.1800
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