EagleBank, one of the largest community banks in the Washington,
D.C. area, today announced it has provided $25,000,000 in
construction financing to The Community Builders (TCB) and Dantes
Partners for a 142-unit “100% affordable” multifamily project
located at 610 Park Road, NW, Washington, DC – part of the larger
Park Morton and Bruce Monroe redevelopment plan to transform a
174-unit public housing property into a mixed-income community of
nearly 500 units. The property is being developed between TCB,
Dantes Partners and the District of Columbia Housing Authority.
In addition to the construction loan provided,
EagleBank participated in an equity investment of $17,515,400 in a
Low-Income Housing Tax Credit (LIHTC) project - Stratford Fund 41
LP (for Park Morton).
Once constructed, the subject property will be a
five-story 173,533 GSF apartment building with 142 units, including
40 public housing replacement units and amenities such as a rooftop
lounge, meeting spaces, fitness room, enclosed courtyards, bike
storage, resident storage, and pet grooming station. Solar panels
will be installed on the roof and parking will consist of a 30,836
sf below-grade parking garage containing 71 spaces.
The site is within walking distance of MedStar
Washington Hospital Center, Washington DC VA Medical Center, as
well as Howard University and neighborhood retailers in the nearby
dynamic Georgia Avenue corridor. It is also in close proximity to
the Georgia Ave-Petworth Metro Station (Green/Yellow line) and
other public transportation alternatives.
“As we continue to fulfill our strategy to
promote affordable housing, we’re even more excited about financing
a project that is in a community situated amongst a diverse mosaic
of neighborhoods with strong identities and a rich historic
fabric,” said Ryan Riel, Executive Vice President and Chief Real
Estate Lending Officer at EagleBank. “We’re also proud of our
involvement in the Park Morton redevelopment as it implements the
vision of the New Communities Initiative, designed to revitalize
severely distressed subsidized housing, and redevelop neighborhoods
into vibrant mixed-income communities.”
The transaction was facilitated by members of
EagleBank’s experienced commercial real estate team, Senior Vice
President and Relationship Manager Teri Thompson and Portfolio
Manager Devin Nguyen.
“We’re thrilled to pave the way for 142 families
to move into new quality, mixed-income homes, offering
Washingtonians the opportunity to continue to live and thrive in
Park View,” said Jaqueline Alexander, TCB Mid-Atlantic regional
vice president of development. “On behalf of our organization, I
extend my deepest thanks and a well-earned congratulations to the
many partners and leaders who are making this redevelopment
possible, including EagleBank, Dantes Partners, the District of
Columbia Housing Authority, Deputy Mayor’s Office for Planning and
Economic Development, DC Housing Finance Agency, and most
especially the residents of Park Morton.”
“We echo our partners’ sentiments in creating a
community for our workforce to thrive and this continues to be the
mission that drives our firms. We are grateful to our financial
partners that also co-invest in the development of this new mixed
income community. We aim to bring together people from diverse
backgrounds and provide them with the comfort they deserve, while
promoting an inclusive and vibrant neighborhood atmosphere." - Buwa
Binitie Founder and CEO, Dantes Partners.
About Eagle Bancorp, Inc. and EagleBankEagle
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 16
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 The Community
Builders
The Community Builders’ mission is to build and
sustain strong communities where all people can thrive. Our
mission-driven businesses work with partners to develop, finance
and operate residential communities, neighborhood amenities and
opportunity programs for families, seniors and adults with
disabilities. Since 1964, we have advanced housing equity through
award-winning affordable and mixed-income communities and our
pioneering Community Life model for resident success. Today, our
ownership and management portfolio include over 14,000 apartment
homes. Anchored by offices in Boston, Chicago, Columbus, New York
and Washington D.C., we operate across 15 states.
About Dantes Partners
Dantes Partners, a division of Dumas Collective,
is a first-class affordable and workforce housing development,
acquisition, management, and financing company with offices in
Washington, DC. Maryland, New York, and Virginia. Established in
2006, Dantes Partners is a Black owned business with a mission to
develop Luxury Affordable Housing™ and community-focused real
estate initiatives across the Mid-Atlantic region. Dantes Partners’
growing portfolio entails over 7,600 units that have been financed,
developed, and acquired with an estimated financing and investment
value of $2.2 billion dollars.
Simultaneously, Dantes Partners leverages its
extensive expertise in the field of real estate development,
acquisition, management, and financing of company-owned portfolios
and provides exclusive consulting services in public-private deal
structuring and negotiations. Furthermore, Dantes Partners also
offers consulting in pre-development planning and oversight, market
research and analysis, debt or equity underwriting, project and
asset management, community outreach, as well as portfolio due
diligence.
In 2022, The District of Columbia Building
Industry Association named Dantes Partners Developer of the
Year.
For more information on Dantes Partners’
projects, visit www.dantespartners.com.
EagleBank ContactVikki Kayne, Chief Marketing
Officer 301.986.1800
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