Funding will finance a 142-device “100% affordable” multifamily task situated in the Park Perspective community of Washington, DC
BETHESDA, Md., Feb. 13, 2023 (World NEWSWIRE) — EagleBank, a single of the greatest local community banks in the Washington, D.C. location, now announced it has presented $25,000,000 in development financing to The Local community Builders (TCB) and Dantes Associates for a 142-unit “100% affordable” multifamily project located at 610 Park Road, NW, Washington, DC – portion of the greater Park Morton and Bruce Monroe redevelopment system to transform a 174-unit public housing property into a combined-money group of virtually 500 models. The house is staying designed concerning TCB, Dantes Partners and the District of Columbia Housing Authority.
In addition to the development personal loan delivered, EagleBank participated in an equity expense of $17,515,400 in a Minimal-Profits Housing Tax Credit score (LIHTC) challenge – Stratford Fund 41 LP (for Park Morton).
At the time created, the issue house will be a 5-story 173,533 GSF condominium making with 142 units, which include 40 public housing substitution models and facilities this kind of as a rooftop lounge, assembly spaces, health space, enclosed courtyards, bicycle storage, resident storage, and pet grooming station. Solar panels will be put in on the roof and parking will consist of a 30,836 sf underneath-quality parking garage made up of 71 spaces.
The web page is inside strolling distance of MedStar Washington Clinic Center, Washington DC VA Health care Middle, as well as Howard University and neighborhood suppliers in the close by dynamic Georgia Avenue corridor. It is also in near proximity to the Ga Ave-Petworth Metro Station (Eco-friendly/Yellow line) and other community transportation possibilities.
“As we carry on to satisfy our tactic to endorse reasonably priced housing, we’re even much more energized about financing a job that is in a neighborhood located amongst a numerous mosaic of neighborhoods with robust identities and a abundant historic fabric,” reported Ryan Riel, Govt Vice President and Main Authentic Estate Lending Officer at EagleBank. “We’re also proud of our involvement in the Park Morton redevelopment as it implements the eyesight of the New Communities Initiative, built to revitalize severely distressed sponsored housing, and redevelop neighborhoods into vibrant mixed-cash flow communities.”
The transaction was facilitated by users of EagleBank’s expert business actual estate group, Senior Vice President and Connection Manager Teri Thompson and Portfolio Manager Devin Nguyen.
“We’re thrilled to pave the way for 142 people to go into new good quality, blended-revenue properties, supplying Washingtonians the chance to proceed to are living and prosper in Park Check out,” mentioned Jaqueline Alexander, TCB Mid-Atlantic regional vice president of improvement. “On behalf of our business, I prolong my deepest many thanks and a very well-earned congratulations to the several companions and leaders who are producing this redevelopment doable, like EagleBank, Dantes Associates, the District of Columbia Housing Authority, Deputy Mayor’s Office environment for Arranging and Financial Improvement, DC Housing Finance Company, and most particularly the citizens of Park Morton.”
“We echo our partners’ sentiments in developing a neighborhood for our workforce to prosper and this proceeds to be the mission that drives our companies. We are grateful to our monetary partners that also co-spend in the development of this new combined money local community. We goal to bring with each other persons from assorted backgrounds and deliver them with the comfort and ease they are worthy of, whilst endorsing an inclusive and vivid community ambiance.” – Buwa Binitie Founder and CEO, Dantes Associates.
About Eagle Bancorp, Inc. and EagleBank
Eagle Bancorp, Inc. is the holding organization for EagleBank, which commenced functions in 1998. EagleBank is headquartered in Bethesda, Maryland, and conducts whole service commercial banking through 16 workplaces, situated in Suburban, Maryland, Washington, D.C. and Northern Virginia. EagleBank focuses on building relationships with businesses, pros and men and women in its marketplace.
About The Local community Builders
The Group Builders’ mission is to build and maintain robust communities where by all men and women can thrive. Our mission-pushed companies work with companions to build, finance and run residential communities, neighborhood features and chance programs for family members, seniors and older people with disabilities. Due to the fact 1964, we have advanced housing fairness by means of award-profitable cost-effective and blended-money communities and our revolutionary Local community Lifestyle product for resident good results. Currently, our possession and management portfolio involve more than 14,000 apartment residences. Anchored by places of work in Boston, Chicago, Columbus, New York and Washington D.C., we function across 15 states.
About Dantes Associates
Dantes Companions, a division of Dumas Collective, is a 1st-course very affordable and workforce housing growth, acquisition, management, and financing organization with places of work in Washington, DC. Maryland, New York, and Virginia. Set up in 2006, Dantes Companions is a Black owned business with a mission to acquire Luxury Affordable Housing™ and community-concentrated serious estate initiatives throughout the Mid-Atlantic location. Dantes Partners’ developing portfolio involves around 7,600 units that have been financed, developed, and obtained with an estimated funding and investment decision price of $2.2 billion bucks.
Concurrently, Dantes Partners leverages its substantial knowledge in the discipline of actual estate enhancement, acquisition, management, and funding of enterprise-owned portfolios and delivers distinctive consulting expert services in community-private deal structuring and negotiations. Also, Dantes Associates also offers consulting in pre-growth setting up and oversight, market analysis and analysis, credit card debt or equity underwriting, job and asset administration, community outreach, as very well as portfolio due diligence.
In 2022, The District of Columbia Developing Market Affiliation named Dantes Partners Developer of the Yr.
For additional details on Dantes Partners’ tasks, take a look at www.dantespartners.com.
EagleBank Speak to
Vikki Kayne,
Chief Marketing and advertising Officer
301.986.1800

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