EagleBank Provides More than $81 Million in Financing for Montgomery County Housing Opportunities Commission
01 Juni 2021 - 10:33PM
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’s public housing agency and
affordable housing partner, HOC owns, operates, and develops
affordable housing throughout the county. As part of the
acquisition, HOC plans to convert 30% of the properties’ units to
80% local area median income (AMI) with an additional 20% of the
units restricted at 50% AMI. The income restrictions will be
implemented over a two-to-three-year period.
All properties are located within the same
Bethesda, MD zip code and are a short walking distance to numerous
retail amenities as well as the Metro Red Line and Metro Bus
services. The garden and mid-rise apartments were developed in 1953
and have a stabilized occupancy of 95%.
About the Housing Opportunities
Commission of Montgomery County (HOC) The mission of the
Housing Opportunities Commission is to provide affordable housing
and supportive housing services that enhance the lives of low- and
moderate-income families and individuals throughout Montgomery
County, Maryland so that:
- No one in Montgomery County lives
in substandard housing;
- We strengthen families and
communities as good neighbors;
- We establish an efficient and
productive environment that fosters trust, open communication and
mutual respect; and
- We work with advocates, providers
and community members to maintain support for all the work of the
Commission.
To accomplish these goals, HOC acts as an owner,
operator, and vertically-integrated developer, focusing on three
things: getting people housed, keeping people housed, and helping
customers reach their fullest potential. HOC provides affordable
housing resources to nearly 15,000 Montgomery County residents,
owns more than 8,000 rental units, and provides assistance to more
than 7,000 low-income households – many of whom are elderly and
persons with disabilities – through the Housing Choice Voucher
program.
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 20
offices, located in Suburban, Maryland, Washington, D.C. and
Northern Virginia. EagleBank focuses on building relationships
with businesses, professionals and individuals in its
marketplace.
EagleBank ContactVikki Kayne,Chief Marketing
Officer301.986.1800
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