EagleBank Provides Acquisition Financing for Affordable Housing Complex in Southeast Washington, D.C.
02 Februar 2022 - 12:00PM
EagleBank, one of the largest community banks in the Washington,
D.C. area, today announced it provided $51 million in financing to
support the acquisition and renovation of the Stanton Glenn
Apartments, a 379-unit affordable housing complex located in
southeast Washington, DC. The project is sponsored by Concord
Communities, a wholly-owned subsidiary of national real estate
investor, manager and developer Lowe that provides quality
affordable housing through rehabilitation or new construction.
“As demand for affordable housing continues to
be a pressing issue, our lending team is committed to serving as a
trusted community leader and supporting more affordable housing
development in the D.C. area,” said Ryan Riel, Chief Real Estate
Lending Officer at EagleBank. “It was a pleasure partnering with
Concord Communities on this deal and we look forward to future
partnerships in the affordable housing space.”
EagleBank’s loan offering of $51 million will
fund a portion of the acquisition costs and construction costs
related to the planned renovation of the 379 units, improvements to
building exteriors, infrastructure and common areas.
“Concord Communities is dedicated to providing
quality affordable housing that benefits residents, improves
neighborhoods and addresses the critical affordable housing
shortage,” said Mark Rivers, Executive Vice President of Concord
Communities and Lowe. “We plan to improve Stanton Glenn and
position it as a comfortable and welcoming housing option in the
community.”
The transaction was facilitated by members of
EagleBank’s experienced commercial real estate team including,
senior vice president and CRE relationship manager Barbara Mackin,
senior vice president and deputy director of FHA Multifamily Dara
Koller, vice president and CRE underwriting manager Steven Rabin,
CRE portfolio manager Michael Scarpaci, and assistant vice
president and portfolio administration supervisor Jeniffer
Mejia.
The deal was sourced from Cullen O'Grady at
Greystone.
Stanton Glenn features 379 units across 30, 3-
and 4-story buildings consisting of a mix of 1, 2, 3, and 4 bedroom
units. The borrower is investigating options for installation of
solar panels on the roofs and will provide a number of additional
energy conservation upgrades.
The property is located on the border of the
Randle Heights and Congress Heights neighborhoods in Southeast D.C.
The surrounding neighborhood is mostly residential, with public
schools, recreation centers, and a Giant Food all within walking
distance.
About Concord Communities Concord
Communities, a wholly-owned subsidiary of national investor,
developer and manager Lowe, was founded in 2020 on the belief that
responsible, insightful, empathetic community development and
redevelopment is the optimal method to make cities better places to
live and work.
Concord is dedicated to increasing the
production of quality affordable housing. Extensive new
financial commitments from banks, cities, states and social
investment groups enhance Concord’s ability to leverage resources
to realize a collective vision. Concord applies its expertise,
partnerships and alliances to provide enhanced living experiences
and go beyond housing for its residents, its communities and its
partners.
Concord applies its real estate expertise, and
collective efforts to expedite filling our nation’s need – and
demand – for affordable housing communities that will connect
people and place and improve the lived experience for those they
serve.
About LoweLowe, formerly known
as Lowe Enterprises, is a leading national real estate investment,
development and management firm. Over the past 50 years, it has
developed, acquired or managed more than $32 billion of real estate
assets nationwide as it pursued its mission to build value in real
estate by creating innovative, lasting environments and meaningful
experiences that connect people and place. Lowe currently has more
than $1.5 billion in commercial real estate projects in the
pipeline or under development. Lowe has been active in the
Mid-Atlantic since 1980.
In addition to its Los Angeles headquarters, Lowe maintains
regional offices in Southern California, Northern California,
Charleston, Denver, Seattle, and Washington, DC. For more
information visit www.Lowe-RE.com.
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 17
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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