EagleBank Provides Financing for Affordable Housing in Columbia Heights Neighborhood of Washington, DC
14 Juni 2022 - 12:00PM
EagleBank, one of the largest community banks in the Washington,
D.C. area, today announced it provided $25MM for the refinancing
and pre-development costs of a more than 125-unit affordable
housing property in the Columbia Heights Neighborhood of
Washington, DC. The project is sponsored by Somerset Development
Company, LLC of Washington, DC and Jonathan Rose Companies of New
York, NY.
The land parcel will be bifurcated into two, one
for the construction of 125 units of affordable housing that
promotes aging-in-place for seniors and families and features
modern amenities including a playground, computer center, fitness
center, rooftop event space and a community garden. The affordable
building will be designed to the highest green building standards,
including LEED platinum and passive house, and feature a solar
integrated green roof, electric vehicle charging stations, energy
recovery ventilation, and all-electric systems. The other parcel
will consist of a 197-unit market-rate building developed by
Crescent Communities. Of the 200 units, 8% will be affordable under
Inclusionary Zoning requirements.
“EagleBank’s lending team remains committed to
supporting our community by providing financing for affordable
housing in the D.C. area,” said Ryan Riel, Chief Real Estate
Lending Officer at EagleBank. “This financing will allow our
partners to re-position the site and provide roughly 1.56x more
affordable units for DC. It was a pleasure working with Somerset
Development Company LLC and Jonathan Rose Companies, two prominent
affordable housing developers well-known to EagleBank’s CRE and FHA
groups.”
The transaction was facilitated by members of
EagleBank’s experienced commercial real estate team, Andrea
Berkeley, Richard Koller, and Nette Antehun.
Construction is scheduled to begin July 2022 and
all existing tenants have the opportunity to move back into the new
property once completed.
"The limited supply of high-quality affordable
housing affects everyone - but has particular importance to
families," said Nathan Taft, Partner/Senior Managing Director,
Acquisitions, Jonathan Rose Companies. "Expanding housing access is
at the core of Jonathan Rose Companies’ mission, and we are excited
to work with EagleBank on advancing our Columbia Heights
development, which will make a positive impact for many
households."
“This redevelopment will not only add sorely
needed affordable housing to the 14th Street corridor, but also
replace the aging apartments at the property with beautiful, modern
units and amenities, allowing the current residents to remain and
thrive in this community for many years to come,” stated Nancy
Hooff, Principal of Somerset Development Company.
The property is located in the Columbia Heights
neighborhood of Northwest Washington D.C., roughly .3 miles south
of the Columbia Heights Metrorail station and along a Metrobus
line, and is within walking distance to Cardozo High School and
Meridian Park.
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.
About Somerset
Development Company, LLCFounded by Jim Campbell
and Nancy Hooff in 2000, Somerset specializes in revitalization of
urban communities, developing and preserving affordable housing,
renovating historic properties, and mixed-use properties which
strengthen communities in transit-oriented locations.
Somerset, with a strong record of partnering with tenant
associations, community organizations and local businesses, has a
portfolio of $429 million with over 1,750 residential units in
Washington and Baltimore of projects completed or under
development. Somerset Development teamed with New Community
Partners, LLC, founded by Bill Whitman with over 30 years in real
estate development and finance, specializing in public-private
partnerships in DC and other cities. For more information, visit:
www.somersetdev.com.
About Jonathan Rose
CompaniesJonathan Rose Companies is one of the country’s
leading developers and investors in sustainable, affordable, and
mixed-income multifamily real estate, with approximately 18,000
units owned. Founded in 1989, Jonathan Rose Companies is a
mission-driven company focused on enhancing the health and wellness
of its residents with green, energy efficient property improvements
and through its Communities of Opportunities programming. With
offices in New York, Connecticut, Colorado, Ohio and California,
Jonathan Rose Companies has developed or acquired more than $3.2
billion of real estate. For more information, please visit:
https://www.rosecompanies.com/.
EagleBank ContactVikki Kayne, Chief Marketing
Officer 301.986.1800
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