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EagleBank Provides $50MM in Acquisition and Renovation Financing to Insight Property Group and AHC

November 30, 2022, 07:00 AM
Filed Under: Real Estate

EagleBank, one of the largest community banks in the Washington, D.C. area, provided $50,400,000 in acquisition and renovation financing to Insight Property Group and AHC Inc. for a 259-unit “affordable rent” multifamily property, Haven Reston, formerly known as Colvin Woods Apartments, located in Reston, VA.

Built in 1979-1980 as a garden style complex, the property is located on a 21+ acre parcel and includes seven three-story garden-style apartment buildings, a management/leasing building, and common amenity spaces. 158 units were renovated in 2010, and six units were recently renovated in 2021-2022. Every unit at the property includes private outdoor space, either a balcony or ground-floor terrace, and there is ample resident parking with 470 surface parking spaces. Amenities include a clubhouse, playground, outdoor pool/lounge area, fitness center, tennis courts, and a dog park.

The property is situated in a well-established commercial office market and residential hub in Fairfax County -- in close proximity to Dulles Airport, the Wiehle-Reston East Metro station, and Reston Town Center. The property is also adjacent to Lake Fairfax Park, a 476-acre nature preserve with trails, picnic areas, sports fields, and swimming & boating.
Currently an estimated 70% of the units are at-or-below 60% of the Washington, DC-MD-VA Metropolitan Statistical Area Median Income (“AMI”) levels -- already in compliance with the affordable rent requirement which is 60% of units (155 units) designated at-or-below 60% of AMI and the other 40% of units (104) at-or-below 80% of AMI.

“There is a great need for more affordable housing in our community, and EagleBank is committed to expanding access to it,” said Ryan Riel, Executive Vice President and Chief Real Estate Lending Officer at EagleBank. “A key focus of our strategy is promoting affordable housing — the foundation for thriving communities — as we fulfill our mission to make life better for the people and communities we serve.”

The transaction was facilitated by members of EagleBank’s experienced commercial real estate team, Senior Vice President and Relationship Manager Tim Annett and Assistant Vice President and Portfolio Manager Sean Krysick.

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