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EagleBank Provides $25MM in Construction Financing to The Community Builders and Dantes Partners

February 13, 2023, 07:35 AM
Filed Under: Real Estate

EagleBank provided $25,000,000 in construction financing to The Community Builders (TCB) and Dantes Partners for a 142-unit “100% affordable” multifamily project located at 610 Park Road, NW, Washington, DC – part of the larger Park Morton and Bruce Monroe redevelopment plan to transform a 174-unit public housing property into a mixed-income community of nearly 500 units. The property is being developed between TCB, Dantes Partners and the District of Columbia Housing Authority.

In addition to the construction loan provided, EagleBank participated in an equity investment of $17,515,400 in a Low-Income Housing Tax Credit (LIHTC) project - Stratford Fund 41 LP (for Park Morton).

Once constructed, the subject property will be a five-story 173,533 GSF apartment building with 142 units, including 40 public housing replacement units and amenities such as a rooftop lounge, meeting spaces, fitness room, enclosed courtyards, bike storage, resident storage, and pet grooming station. Solar panels will be installed on the roof and parking will consist of a 30,836 sf below-grade parking garage containing 71 spaces.

The site is within walking distance of MedStar Washington Hospital Center, Washington DC VA Medical Center, as well as Howard University and neighborhood retailers in the nearby dynamic Georgia Avenue corridor. It is also in close proximity to the Georgia Ave-Petworth Metro Station (Green/Yellow line) and other public transportation alternatives.

“As we continue to fulfill our strategy to promote affordable housing, we’re even more excited about financing a project that is in a community situated amongst a diverse mosaic of neighborhoods with strong identities and a rich historic fabric,” said Ryan Riel, Executive Vice President and Chief Real Estate Lending Officer at EagleBank. “We’re also proud of our involvement in the Park Morton redevelopment as it implements the vision of the New Communities Initiative, designed to revitalize severely distressed subsidized housing, and redevelop neighborhoods into vibrant mixed-income communities.”

The transaction was facilitated by members of EagleBank’s experienced commercial real estate team, Senior Vice President and Relationship Manager Teri Thompson and Portfolio Manager Devin Nguyen.

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