EagleBank provided $25 million in construction financing to The Community Builders (TCB) and Dantes Partners for a 142-unit multifamily project located at 610 Park Road, NW, in Washington, D.C. The property is being developed by 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 million in a low-income housing tax credit (LIHTC) project – Stratford Fund 41 LP (for Park Morton).
“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,” Ryan Riel, executive vice president and chief real estate lending officer at EagleBank, said. “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.
“We’re thrilled to pave the way for 142 families to move into new quality, mixed-income homes, offering Washingtonians the opportunity to continue to live and thrive in Park View,” Jaqueline Alexander, regional vice president of development at TCB Mid-Atlantic, said. “On behalf of our organization, I extend my deepest thanks and a well-earned congratulations to the many partners and leaders who are making this redevelopment possible, including EagleBank, Dantes Partners, the District of Columbia Housing Authority, Deputy Mayor’s Office for Planning and Economic Development, DC Housing Finance Agency and most especially the residents of Park Morton.”
“We echo our partners’ sentiments in creating a community for our workforce to thrive and this continues to be the mission that drives our firms,” Buwa Binitie, founder and CEO of Dantes Partners, said. “We are grateful to our financial partners that also co-invest in the development of this new mixed income community. We aim to bring together people from diverse backgrounds and provide them with the comfort they deserve, while promoting an inclusive and vibrant neighborhood atmosphere.”
