Fri. Aug 12th, 2022

There is no place like home when it comes to EagleBank’s investment priorities. Four recently funded redevelopment projects in Washington DC’s departments 7 and 8 serve as proof of the bank’s commitment to restoring character and renewing hope in areas where their customers live and work.

Historically, these “east of the river” neighborhoods are home to new housing options, vibrant shops and restaurants, and a much-needed full-service grocery store.

“It’s no secret that we prioritize our closest neighbors – that’s the soul of our organization,” said EagleBank SVP, CRE Relationship Manager, Kathy Harbold. “Building loans like these are our way of helping our customers from a different angle; by creating housing and spaces and important facilities in the neighborhood. ”

Crest at Skyland center is 263 housing units and is a partnership between Mayor Muriel Bowser, the Office of the Deputy Mayor for Planning and Economic Development (DMPED) and development partners WC Smith and Rappaport. Phase 1 was funded by EagleBank and opened in June. Phase 2 is a retail block that broke ground last summer and includes the first grocery store to open east of the Anacostia River since 2007. “We are so proud of the progress in the Skyland Town Center,” said Mayor Bowser, who said that new housing and food options are already taking shape, with more housing and retail on the way. “By investing in housing, food access and local retail businesses, we are giving more residents a fair shot,” she said.

53 units are allocated to those earning 80% of the median family income, and 26 are reserved as labor force units (to those who have just started or are earning more modest incomes, such as firefighters, teachers and other civil servants).

SKYLAND CITY CENTER RENDER • SOURCE: WC SMITH

MLK Gateway, a mixed use in Anacostia and the future home of DC’s Department of Housing and Community Development (DCDHCD), is now in its second construction phase.

This partnership between The Menkiti Group and the Office of the Deputy Mayor of Planning and Economic Development (DMPED) will include office space and retail destinations at the port between Downtown DC and the east bank of the Anacostia River.

EagleBank provided financing for Phase 2, including a $ 43 million building loan earmarked for a 1909 square meter building in 1909 by Martin Luther King Jr. Avenue SE, which will be the home of the future for DCDHCD.

MLK GATEWAY PHASE II. RENDER: STUDIOS ARCHITECTURE

Cities is a rehabilitation project with 61 townhouses in a rental community in the Barry Farm / Anacostia neighborhood in the Southeast, DC The borrower, WC Smith, saw a need for cheaper, high-quality housing and came to EagleBank for its reputation as the DC area’s leading community bank. “This project will significantly improve the condition, appeal and functionality of the property for the tenants,” said a WC Smith spokesman. Immediate repairs began last year. Renovations will be underway when units become available.

BYBY INTERIOR • SOURCE: WC SMITH

Saint Elizabeths Hospital East University campus is the third collaboration between EagleBank and Donald Knutson, a well-known local developer of townhouses, condominiums and mixed-use communities. Knutson has been an EagleBank client since 2017 and returned to the bank as a proven partner for this village of 88 townhouses built on the southern part of Saint Elizabeth’s campus in SE DC. There will be 61 units with market interest rates and 27 units at affordable prices. The site, which will be developed in two phases, is a 10-minute walk to Congress Heights Tube Station and convenient to the entertainment and sports arena on Saint Elizabeth’s campus. The redevelopment of St E’s campus will provide 700M square feet of commercial space, hotels and a new hospital. One of these buildings is a 118,000-square-foot health facility for current EagleBank client Whitman-Walker Health. Whitman-Walker aims to improve access to health care for DC residents living east of the Anacostia River by focusing on eliminating persistent health inequalities and inequalities in services.

SAINT ELIZABETHS TOWNHOMES RENDERING • SOURCE: KNUTSON

“You can not call yourself a community bank without giving back to the customers who come in and out of our doors every day,” said EagleBank EVP, Chief Real Estate Lending Officer, Ryan Riel. “It may say ‘bank’ in our name,” he added, “but we make a conscious decision to be much more than that.”

EagleBank’s CRE lending team

EagleBank is a gender equality lender and a member of the FDIC. NMLS # 440513

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