Funding will support refinancing and pre-development costs for a 125+ unit affordable housing property in the Columbia Heights neighborhood of Washington, D.C.
BETHESDA, Maryland, June 14, 2022 (GLOBE NEWSWIRE) — EagleBank, one of the largest community banks in the Washington, DC area, today announced that it has provided $25 million for refinancing and Pre-development costs of over 125- affordable housing 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 plot of land will be divided into two, one for the construction of 125 affordable housing units that promote aging in place for seniors and families and includes modern amenities including a playground, computer center, fitness center, rooftop event space and community. garden. The affordable building will be designed to the highest green building standards, including LEED platinum and passive house, and will feature an integrated solar green roof, electric vehicle charging stations, energy recovery ventilation and all-in-one systems. electrical. The other parcel will consist of a 197 unit building at market price developed by Crescent Communities. Of the 200 units, 8% will be affordable according to inclusive zoning requirements.
“EagleBank’s lending team remains committed to supporting our community by providing financing for affordable housing in the DC area,” said Ryan Riel, Director of Home Lending at EagleBank. “This funding will allow our partners to reposition the site and provide approximately 1.56 times more affordable units for DC. It was a pleasure to work with Somerset Development Company LLC and Jonathan Rose Companies, two well-known leading affordable housing developers from 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 expected to begin in July 2022 and all existing tenants have the option to move back into the new property once completed.
“The limited supply of high-quality, affordable housing affects everyone – but is especially important for families,” said Nathan Taft, Partner/Senior Managing Director, Acquisitions, Jonathan Rose Companies. “Expanding access to housing is central to Jonathan Rose Companies’ mission, and we are excited to work with EagleBank to advance our development of Columbia Heights, which will positively impact many households.”
“This redevelopment will not only add affordable housing including the 14e street corridor, but also replacing the property’s aging apartments with beautiful modern units and amenities, allowing current residents to stay and thrive in this community for many years to come,” said Nancy Hooff, manager of Somerset Development Company.
The property is located in the Columbia Heights neighborhood of northwest Washington DC, approximately 0.3 miles south of the Columbia Heights subway station and along a Metrobus line, and is within walking distance of Cardozo High School. and Meridian Park.
About Eagle Bancorp, Inc. and EagleBank
Eagle Bancorp, Inc. is the holding company of EagleBank, which began operations in 1998. EagleBank is headquartered in Bethesda, Maryland, and operates comprehensive commercial banking services through 17 offices, located in suburban, Maryland, Washington , DC and Northern Virginia. EagleBank is focused on building relationships with businesses, professionals and individuals in its market.
About Somerset Development Corporation, LLC
Founded by Jim Campbell and Nancy Hooff in 2000, Somerset specializes in the revitalization of urban communities, the development and preservation of affordable housing, the renovation of historic properties and mixed-use properties that strengthen communities in places with a public transport. Somerset, with a strong history of partnering with tenant associations, community organizations and local businesses, has a $429 million portfolio with more than 1,750 residential units in Washington and Baltimore from projects completed or under development. Somerset Development has partnered with New Community Partners, LLC, founded by Bill Whitman with over 30 years of experience 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 Companies
Jonathan Rose Companies is one of the nation’s leading developers and investors in sustainable, affordable, mixed-income, multi-family real estate, with approximately 18,000 units owned. Founded in 1989, Jonathan Rose Companies is a mission-driven company focused on improving the health and well-being of its residents through green and energy-efficient building improvements and through its Communities of Opportunity programming. With offices in New York, Connecticut, Colorado, Ohio and California, Jonathan Rose Companies has developed or acquired over $3.2 billion in real estate. For more information, please visit: https://www.rosecompanies.com/.
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