EagleBank says it has provided $25 million in construction financing to The Community Builders (TCB) and Dantes Partners for a 142-unit “100 percent affordable” multifamily project at 610 Park Rd., NW, Washington, DC.
The structure is 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 the Bethesda, MD-based community bank says it 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 five-story 173,533 gross sq. ft. apartment building will have 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,” Ryan Riel, the bank’s executive vice-president and chief real estate lending officer said in a Feb. 13 statement. “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.”
“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,” said Jaqueline Alexander, TCB Mid-Atlantic regional vice-president of development. “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.”