There is no place like home when it comes to EagleBank’s investment priorities. Four recently funded redevelopment projects in Washington DC’s Ward 7 and Ward 8 demonstrate the Bank’s commitment to restoring character and rekindling hope in the areas where its clients live and work.
Historically underserved, these âeast of the riverâ neighborhoods will be home to new housing opportunities, vibrant retail stores and restaurants, and a much-needed full-service grocery store.
“It’s no secret that we put our immediate neighbors first – that’s the soul of our organization,” said Kathy Harbold, senior vice president of EagleBank, responsible for CRE relations. âConstruction loans like these are our way of helping our clients from a different perspective; by creating homes and essential neighborhood spaces and amenities.
Peak at Skyland City Center is 263 residential 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 opened last summer and includes the first grocery store to open east of the Anacostia River since 2007. âWe are very proud of the progress made in downtown Skyland, âsaid Mayor Bowser, who said new residences and dining options are already taking shape, with more homes and businesses to come. âBy investing in housing, access to food and local retailing, we are giving more residents a fair chance,â she said.
Fifty-three units are reserved for those earning 80% of median family income and 26 are reserved as labor units (for those starting out or earning more modest incomes, such as firefighters, teachers and other employees of the public service).
MLK Gateway, a mixed-use development in Anacostia and the future home of the DC Department of Housing and Community Development (DCDHCD), is now in its second phase of construction.
This partnership between The Menkiti group and the Deputy Mayor’s Office for Planning and Economic Development (DMPED) will include offices and retail destinations at the gateway between downtown DC and the east bank of the Anacostia River.
Eaglebank provided funding for Phase 2, including a $ 43 million construction loan, which is for a 68,203 square foot building located at 1909 Martin Luther King Jr. Avenue SE which will be the future home of DCDHCD.
Cities Cities is a 61 townhouse rehabilitation project in a rental community in the Barry Farm / Anacostia neighborhood of Southeast, DC The Borrower, WC Smith, saw a need for higher quality affordable housing and came to EagleBank for its reputation as the leading community bank in the DC area. âThis project will significantly improve the condition, attractiveness and functionality of the property for tenants,â a WC Smith spokesperson said. Immediate repairs began last year. The renovations will continue as the units become available.
Sainte-Ãlisabeth East Hospital Campus is the third collaboration between EagleBank and Donald knutson, a well-known local developer of townhouses, condominiums and mixed-use communities. A customer of EagleBank since 2017, Knutson returned to the bank as a proven partner for this 88 townhouse village built on the southern part of the Saint Elizabeths campus in southeastern DC. There will be 61 units at market rate and 27 affordable units. The site, which will be developed in two phases, is a 10-minute walk from Congress Heights subway station and close to the Entertainment & Sports Arena on the Saint Elizabeths campus. The redevelopment of the St E campus will provide 700 million square feet of retail space, hotels and a new hospital. One of these buildings is a 118,000 square foot healthcare facility for current EagleBank customer 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 disparities and inequalities in service delivery.
âYou can’t think of yourself as a community bank without giving back to the customers who walk in and out of our doors every day,â said EagleBank executive vice president, director of home loans, Ryan Riel. “It can say ‘bank’ on our behalf,” he added, “but we make the conscious decision to be much more than that.”
EagleBank is an equal housing lender and member of the FDIC. NMLS # 440513