There’s no place like home when it comes to EagleBank’s investment priorities. Four recently financed redevelopment projects in Washington D.C.’s Wards 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 underserved, these “east of the river” 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 prioritize our immediate neighbors — that’s the soul of our organization,” said EagleBank SVP, CRE Relationship Manager, Kathy Harbold. “Construction loans like these are our way of helping our customers from a different angle; by creating homes and spaces and essential neighborhood amenities.”
Crest at Skyland Town 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 financed by EagleBank and opened in June. Phase 2 is a retail block that broke ground this past summer and includes the first grocery store to open east of the Anacostia River since 2007. “We are so proud of the progress at Skyland Town Center,” said Mayor Bowser, who said that new residences and food options are already taking shape, with more housing and retail to come. “By investing in housing, food access and local retail businesses, we give more residents a fair shot,” she said.
Fifty-three units are set aside for those earning 80% of Median Family Income and 26 are reserved as workforce units (for those just starting out or earning more modest incomes, like firefighters, teachers and other civil service employees).
MLK Gateway, a mixed-use development in Anacostia and the future home of D.C.’s Department of Housing and Community Development (DCDHCD), is now in its second phase of construction.
This partnership between The Menkiti Group and the Office of the Deputy Mayor for Planning and Economic Development (DMPED) will include office space and retail destinations at the gateway between Downtown D.C. and the east side of the Anacostia River.
EagleBank provided financing for Phase 2, including a $43 million construction loan, which is earmarked for a 68,203-square-foot building at 1909 Martin Luther King Jr. Avenue SE that will be the future home of DCDHCD.
City Towns is a 61-townhome rehabilitation project in a rental community in the Barry Farm/Anacostia neighborhood of Southeast, D.C. The borrower, WC Smith, saw a need for more quality affordable housing and came to EagleBank for its reputation as the D.C. 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 spokesperson. Immediate repairs began last year. Renovations will be ongoing as units become vacant.
Saint Elizabeths Hospital East Campus is the third collaboration between EagleBank and Donald Knutson, a well-known local developer of townhomes, condominiums and mixed-use communities. An EagleBank client since 2017, Knutson returned to the bank as a tried-and-trusted partner for this 88-townhome village built on the southern portion of Saint Elizabeths campus in SE D.C. There will be 61 market-rate units and 27 affordable units. The site, which will be developed in two phases, is a 10-minute walk to Congress Heights Metro station and convenient to the Entertainment & Sports Arena on the Saint Elizabeths campus. The redevelopment of St E’s campus will deliver 700M square feet of commercial space, hotels and a new hospital. One of those buildings is a 118,000-square-foot health care facility for current EagleBank client Whitman-Walker Health. Whitman-Walker aims to improve access to healthcare for D.C. residents living east of the Anacostia River by focusing on eliminating persistent health disparities and service delivery inequities.
“You can’t 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 is an Equal Housing Lender and Member FDIC. NMLS# 440513