EagleBank Provides $81M Financing for Affordable Housing in Bethesda
By Keith Loria June 2, 2021 11:01 am
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EagleBank has provided $81.2 million in financing for a key affordable housing project in Downtown Bethesda, Md.
The bank provided the funds to Bradley Crossing, an entity controlled by the Housing Opportunities Commission of Montgomery County, which is the county’s public housing agency and affordable housing partner.
The fixed-rate acquisition financing will fund a significant portion of the project’s purchase price and total acquisition cost, allowing HOC and Bradley Crossing to acquire approximately 401 multifamily apartment units situated on five separate land parcels.
All are garden and mid-rise apartments developed in 1953 with a stabilized occupancy of 95 percent. Each of the properties are located in the same Bethesda zip code, and are within walking distance to the Metro Red Line and Metro Bus services.
“As a Bethesda-based bank, I’m proud to see our CRE lending team’s continued commitment to providing financing that invests in and supports our community,” Ryan Riel, EagleBank’s chief real estate lending officer, said in a prepared statement.
As part of the deal, HOC plans to convert 30 percent of the units to 80 percent local area median income, with an additional 20 percent of the units restricted at 50 percent AMI. The income restrictions will be implemented over a two- to three-year period.
EagleBank’s Andrea Berkeley, vice president and senior relationship manager, and Sean Krysick, portfolio manager, helped facilitate the deal.
“HOC’s nearly 50 years of successful affordable housing production, financial strength and trusted reputation made it an easy decision to get involved,” Berkeley said. “We’re pleased to deepen our commitment to the community in which we serve by financing low-income housing opportunities such as this one.”
