EagleBank Provides $50MM in Acquisition and Renovation Financing to Insight Property Group and AHC Inc.

Rhea-AI Summary

EagleBank has announced a financing deal of $50.4 million for the acquisition and renovation of Haven Reston, a 259-unit affordable rental property in Reston, VA. This multifamily property, formerly Colvin Woods Apartments, includes seven buildings and various amenities, with 70% of the units currently affordable to families earning 60% of the median income in the area. The financing aims to preserve and enhance affordable housing in a well-established community, fulfilling EagleBank's commitment to expanding housing access.

Positive

• EagleBank provided $50.4 million for acquisition and renovation, emphasizing commitment to affordable housing.
• 70% of units comply with affordable rent requirements, with plans for further community opportunities.

Negative

• None.

Funding will finance a 259-unit “affordable rent” multifamily property located in Reston, VA

BETHESDA, Md., Nov. 30, 2022 (GLOBE NEWSWIRE) -- EagleBank, one of the largest community banks in the Washington, D.C. area, today announced it has provided $50,400,000 in acquisition and renovation financing to Insight Property Group and AHC Inc. for a 259-unit “affordable rent” multifamily property, Haven Reston, formerly known as Colvin Woods Apartments, located in Reston, VA.

Built in 1979-1980 as a garden style complex, the property is located on a 21+ acre parcel and includes seven three-story garden-style apartment buildings, a management/leasing building, and common amenity spaces. 158 units were renovated in 2010, and six units were recently renovated in 2021-2022. Every unit at the property includes private outdoor space, either a balcony or ground-floor terrace, and there is ample resident parking with 470 surface parking spaces. Amenities include a clubhouse, playground, outdoor pool/lounge area, fitness center, tennis courts, and a dog park.

The property is situated in a well-established commercial office market and residential hub in Fairfax County -- in close proximity to Dulles Airport, the Wiehle-Reston East Metro station, and Reston Town Center. The property is also adjacent to Lake Fairfax Park, a 476-acre nature preserve with trails, picnic areas, sports fields, and swimming & boating.

Currently an estimated 70% of the units are at-or-below 60% of the Washington, DC-MD-VA Metropolitan Statistical Area Median Income (“AMI”) levels -- already in compliance with the affordable rent requirement which is 60% of units (155 units) designated at-or-below 60% of AMI and the other 40% of units (104) at-or-below 80% of AMI.

“There is a great need for more affordable housing in our community, and EagleBank is committed to expanding access to it,” said Ryan Riel, Executive Vice President and Chief Real Estate Lending Officer at EagleBank. “A key focus of our strategy is promoting affordable housing — the foundation for thriving communities — as we fulfill our mission to make life better for the people and communities we serve.”

The transaction was facilitated by members of EagleBank’s experienced commercial real estate team, Senior Vice President and Relationship Manager Tim Annett and Assistant Vice President and Portfolio Manager Sean Krysick.

“Insight Property Group, in partnership with AHC, is excited to preserve affordability at Haven Reston and expand that opportunity to the entire community over the next several years,” said Trent Smith, Managing Principal at Insight. “EagleBank has been instrumental in our ability to stay true to our company’s roots in the pursuit of attainable housing.”

About Insight Property Group
Insight Property Group develops, acquires and re-positions well-situated multifamily and mixed-use properties in the greater Washington, D.C. area. Since its inception in 2009, through the collaboration of a team of highly experienced and locally-focused industry professionals, the Company has unlocked a broad range of investment opportunities that continue to set a standard for strong and innovative execution in the marketplace. Thanks to established partnerships, with investments of over $1.4 billion, Insight Property Group has planned, delivered and acquired over 4,500 residential units, and 200,000 square feet of office and retail space. The Company’s portfolio of activities includes the development of high-end residential and mixed-use buildings, the acquisition of workforce housing, the construction of affordable housing through public partnerships, the delivery of infill for-sale housing, and the repositioning of close-in suburban rental communities. The approach to each project -- focus, creativity and care.

About AHC Inc.
Founded in 1975, AHC Inc. is a nonprofit developer of affordable housing that provides quality homes plus education programs and social services for low-and moderate-income families. Based in Arlington, VA, AHC has developed more than 8,000 apartment units in 50+ properties in Virginia, Maryland and Washington, D.C. AHC’s Resident Services program reaches 3,000 children, teens, adults, and seniors each year. For more information, visit www.ahcinc.org.

About Eagle Bancorp, Inc. and EagleBank
Eagle Bancorp, Inc. is the holding company for EagleBank, which commenced operations in 1998. EagleBank is headquartered in Bethesda, Maryland, and conducts full service commercial banking through 16 offices, located in Suburban, Maryland, Washington, D.C. and Northern Virginia. EagleBank focuses on building relationships with businesses, professionals and individuals in its marketplace.

EagleBank Contact
Vikki Kayne,
Chief Marketing Officer
301.986.1800

FAQ

What is the purpose of EagleBank's recent financing for Haven Reston?

The financing aims to acquire and renovate Haven Reston, enhancing affordable housing availability in the area.

How many units at Haven Reston are affordable?

70% of the units are affordable to families earning 60% of the median income in the Washington, DC area.

What are the key amenities at Haven Reston?

Haven Reston offers amenities such as a clubhouse, outdoor pool, fitness center, tennis courts, and a dog park.

Who are the partners involved in the Haven Reston project?

The project is a collaboration between Insight Property Group and AHC Inc.

Where is Haven Reston located?

Haven Reston is located in Reston, VA, near Dulles Airport and the Wiehle-Reston East Metro station.