EagleBank Provides Financing for DC Preparatory Academy

Rhea-AI Summary

EagleBank has announced a financing deal of $52 million for the development of a new 5-acre middle school campus in Washington, D.C., supporting DC Preparatory Academy. The funding will cover Phase I development costs for the Anacostia Middle Campus Project, which includes essential structural updates and renovations. This partnership aims to empower educational access in D.C., reinforcing EagleBank’s commitment to community development. DC Prep, recognized as the highest-performing network of public charter schools, serves more than 2,000 students.

Positive

• Provided $52 million financing enhances community investment.
• Supports development of a high-performing educational institution.
• Strengthens EagleBank's reputation as a trusted community partner.

Negative

• None.

Funding will support new 5-acre middle school campus in Washington, DC

BETHESDA, Md., Feb. 08, 2022 (GLOBE NEWSWIRE) -- EagleBank, one of the largest community banks in the Washington, DC area, today announced it provided $52 million in financing to support DC Preparatory Academy, including the development costs of a new 5-acre middle school campus located at 2230 Pomeroy Rd, SE.

“Our team is proud to support the exciting development of DC Prep’s new campus,” said Lindsey Rheaume, Chief C&I Lending Officer at EagleBank. “It was a pleasure to partner with DC Prep on this deal and as a trusted community partner, we look forward to future opportunities to support the mission of bridging the educational divide in Washington DC.”

A portion of the $51 million loan will fund the Phase I development costs of one of DC Prep’s middle schools, known as the Anacostia Middle Campus Project, which includes structural updates and interior renovations. The transaction was facilitated by EagleBank’s experienced commercial & industrial lending team, including 1^st vice president and relationship manager Jonathan Beall, vice president and credit portfolio manager Karim Ghorayeb, and officer and C&I portfolio administrator Karen McCadden for her contributions to successfully close the bond issuance.

“We are thrilled to partner with EagleBank. Through this partnership, we will be able to continue the great work we do with our students – including financing the long-term facility for our Anacostia Middle Campus. I speak for our CFO/COO Dan Englender who leads on this project, CEO Laura Maestas, and our amazing board members in thanking EagleBank for this opportunity,” says DC Prep Chief of External Affairs, Neils Ribeiro-Yemofio.

DC Prep is the highest-performing network of public charter schools city-wide with all schools in the program having achieved tier one status on the Public Charter School Board’s 2019 School Quality Report. Currently operating six schools serving over 2,000 students, DC Prep has been operating for over 19 years, and has locations in Wards 5, 7, and 8.

EagleBank Contact
Vikki Kayne,
Chief Marketing Officer
301.986.1800

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 17 offices, located in Suburban, Maryland, Washington, D.C. and Northern Virginia. EagleBank focuses on building relationships with businesses, professionals and individuals in its marketplace.

FAQ

What is the purpose of EagleBank's $52 million financing for EGBN in February 2022?

EagleBank provided the financing to support the development of a new 5-acre middle school campus for DC Preparatory Academy.

How does the funding impact DC Preparatory Academy and its students?

The funding will facilitate necessary structural updates and renovations for the Anacostia Middle Campus, enhancing the educational environment for over 2,000 students.

What does the partnership between EagleBank and DC Prep signify?

It signifies EagleBank's commitment to community development and bridging the educational divide in Washington, D.C.

How long has DC Preparatory Academy been operating?

DC Preparatory Academy has been operating for over 19 years.

What status does DC Prep hold in the public charter school landscape?

DC Prep is recognized as the highest-performing network of public charter schools in the city.