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EagleBank Presents: 15 Things You Need to Know

Washington, D.C. Morning Brief Washington DC

Washington, D.C. Morning Brief

September 4, 2018 Bisnow

EagleBank Presents: 15 Things You Need to Know

EagleBank Provides Bridge Financing For

312-Unit Carver Terrace Community

EagleBank is providing bridge financing to Telesis Corporation on behalf of Carver Terrace LP -- a limited partnership that specializes in acquiring, rehabilitating, operating, and refinancing affordable housing communities. The 12-month bridge loan will be repaid with construction-to-permanent financing by the U.S. Department of Housing and Urban Development (HUD) Program 223(F) arranged by EagleBank’s FHA Lending Group. Carver Terrace consists of a 6.51-acre site improved with 32 three-story apartment buildings totaling 312 affordable units and one community building, equipped with a laundry room, leasing office, management office, fitness center, and community rooms. Built in 1941 and renovated in 2004, the community offers 1BR/1BA, 2BR/1BA, 2BR/2BA and 3BR/2BA. Carver Terrace is restricted to tenants earning less than 60% of area median income. EagleBank’s loan will provide funds to pay off existing debt and bridge the project until HUD construction and permanent financing close. Carver Terrace is located at 2003 Maryland Ave. NE in D.C.'s Carver Langston area.

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