EagleBank Provides Financing to Mamie D. Lee LLC to Support Improvements for Public Charter Schools
BETHESDA, Md., May 23, 2024 (GLOBE NEWSWIRE) -- EagleBank (NASDAQ:EGBN), one of the largest community banks in the Washington, D.C. area, today announced it has provided a loan to Mamie D. Lee LLC to refinance the unwind of the New Markets Tax Credit (NMTC) structure used for renovating the former D.C. Public School building. Mamie D. Lee LLC is jointly owned by Briya Public Charter School (PCS) and Bridges Public Charter School (PCS), which financed improvements to the property through the NMTC program.
"We are thrilled to be the chosen partner for Mamie D. Lee and other public charter schools in the region," said Lindsey Rheaume, Executive Vice President and Chief Lending Officer for Commercial and Industrial (C&I). "EagleBank is proud to be an active lender in the charter school sector and we look forward to continuing to build upon our successes in this market segment."
The transaction was handled by EagleBank's experienced C&I team, including Senior Vice President, C&I Lending Segment Leader, Jonathan Beall, 1st VP, Commercial Credit Underwriter Harvey L. Warnick, Jr., Officer, C&I Portfolio Administrator, Karen McCadden, and C&I Portfolio Manager, Isaac Abebayeu.
"Bridges and Briya greatly appreciate EagleBank's support and partnership in this refinancing, which will allow our schools to make available additional funds to directly support our educational programing for District families," said Christie McKay, Briya Executive Director.
Bridges PCS and Briya PCS have been serving students in Washington, DC for decades—Bridges as an inclusive, family-centered elementary school and Briya as a two-generation school for adults and their young children. Both have successfully renewed their second 15-year charter by the DC Public Charter School Board. In 2022, Bridges PCS was one of fourteen DC schools named an EmpowerK12 "Bold School." Briya's program has garnered the school Tier 1 status from the DC Public Charter School Board every year that the rankings have been awarded.
About the Mamie D. Lee School
Bridges and Briya Public Charter Schools were awarded the Mamie D. Lee Campus, an underutilized Washington, D.C. public school building and grounds for redevelopment. Originally constructed in 1967, the Mamie D. Lee School was designed for special-needs children. Collectively, their vision was to create a site with wraparound services for children and families with a focus on those with special needs. Their campus partnering realizes this vision of providing a full spectrum of education programming from early childhood to adulthood.
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 12 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:
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