EagleBank Provides Financing to Mamie D. Lee LLC to Support Improvements for Public Charter Schools

Rhea-AI Summary

EagleBank (NASDAQ: EGBN) announced it has provided a loan to Mamie D. Lee for refinancing the unwind of the New Markets Tax Credit (NMTC) structure used in renovating a former D.C. Public School building. Mamie D. Lee is co-owned by Briya and Bridges Public Charter Schools. This loan will enable the schools to redirect funds to educational programming. EagleBank's C&I team, led by Jonathan Beall, managed the transaction. Briya and Bridges PCS are long-standing educational institutions in Washington, DC, with Briya achieving Tier 1 status and Bridges being named an EmpowerK12 “Bold School” in 2022.

Positive

• EagleBank provided a loan to Mamie D. Lee , showing strong support for local educational institutions.
• The financing helps Briya and Bridges PCS redirect funds to educational programming, potentially improving educational outcomes.
• Briya PCS has consistently achieved Tier 1 status from the DC Public Charter School Board.
• Bridges PCS was named an EmpowerK12 'Bold School' in 2022, highlighting its innovative approach.
• The transaction showcases EagleBank's expertise in the charter school sector, potentially boosting its reputation and customer base.

Negative

• The PR does not specify the loan amount, leaving financial impact details unclear.
• There is no information on the interest rate or terms of the loan, making it difficult to assess the financial burden on Mamie D. Lee
• The refinancing indicates a need to unwind a previous financial structure, suggesting potential past financial complexities or issues.

News Market Reaction

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On the day this news was published, EGBN declined 5.86%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

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:
media@EagleBankCorp.com

FAQ

What is the significance of EagleBank's loan to Mamie D. Lee ?

EagleBank's loan helps refinance the NMTC structure used for renovating a former D.C. Public School building, allowing funds to be redirected to educational programming.

Which public charter schools co-own Mamie D. Lee ?

Mamie D. Lee is co-owned by Briya Public Charter School and Bridges Public Charter School.

What achievements have Briya and Bridges PCS accomplished?

Briya PCS has been awarded Tier 1 status every year by the DC Public Charter School Board, and Bridges PCS was named an EmpowerK12 'Bold School' in 2022.

Who handled the transaction for EagleBank?

The transaction was managed by EagleBank's C&I team, including Jonathan Beall, Harvey L. Warnick Jr., Karen McCadden, and Isaac Abebayeu.

How will the loan impact Briya and Bridges Public Charter Schools?

The loan will allow Briya and Bridges PCS to make additional funds available to support their educational programming, benefiting district families.

What is the role of EagleBank in the charter school sector?

EagleBank is an active lender in the charter school sector, providing financial support to educational institutions in Washington, DC.