EagleBank Provides More than $10 Million via Bond Issuance in Support of Sela Public Charter School Renovation Projects
BETHESDA, Md., Aug. 08, 2023 (GLOBE NEWSWIRE) -- EagleBank (NASDAQ: EGBN), one of the largest community banks in the Washington, D.C. area, today announced it has successfully executed bond issuance and a loan closing on $10,200,000 via Series 2023 Tax-Exempt District of Columbia Industrial Revenue Bonds to support the fee simple acquisition and upcoming construction project renovations for Sela Public Charter School.
Sela Public Charter School opened in 2013 in Ward 4, is a one-of-a-kind charter in the District for offering a bilingual curriculum that includes the Hebrew language. Since its inception, Sela has earned a Tier 1 ranking by the DC Public Charter School Board, a Blue Ribbon School by the US Department of Education in 2022 and rated “Best Elementary School in DC” by the Washington City Paper. This high-performing charter school program now has a permanent campus and real estate asset to support the existing and future growth of the school and its students.
“Owning our building will allow us to create an optimal learning environment for our diverse student body and for our unique dual language program. We look forward to building on our current success of serving students from all eight wards in Washington, DC, and to growing that community to ensure even more students have the benefit of our programs that support students becoming global citizens who take action in the world,” said Ryan Benjamin, Director of Operations, Sela PCS. “It has been a genuine pleasure to work with EagleBank on the financing deal for our building purchase and future renovation. We are grateful to Jonathan Beall and his team at Eagle, as they were helpful, patient and thoughtful in guiding Sela through the financing process.”
The transaction was handled by EagleBank’s experienced commercial real estate team, including Senior Vice President, C&I Relationship Manager Jonathan Beall, Vice President, C&I Portfolio Underwriting Manager Karim Ghorayeb, Officer, C&I Portfolio Administrator Karen McCadden and C&I Portfolio Manager Isaac Abebayeu.
“We are thrilled to have reached the successful conclusion in a nearly twelve-month effort to support Sela Public Charter School,” said Lindsey Rheaume, Executive Vice President and Chief Lending Officer C&I. “EagleBank has supported numerous public charter schools across the Washington, DC region, and we are grateful to be the preferred partner and collaborator in support of advancing equitable public choice education for our community.”
About Sela Public Charter School
Sela is diverse-by-design, Hebrew-language immersion elementary and pre-school in Ward 4. We offer our students an academically rigorous, dual-language program in English and Hebrew for grades PreK3 through 5. Global citizenship is a main instructional focus. It includes the development of student skills in communication (including learning Hebrew), collaboration, and critical thinking. We develop empathy in students by learning in a diverse school community.
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 20 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
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301.986.1800
