EagleBank Provides Financing for Mundo Verde Bilingual Public Charter School
Funding will support a Tier 1 Spanish language immersion charter school in Washington, DC’s Ward 5
BETHESDA, Md., Feb. 02, 2023 (GLOBE NEWSWIRE) -- EagleBank, one of the largest community banks in the Washington, DC area, today announced it has provided up to $55 million in financing via Series 2022 District of Columbia Tax-Exempt Revenue Bonds to support Mundo Verde Bilingual Public Charter School (“Mundo Verde”) located at 30 P Street, NW. The purpose of this loan is threefold, to finance a fee simple acquisition of the Calle Ocho campus facility and upgrade its critical systems, for construction and development costs of an adjacent site that will provide additional space to accommodate planned programmatic and campus development, and to refinance existing bond debt of the J.F. Cook campus.
Mundo Verde fosters high academic achievement among a diverse group of students, preparing them to be successful and compassionate stewards of their communities. Mundo Verde is the first and only school in the District focusing on Education for Sustainability, a combination of bilingual education and project-based learning (EL Education). Mundo Verde, like existing EagleBank Client DC Bilingual, is a member of DC’s consortium of five premier dual language immersion charter school programs that matriculate to the DC International School at Walter Reed. The J.F. Cook campus facility was also the first charter school in DC and one of a few in the country with an LEED® Gold and Platinum certification -- and the only public charter school to receive the coveted American Institute of Architects Committee on The Environment Top Ten (COTE) award.
“Our team is proud to support the continuous growth of Mundo Verde Bilingual PCS,” said Lindsey Rheaume, Chief C&I Lending Officer at EagleBank. “It was an honor to partner with such a premier top performing charter school, and we look forward to future opportunities to support the mission of bridging the educational divide in Washington DC.”
Reflecting on this opportunity, Kristin Scotchmer, founding Executive Director of Mundo Verde said, “additional classrooms and outdoor space just across from our existing Calle Ocho campus will let us better serve our current students as they grow, and also make room for new students. Helping young people develop academic and emotional skills grounded in respect for diversity and empathy has never been more important than it is today.”
The transaction was facilitated by EagleBank’s experienced commercial & industrial lending team, including Senior Vice President & Relationship Manager Jonathan Beall, and vice president and portfolio manager Karim Ghorayeb.
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 16 offices, located in Suburban, Maryland, Washington, D.C. and Northern Virginia. EagleBank focuses on building relationships with businesses, professionals and individuals in its marketplace.
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