$11.2 million loan for gut-renovation of apartment building near Howard University
Burke & Herbert Bank announced today that the Bank is financing The UIP Companies, Inc.’s (UIP) acquisition and renovation of Howard Manor, a 1950’s era apartment building owned by Howard University. UIP acquired a leasehold interest in the building in December 2020 through a leasehold agreement with the University, and plans to completely renovate and replace the 80-unit building’s interior. When complete, Howard Manor will contain 65 market rate apartments and 15 affordable housing units, plus retail space on the ground floor. The property is located a block away from Howard University’s Greene Stadium, on the edge of the University’s historic Washington, DC campus.
“We appreciate the assistance and expertise provided by the Burke & Herbert Bank commercial banking team in helping us get this important renovation off the ground” remarked Peter Bonnell, Principal of UIP. “With the Bank’s help, UIP, Howard Manor, and Howard University will revitalize this building and ensure it remains part of the District’s important rental housing stock for decades to come.”
“Burke & Herbert Bank is delighted to complete this latest deal with UIP, a prominent multi-family developer, renovator and property manager in the DC Metro area. We are proud to play a role in the completion and reinvigoration of this project and of the area around Howard University” said James Harper, Vice President and Commercial Relationship Manager at Burke & Herbert Bank. “As a local community bank, Burke & Herbert Bank is thrilled to invest in projects such as this one, which enhance and bring value to our community.”
As one of the Washington region’s most experienced commercial lenders, Burke & Herbert Bank has the local market knowledge and know-how required to craft loan solutions for both commercial real estate and non-real estate commercial financing needs. Commercial loans comprise the majority of the Bank’s $1.8 billion loan portfolio, and meeting the financing needs of mid- to large-sized businesses throughout the greater Washington and greater Fredericksburg, Virginia regions is a primary focus for the Bank.
Burke & Herbert Bank & Trust Company, established in 1852, is the oldest bank in the Commonwealth of Virginia and the oldest continuously operated bank the Washington, DC area. The Bank offers a full range of personal and business banking products and services designed to meet customers’ banking, borrowing, and investing needs. Burke & Herbert Bank & Trust Company is headquartered in Alexandria and operates more than 20 branches in Northern Virginia. Burke & Herbert Bank is an Equal Opportunity Lender.