DC Prep authorizes finance committee to review lender proposals for 711 Edgewood renovation

The DC Prep board on Feb. 3 authorized its finance and real estate committee to review lender proposals and select financing for renovation of 711 Edgewood, a project Vanessa said will deliver a renovated EMC home for staff in July 2027 and students in the 2027–28 school year.

“We finished the purchase of 711 Edgewood in September,” Vanessa said, describing the procurement and design team: Plano Cowden as general contractor, Studios 27 as architect and Jerilyn serving as owner’s representative. She said the project is deep in the design phase, with demolition planned in spring and construction through the following school year.

Vanessa told the board the organization published an RFP for lenders; proposals are due at the end of the week and the finance committee will review proposals, select a lender and negotiate final loan terms before returning to the full board for formal authorization to close financing.

Patrick moved the authorization for the finance committee to review proposals and select a lender; the motion received a second and passed by roll call. The chair summarized next steps: the committee will meet later in the month to evaluate bids, negotiate terms and bring a closing authorization back to the board in the spring.

Board members expressed enthusiasm about providing renovated facilities for students, comparing the Edgewood plan favorably to DC Prep’s Anacostia renovation work. Vanessa said the project financing discussions have involved current lenders Eagle Bank and Pinnacle and that other proposals are possible.