A joint venture between Somerset Development Co. and Jonathan Rose Cos. has received $25 million for the refinancing and pre-development of a more than 125-unit affordable housing project in Washington, D.C. EagleBank provided the loan, with construction of the new building slated to begin in July.
The development parcel will be split in two. On one side, Jonathan Rose and Somerset intend to build more than 125 units of affordable and senior housing, while the remaining land is slated to house another building with 197 market-rate units, which will be developed by Crescent Communities. Roughly 8 percent of these apartments are planned to be affordable under inclusionary zoning requirements.
A green, affordable community in the heart of D.C.
The affordable housing property is set to feature community amenities such as a playground, computer center, fitness center, rooftop event space and community garden. Designed to meet green building standards, the property will seek LEED-Platinum certification, and have an integrated green roof, electric vehicle charging stations as well as energy recovery ventilation and all-electric systems. The property will replace The Faircliff Plaza East Apartments, an existing older building. All current tenants will have the opportunity to move back in once the redevelopment will be completed.
Located at 1350 Fairmont St. NW, the community will be within the Columbia Heights neighborhood, less than 2 miles north of downtown Washington, D.C. Several transportation, shopping, dining and entertainment options are available within a 1-mile radius. Meridian Hill Park will be less than half a mile west.
EagleBank commercial real estate team comprised of Andrea Berkeley, Richard Koller, and Nette Antehun facilitated the transaction.