Faircliff Plaza East
About the project
Somerset Development Company is a mission-driven, for-profit company founded in 2000. The company focuses on the development and preservation of affordable housing, as well as mixed income, mixed-use and market-rate residential properties.
Somerset Development Company is based Washington, D.C.
LISC provided a $500,000 predevelopment loan to support the redevelopment of Faircliff Plaza East, an existing 80-unit affordable apartment community in the Columbia Heights neighborhood. The development team plans to take advantage or high density zoning to create a new, 125-unit affordable building. All existing tenants will be given the right to return to the new property.
Partner:
Somerset Development Partners
Location:
Washington, D.C.
Total Investment:
$500,000
Results:
125 units
Project Category:
Affordable Housing
Product:
Predevelopment loan
Website:
UN SDGs:
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