Somerset Development Company-Projects

In 2002, Somerset and Eagle Point Enterprises of Portland, Maine acquired and completed the renovation of Faircliff Plaza East Apartments, an 80-unit apartment building located in the Columbia Heights neighborhood of northwest Washington, D.C. The project, with total development costs of $10.5 Million, was financed with tax exempt bonds and Low Income Housing Tax Credits issued through the D.C. Housing Finance Agency. The development preserves and upgrades the affordable housing stock, including the renewal of the Section 8 contract for twenty years, in a neighborhood threatened with market displacement. Improvements to the property included the construction of a new community space and computer lab; and the project was delivered on time and under budget. The new community center houses a Neighborhood Networks Center, which offers after school and summer programs for resident children, skills training for adults, computer instruction, and other services. The developer established Faircliff Community Center Association, a 501c3 to provide resident services, which has been successful in raising funds and establishing partnerships for resident services. The mayor of Washington, D.C. dedicated the renovated property and new community center in a ceremony in November 2002.

Property Information
Address: Faircliff Plaza East Apartments, 1350 Fairmont Street, Washington DC 20009
Number of Units: 80
Affordability: Project Based Section 8
Owner: FPE, LP is a joint venture between Eagle Point Enterprises and Somerset Development Company
Total Development Costs: $10.5 million

Project Partners
Equity Investor: Related Capital Company
Lender: CharterMac
Issuer of Bonds and Tax Credits: District of Columbia Housing Finance Agency
Contractor: Monarc Construction
Architect: Ossolinski Architects
Property Management: Eagle Point Management