The Faircliff & Novel
Update
06/21/22
125 Units in Columbia Heights to Begin Construction After $25M Construction Loan
A 125-unit affordable redevelopment in Columbia Heights has landed a $25M loan from EagleBank.
The redevelopment would replace the recently-renovated 80-unit Faircliff Plaza East Building at 14th and Fairmont streets NW with a 125-unit building with more modern amenities and a sustainable design, according to the company.
The building is located adjacent to a planned 197-unit market-rate building from Crescent Communities.
Jonathan Rose Cos. and Somerset Development Co. are collaborating on the project.
EagleBank’s Andrea Berkeley, Richard Koller and Nette Antehun assisted with the transaction.
Construction on the affordable project is scheduled to begin next month.
The above two images are former projects of Somerset Development and the Jonathan Rose Companies, respectively.
