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SOURCE: Multi-Housing News / by Richard Berger
This is the greenest residential project to be built in the city.
A joint venture between John Moriarty & Associates, Jonathan Rose Cos., Somerset Development Co. and Housing Up has opened The Faircliff, a 125-unit affordable housing community in the Columbia Heights neighborhood of Washington, DC.
The eight-story, all-electric property, centrally located on 14th Street, was designed by Eric Colbert & Associates and constructed right next to Crescent Communities’ Novel 14, a 197-unit market-rate apartment building. This quadruples the number of housing units at the 1.3-acre site.
The capital stack
According to Jonathan F.P. Rose, President of Jonathan Rose Cos. the project was designed to be the greenest residential building in the city.
The new property has 125 affordable rental units, which replace the 80 original units in Faircliff Plaza East, in addition to 45 additional apartments for households earning 50 percent of Area Median Income. Residents of the former building, built in 1981, voted unanimously to proceed with this project, and 80 percent chose to return home to The Faircliff, according to Rose.
The $93.2 million development was financed through private and public resources, including a $16.9 million loan provided by the DC Department of Housing and Community Development’s Housing Production Trust Fund, alongside $49.3 million in tax-exempt bonds issued by the DC Housing Finance Agency.
A $439,452 initial annual rental subsidy from the DC Housing Authority supports nine three-bedroom units of Permanent Supportive Housing dedicated to house formerly homeless or at-risk families. Capital One delivered a $35.1 million FHA 221(d)(4) permanent loan, and Boston Financial Investment Management gave $42.4 million in low-income housing tax credit equity.
Prior to closing, Eagle Bank provided an additional $25 million bridge loan to finance resident relocation and predevelopment costs. GNMA bonds were purchased by Richmond Capital.
Specs and certifications
The Faircliff has achieved Passive House Institute U.S. and LEED Platinum certifications, making it the greenest multifamily building in the District. A first-of-its-kind predevelopment loan of $1.85 million was provided by DC Green Bank to help it achieve those certifications.
The building will have electric vehicle charging for 19 parking spaces, a solar-integrated green roof, and carbon-injected concrete that captures over 6.5 million kg of carbon emissions within its structure. That represents a 41 percent reduction over an industry standard mix.
Amenities at the community include a fitness center, a Little Free Library, courtyard with a playground, a rooftop event space and patio.
The Faircliff has also made available a community center that offers resident services focused on healthy living, youth and education, employment and housing stability. The space will be managed by Habitat America.
Housing Up, John Moriarty Associates, Jonathan Rose Cos., Somerset Development Co.
