PROJECT DETAILS
FAIRCLIFF PLAZA WEST
1400 Euclid St., NW, Washington, DC 20009
In March 2005, Eagle Point Enterprises teamed with Somerset Development Company and The Faircliff Plaza West Tenant Association to form FPW Partners. FPW Partners purchased Faircliff Plaza West (FPW), an 112-unit apartment complex located in the Columbia Heights neighborhood of Washington, DC. FPW is the sister property to Faircliff Plaza East, an adjoining property that Eagle Point and Somerset purchased and renovated in 2003. FPW was orginally developed in the late 1970s under the HUD Section 221 program and all of the units at are subsidized through a project-based Section 8 contract.
PROJECT FINANCING
FPW Partners financed the acquisition and rehabilitation of Faircliff Plaza West with tax-exempt bonds and Low Income Housing Tax Credits through the District of Columbia Housing Finance Agency (DCHFA). Charter Mac purchased the bonds from DCHFA and is serves as the project lender. An affiliated company, Related Capital, purchased the low-income housing tax credits and serves as the project’s equity investor. As part of the refinancing of this property, FPW Partners successfully renewed the Section 8 Housing Assistance Payments to preserve the long-term affordability of the property for the tenants. Through its renovation program, FPW Partners is investing more than $3.1M to renovate the property, highlighted by the construction of a new 1,900 SF community building to house community facilities and services. In total, FPW Partners raised approximately $17M in debt and equity financing to acquire, renovate and preserve 112 units of affordable housing at Faircliff Plaza West.
PROJECT PARTNERS
PRESS
Low-Income Housing Complex Receives $16M - Plus Rehab Financing
Source: Globe Street.Com
Publication date: 2005-04-05