By Lisa McDuffie, Washington DC CRE News
DC Green Bank, Jonathan Rose Companies and Somerset Development Company have closed a $1.85 million pre-development loan to finance the design and planning of Faircliff Plaza East, an affordable housing redevelopment in Ward 1 of Washington, D.C.
The project is expected to increase available affordable units in the building by more than 50%, from 80 units to 185.
The loan will support engineering, architecture, planning, design and sustainability assessments related to the redevelopment, including innovative financing provisions that decrease the interest rate for the loan as multiple sustainability and equity considerations are met by the project. Specifically, the project aims to meet the Passive House Institute US+ and LEED Platinum certifications and achieve an all-electric property with zero primary energy usage from fossil fuels.
The project is also scheduled to include a solar-integrated green roof and to feature the usage of carbon-sequestering concrete as well as up to 10 electric vehicle charging stations.