Real estate financing company CharterMac orchestrated the debt and equity financing package for a joint venture involving Eagle Point Enterprises LLC and Somerset Development Co. CharterMac subsidiary Related Capital Co. provided the funds, which came in the form of $4.5 million in equity exchanged for tax credits generated by the property and $12 million in debt financing for tax-exempt bonds generated by the project.

Carrying the address of 1400 Euclid St. NW, Faircliff Plaza sits in the neighborhood of Columbia Heights, which has recently been targeted for revitalization. The property features four garden-style structures that were developed in 1978.

"We know how important it is to the city and its residents to maintain the spirit and character of their neighborhoods, and cultural and economic diversity has always been a positive characteristic of city life," says Eagle Point vice president and development partner DJ Nelson. "Our renovations will not only add to the appeal of the complex, but will also help add to the desirability of the overall neighborhood."