KSI Gets $4M to Finish $25M Rental Project

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WASHINGTON, DC-KSI Services, Inc., one of the city’s largest developers, is expected to begin work on the second of two buildings at the end of the year. The company, which is involved in projects that range from high-end, class A multifamily to mixed-use development to affordable housing, has received a $4-million loan to complete the $25-million redevelopment in Columbia Heights.

KSI, which took over the project in 2001 for $12 million, got the financing came from the Department of Housing & Community Development. The first building, Fairmont 1 at 1400 Fairmont St. NW, was completed in June 2005. The 100 units are now fully occupied by many of the original residents, a KSI spokeswoman tells GlobeSt.com. Fairmont 2, located at 1401 Fairmont St, is mostly two-bedroom units, but will be getting six three-bedroom apartments with the retooling. Fairmont 1, also predominately two-bedroom units, had seven larger units added to its mix.