Search
 

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

WASHINGTON, DC-KSI Services Inc. will rehab another 109 units with the extra subsidy for its five-year investment.

By Erika Morphy | Updated on September 11, 2006

(To read more on the multifamily market, click here.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.