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WASHINGTON, DC-As we reported earlier this week, Somerset Development Co. and the National Housing Trust-Enterprise Preservation Corp. created a joint venture to purchase and redevelop Channel Square Apartments, a 223-unit housing complex at 325 P St. SW. Jonathan Rose Cos. and the Rose Green Cities Fund – Jonathan Rose’s investment fund with Citi Community Capital — have invested in the joint venture via a $24.6 million first mortgage loan. In addition, an application for additional financing has been submitted to the D.C. Department of Housing and Community Development.

The project turned heads because of its strong green creds, but a backstory to the deal is also worth noting: it was largely driven and structured by the tenant association.

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