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NEW YORK, May 6, 2021 /PRNewswire/ Asland Capital Partners, Cedar Realty Trust (NYSE: CDR) and the Goldman Sachs Urban Investment Group announced the formation of a joint venture for the construction of the first phase of Northeast Heights, a mixed-use office and retail development in the Minnesota/Benning submarket of Washington D.C. s Ward 7 neighborhood. The partnership also announced it has secured $105 million in construction financing from J.P. Morgan.
The first phase of Northeast Heights is a 258,500 square foot six-story commercial building. The office space is 100% leased to the Washington, D.C., Department of General Services (DGS) for its headquarters. The building includes 18,000 square feet of street-level retail. Cedar Realty Trust and Asland Capital Partners are co-developing the property while the Goldman Sachs Urban Investment Group is serving as a strategic capital partner. Trammell Crow Company, one of the nation s l