{"id":1004526836,"date":"2021-05-07T03:45:00","date_gmt":"2021-05-07T11:45:00","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004526836"},"modified":"2021-05-14T09:25:19","modified_gmt":"2021-05-14T17:25:19","slug":"dc-mixed-use-project-moves-forward-with-105m-in-financing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/dc-mixed-use-project-moves-forward-with-105m-in-financing\/","title":{"rendered":"DC Mixed-Use Project Moves Forward With $105M in Financing"},"content":{"rendered":"
\"Northeast<\/a>

Northeast Heights. Image courtesy of Cedar Realty Trust Asland, Capital Partners and the Goldman Sachs Urban Investment Group<\/em><\/p><\/div>\n

Development of the first phase of Northeast Heights, a 258,500-square-foot mixed-use office and retail building in Washington, D.C., will begin now that $105 million in construction financing has been secured from J.P. Morgan for the Opportunity Zone redevelopment.<\/p>\n

Cedar Realty Trust, which has been planning the project for at least a year, also announced a new joint venture with Asland Capital Partners and the Goldman Sachs Urban Investment Group.<\/p>\n

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READ ALSO<\/strong>: JBG SMITH, J.P. Morgan Form National Landing JV<\/a><\/p>\n

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The office space is leased to the Washington, D.C., Department of General Services and will be used as the agency\u2019s headquarters. The six-story building at 3924 Minnesota Ave. NE in the Minnesota\/Benning submarket in Ward 7 will also have 18,000 square feet of street-level retail. Demolition has begun and construction is expected to be completed by the end of 2022. An official groundbreaking will be held for the first phase later this month.<\/p>\n

Cedar Realty Trust and Asland Capital Partners are co-developing the property while the Goldman Sachs Urban Investment Group is serving as<\/a> a strategic capital partner. Trammell Crow Co. is the designated fee developer. A JLL Capital Markets team comprising Roland Merchant, Jr., Nicco Lupo and Thomas Pryor arranged the debt and equity financing.<\/p>\n

Mayor Muriel Bowser announced the relocation of the DGS headquarters and its 700-member workforce in May 2020 as part of the city\u2019s revitalization strategy to spark economic activity in the Ward 7 area and bring retail, entertainment and dining options to the neighborhood. The DGS office building and retail space will be built at the site of the Senator Square shopping center. A second phase is planned for the East River Park shopping center and will include up to 1,300 residential units and more retail space.<\/p>\n

Robin Zeigler, Cedar Realty Trust chief operating officer, said in a prepared statement that the formation of the joint venture represents the first step in advancing Cedar\u2019s vision<\/a> for the redevelopment project. Zeigler called the construction of the DGS headquarters the cornerstone and catalyst to the Northeast Heights redevelopment project that is expected to begin the long-planned revitalization of the Minnesota\/Benning Corridor.<\/p>\n

Daniel Alger, managing director & co-head of the Goldman Sachs Urban Investment Group, said in prepared remarks the project will create jobs, promote economic opportunity and serve as a model for community development. <\/p>\n

James Simmons III, CEO & founding partner of Asland Capital Partners, said the Northeast Heights redevelopment project is the kind of development Opportunity Zones were created for<\/a> because it creates vital investment opportunities in mixed-income, underserved neighborhoods.<\/p>\n","protected":false},"excerpt":{"rendered":"

Asland Capital Partners and the Goldman Sachs Urban Investment Group formed a joint venture with Cedar Realty Trust for the redevelopment in the Ward 7 neighborhood.<\/p>\n","protected":false},"author":1068,"featured_media":1004527554,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21825,11,21752,21742,21747,21749,1615],"tags":[48191,33435,44006,35547,35042,32893],"class_list":["post-1004526836","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-finance","category-midatlantic","category-mixed-use","category-latest","category-office","category-retail","category-washington-dc","tag-cedar-realty-trust-inc","tag-goldman-sachs","tag-jll-capital-markets","tag-jpmorgan","tag-trammell-crow","tag-trammell-crow-company"],"acf":[],"yoast_head":"\nDC Mixed-Use Project Moves Forward With $105M in Financing - 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