Cedar Realty forms $600m OZ JV with Asland Capital Partners and Goldman Sachs

Asland Capital Partners, Cedar Realty Trust and the Goldman Sachs Urban Investment Group have announced the formation of a joint venture for the construction of the first phase of Northeast Heights, a $600 million 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 percent 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 Co. is the designated fee developer. Construction has begun already on the property.