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JV Breaks Ground on 258K-SF MXU Project in Ward 7
A joint venture between Cedar Realty Trust, Asland Capital Partners and the Goldman Sachs Urban Investment Group has broken ground on 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 first phase of Northeast Heights includes the construction of a new 258,500- square-foot commercial building, complete with 18,000 square feet of street-level retail. The office space is 100% leased to the Washington, D.C., Department of General Services (DGS) for its headquarters. The retail space at the street level will be leased to retailers that benefit tenants of the office building and bring necessary amenities and services to the area. The area is designated as an opportunity zone.
The project’s first phase is being financed by JPMorgan Chase and will be constructed in partnership with its designated fee developer, Trammel Crow Co. A JLL Capital Markets team led by Roland Merchant arranged the $105 million in construction financing on behalf of the JV.
- ◦Development
