Standard Real Estate Investments, LP acquired Northeast Heights from Cedar Realty Trust, Inc. on October 17, 2022. In aggregate, the centers are entitled and programmed for a $650 million mixed use redevelopment offering 1,500 residential units, including approximately 300 affordable units (includes 110 units by the National Housing Trust), and 120,000 square feet of community serving retail space. Financing for the transaction was provided by the Black Economic Development Fund (BEDF), managed by affiliates of the Local Initiatives Support Corporation (LISC), and Forbright Bank. Black Economic Development Fund provide $10 million in acquisition financing for a project creating quality affordable homes and commercial activity that will lead to economic opportunities for local residents. Housing Partnership Fund and the National Housing Trust Community Development Fund are acquisition lenders
Standard Real Estate Investments, LP completed the acquisition of Northeast Heights from Cedar Realty Trust, Inc. on October 17, 2022.