The transaction, scheduled to close on Dec. 31, will consist of $5.4 million in cash and $1.3 million in guaranteed deferred payments. In addition, Conifer Realty, which will be headed by Richard J. Crossed, executive vice president and director of Home Properties, has committed to purchase land for future development within the next two years for $9.4 million plus real estate taxes and interest carrying costs.
The land purchase is also based on the estimated book value, Home Properties officials state. The deal to sell the affordable housing division was first reported on Oct. 26 when Home Properties announced it had reached an agreement in principle with Conifer Realty.
Crossed has been responsible for the affordable housing development operation since his former company Conifer Realty Inc. merged with Home Properties in 1996. He now says he intends to resign his positions at Home Properties.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
