Standard Real Estate Investments has acquired two shopping centers in Northeast Washington DC from Cedar Realty Trust for an estimated $47M.
Standard, a minority-owned firm with offices in DC and Los Angeles, will continue with ongoing plans to redevelop the property. Financing for the transaction was provided by the Black Economic Development Fund, managed by affiliates of the Local Initiatives Support Corp,) and Forbright Bank.
Forbright provided a first mortgage for the acquisition and the Black Economic Development Fund (BEDF) provided $10M in mezzanine funding.
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