The transaction, scheduled to close on Dec. 31, will consist of$5.4 million in cash and $1.3 million in guaranteed deferredpayments. In addition, Conifer Realty, which will be headed byRichard J. Crossed, executive vice president and director of HomeProperties, has committed to purchase land for future developmentwithin the next two years for $9.4 million plus real estate taxesand interest carrying costs.
The land purchase is also based on the estimated book value,Home Properties officials state. The deal to sell the affordablehousing division was first reported on Oct. 26 when Home Propertiesannounced it had reached an agreement in principle with ConiferRealty.
Crossed has been responsible for the affordable housingdevelopment operation since his former company Conifer Realty Inc.merged with Home Properties in 1996. He now says he intends toresign 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.
