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January 21, 2005
Gramercy Capital Corp: $29.1MM of $40.5MM FCR Bridge Loan Funded
Business Wire:
$40.5 million first mortgage loan commitment to two entities sponsored by Forest City Ratner Companies ("FCRC"). As of December 31, 2004, $29.1 million of the $40.5 million was funded. The loan permitted FCRC to acquire various residential and commercial buildings in Brooklyn, New York. This is the first phase of a multi-year $2.5 billion project being undertaken by FCRC that will include the development of a new Frank Gehry-designed arena for the New Jersey Nets basketball team and an extensive office, retail and residential project at the intersection of Flatbush and Atlantic Avenues. The loan has an initial maturity of twenty-four months, bears interest at a rate of LIBOR plus 350 basis points [currently approx 6.74%], and is expected to be repaid prior to development of the arena.
In plain English: As of 12/31/04, Forest City Ratner has closed on $29.1 million of the $40.5 million in total private property transactions under contract in the footprint of the proposed development site.
Gramercy Capital Corp 4Q & Year-end Highlights
Posted by lumi at January 21, 2005 9:53 AM