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October 11, 2007
Forest City in the News
Affordable Housing Finance, Forest City Secures Big Loan for Ridge Hill
YONKERS, N.Y. Forest City Ratner Cos., a subsidiary of Forest City Enterprises, has secured $630 million in funding for Ridge Hill, an 81-acre mixed-use project that includes 135 units of affordable housing.
The construction loan for the project was the largest that Forest City has ever secured. The financing came from Bank of America, ING Real Estate Finance, and KeyBank Real Estate Capital.
The project has been dubbed a “regional lifestyle center.” A spokesman for the city of Yonkers said the mammoth complex, which also will feature 1.3 million square feet of retail and entertainment space and a total of 1,000 residential units, is a “mini-village.”
Ridge Hill also will feature 156,000 square feet of office and research space, a hotel, and a conference center. Two hundred of the residential units will be reserved for seniors.
Forest City acquired the land from Ridge Hill Development Corp. The complex is scheduled to be complete in 2009.
Home News Tribune, Sayreville to hear firms' ideas
When four developers were supposed to present their redevelopment proposals to the town of Sayreville, NJ for a 400-acre Brownfield site, guess which development company had to cancel because they had the only plan that "required a very substantial municipal contribution for infrastructure that the others did not request."
Yucaipa News Mirror , Oak Valley Partners previews planned shopping center
Forest City is consulting for a new mall in Calimesa, CA in the early stages of planning.
Oak Valley Partners has been consulting with Forest City Enterprises, a firm that designed the Victoria Gardens shopping center in Rancho Cucamonga. Ohanian said he hoped that Oak Valley Town Center would be similar to that shopping center, which includes a cultural arts center. He said that, with the addition of the Oak Valley Town Center, Calimesa could become “the place to be.”
Posted by lumi at October 11, 2007 5:32 AM