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July 1, 2008
PRESS RELEASE: Forest City Enterprises Announces Recent Financings
The Earth Times
CLEVELAND, June 30 /PRNewswire-FirstCall/ -- Forest City Enterprises, Inc. (NYSE: FCEA) (NYSE: FCEB) today announced three recent financing transactions, totaling more than $100 million, in the Company's national portfolio of operating properties and in its development pipeline.
"These transactions, all of which closed within the past 30 days, reflect our continuing ability to access capital to finance our portfolio and to fund development," said Charles A. Ratner, Forest City president and CEO. "They also are indicative of the strong relationships we have with lenders and other sources of funding."
At the Mesa del Sol mixed-use development in Albuquerque, NM, the Company closed a $31.6 million loan for construction of a 210,000 square foot office building for a unit of Fidelity Investments. In January, 2008, Fidelity announced it would locate a new operations center at Mesa del Sol. Huntington Bank was the lender.
At the MetroTech Center mixed use/office complex in Brooklyn, the Company closed a $45 million fixed-rate, permanent financing with Norddeutsche Landesbank Girozentrale (Nord LB) for 330 Jay Street (also known as 12 MetroTech Center). The 1.1 million square foot building is fully leased.
At the Station Square mixed-use development in Pittsburgh, the company secured a $25 million mortgage for the Commerce Court office building from Bank of New York. Commerce Court, which was acquired by the Company in February, 2007, is a seven-story, 378,000 square foot office building that includes ground-floor retail space.
NoLandGrab: It was recently reported on Brownstoner that 28 of the 33 stories at 330 Jay St. were purchased for $499,401,179 by NYC.
We're not sure how the $45-million loan mentioned above figures in.
Note that in this uncertain real estate-investment climate, Forest City flexes its muscles with a press release, when the company secures some more financing.
This press release also ran in Crain's Cleveland Business.
Posted by lumi at July 1, 2008 5:13 AM