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October 3, 2008
Forest City in the News
Fresno Bee, Fresno projects feel the credit crunch
Off topic: News that the credit "crunch" has reached full-blown "crisis" hasn't reached headline writers in Fresno. "Crunch" was the word folks used in early 2008 when they were eager to believe that the credit market would clear its throat and recover within a few months.
Back to Forest City news: The Bee reports that projects are grinding to a halt due to the credit crisis, though Forest City's South Stadium project is not among them, since it has yet to receive formal approval, pending environmental review.
CoStar Group, Forest City Lines Up Construction Financing for DC Project
During this credit crisis, if you're a developer who managed to line up credit for your next project, you're gonna let people know:
Forest City Enterprises Inc. closed on $250 million in construction financing for the initial phase of its Waterfront Station project in Southwest Washington, DC.
Institutions participating in the financing included Bank of New York Mellon, which will serve as administrative agent for the lenders, Bank of Ireland, Wachovia, PB Capital and Landesbank Baden-Wurttemberg, New York Branch.
Posted by lumi at October 3, 2008 5:18 AM