February 16, 2009
After last week's announcement that Gramercy Capital agreed to a $15 million repayment and two-year extension on its $177 million loan, FCE's CEO released this statement, which was added to Charles Bagli's story on the NY Times City Room blog:
“This is a great outcome given current market conditions, and I applaud the work of our New York team in making this happen,” said Charles A. Ratner, Forest City Enterprises president and chief executive officer. “This is a key step in our strategy of proactively managing our debt maturities. By working closely with Gramercy to secure this extension, we have put Atlantic Yards in a position to achieve the vision of economic revitalization, job creation and affordable housing for the future of Brooklyn.” [Emphasis added.]
NoLandGrab: This is financialspeak for, "Even though we assured investors that our development projects are highly government-subsidized, we still totally managed to screw up our balance sheet. However, we are trying to restructure our debt in lieu of declaring bankruptcy."
Posted by lumi at February 16, 2009 5:06 AM