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July 29, 2009
Forest City Announces $325M in New Financings and Extensions
The CoStar Group
The announcement of refinancing and extensions of company debt casts doubt on Forest City Enterprises claim that suspension of construction at Atlantic Yards was rather due to lawsuits (not like we believed them in the first place):
Cleveland-based Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) announced that since the beginning of 2009, it has secured or completed six new financing and eight extensions of maturities, totaling approximately $325 million. The six new financings, which totaling approximately $70 million, were secured against several of Forest City's multi-family developments. The eight extensions, which total approximately $255 million, were related to the developer's Orchard Town Center in Westminster, CO; Central Station in Chicago; Tangerine Crossing in Tucson, AZ; Sidney Street at University Park in Cambridge, MA; two community projects in Manatee County, FL; and a Marriott hotel in Charleston, WV.
Posted by lumi at July 29, 2009 5:04 AM