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August 31, 2009

Forest City Press Release: Forest City Announces Loan Extension and Tenants for Ridge Hill

Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) today announced that Forest City Ratner Companies, its New York-based subsidiary, has reach an agreement with a 13-member bank group on a two-year extension and modification of the $557 million construction financing for the retail/mixed-use Ridge Hill project, currently under construction in Westchester County, New York.

The financing, which originally matured in August 2010, will now have an initial maturity of August 2012, with two 12-month extensions available.

"We're extremely pleased to announce this important step for our great Ridge Hill project, which is gaining momentum and attracting strong interest from top-tier retailers," said Charles A. Ratner, Forest City Enterprises president and chief executive officer. "I want to congratulate our New York team on this achievement.

"We deeply appreciate the commitment demonstrated by all of our lenders, and in particular, the Agent banks, Bank of America, N.A., KeyBank Real Estate Capital, and ING Real Estate Finance. Their support reflects the great location and extraordinary quality of this project, as well as the deep relationships we have built over the years. It also highlights our continuing ability as a company to proactively manage our debt maturities in the current economic and financial-market conditions," Ratner added.

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NoLandGrab: Forest City's "ability as a company to proactively manage" its "debt maturities" appears to be necessitated by Forest City's inability to meet its obligations without some leniency from its lenders.

Posted by eric at August 31, 2009 12:43 PM