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October 21, 2009
Forest City in the News
The Cleveland Plain Dealer, Forest City to offer notes, refinances and extends loans
Forest City Enterprises Inc. (NYSE: FCE-A and FCE-B) plans to offer $175 million in convertible senior notes to certain institutional buyers, generating cash for purposes such as repaying money borrowed on the company's $750 million revolving credit facility.
The real estate company said it will issue notes that can be converted into shares of Forest City's Class A common stock. The notes are due in 2016.
The company provided a progress update Monday on its efforts to reduce debt and extend or refinance existing loans. The company said it has approximately 60 percent of the necessary commitments from is 14-member bank group to renew its revolving credit facility. That facility matures in March 2010.
Forest City also announced a handful of loan extensions and refinancings, including two in Greater Cleveland.
NoLandGrab: Based on this news, one gets the sense of how highly leveraged the Atlantic Yards developer is — no wonder the Ratners have to rush into a deal with a Russian oligarch to bail out the Brooklyn project.
The NY Times, A Difficult Birth for East Harlem Mall
Even by the often sluggish standards of development in New York City, East River Plaza, the big-box vertical mall under construction along the F.D.R. Drive in East Harlem, has proceeded at a glacial pace.
...
[W]orkers are finally preparing for the Nov. 12 opening of the shopping center’s first tenant: a 110,000-square-foot Costco wholesale warehouse club, the borough’s first. Target, Best Buy and Marshall’s will start moving in next spring. Of 485,000 square feet, only 30,000 are not yet spoken for.The opening is coming 15 years after the Blumenfeld Development Group, headed by Mr. Blumenfeld’s father, Edward, worked with Canyon Capital Realty Advisers of Beverly Hills, Calif., to buy the six-acre site, which stretches from 116th Street to 119th Street, for $3.1 million at a foreclosure auction. Five years later, the project was approved by the City Council. In 2004, Canyon Capital sold its interest to Forest City Ratner.
...
The project began to pick up speed after Forest City, a partner in the development of the headquarters building of The New York Times Company on Eighth Avenue, became involved. Having a well-connected local partner added strength to the project, Mr. Blumenfeld said.
GlenviewAnnouncements.com, Navy cancels plans for additional housing in Glenview
The U.S. Navy and its private development partner [Forest City Military Communities, LLC] have canceled three-year-old plans to build 118 new three- and four-bedroom units in Glenview for military personnel assigned to Naval Station Great Lakes, Glenview officials acknowledged Monday.
Posted by lumi at October 21, 2009 5:33 AM