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January 1, 2010
So, where's the $324.8 million more for the arena going to come from?
Atlantic Yards Report
Eliot Brown of the New York Observer points to a major gap in funding for the Atlantic Yards arena, the need for $324.8 million, money not yet in hand but expected to be raised within a year.
The money would come from Mikhail Prokhorov (aka "New Investor"), additional financing, and new equity from Forest City Ratner or third parties.
FCR told investment analysts earlier this month it planned to invest $200 million in equity, but, as Brown writes, " it's not as if developers generally have $200 million just lying around." (Forest City hasn't yet publicly commented.)
And it's not clear to me what role the unmentioned taxable junk bonds would play in this.
Posted by eric at January 1, 2010 10:46 AM