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May 21, 2012
Terminal Tower, Cleveland headquarters of Forest City Enterprises, has overdue loan; developer must go to "special servicer" to revise terms
Atlantic Yards Report
Crain's Cleveland Business, in Forest City overdue on Terminal Tower loan: Developer houses 500 workers in city icon, reports (sub. required):
A $38 million loan secured by Terminal Tower, the Public Square skyscraper the Guide to Cleveland Architecture calls “the landmark of the city,” is overdue.
How that debt will be resolved by the building's owner, real estate giant Forest City Enterprises Inc. — which has its headquarters and more than 500 employees in the 52-story structure — remains to be seen.
As with other buildings that are worth less than previously valued and not delivering the once-predicted revenues, the loan has been assigned to a "special servicer" to revise and extend loan terms and even potentially re-assign ownership.
Posted by eric at May 21, 2012 11:49 PM