{"id":1004017532,"date":"2010-02-03T13:45:33","date_gmt":"2010-02-03T21:45:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004017532"},"modified":"2022-12-08T13:35:32","modified_gmt":"2022-12-08T21:35:32","slug":"lenders-smile-on-forest-city-with-closing-of-half-billion-credit-facility","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lenders-smile-on-forest-city-with-closing-of-half-billion-credit-facility\/","title":{"rendered":"Lenders Smile on Forest City with Closing of Half-Billion Credit Facility"},"content":{"rendered":"<p>February 3, 2010<br \/>\nBy Barbra Murray, Contributing Editor<\/p>\n<div id=\"attachment_1004017534\" style=\"width: 310px\" class=\"wp-caption alignright\"><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/02\/NYT-aerial-e1265304471168.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004017534\" data-attachment-id=\"1004017534\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/lenders-smile-on-forest-city-with-closing-of-half-billion-credit-facility\/nyt-aerial\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/02\/NYT-aerial-e1265304471168.jpg\" data-orig-size=\"475,237\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"NYT-aerial\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;From Forest City Enterprises website&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/02\/NYT-aerial-e1265304471168.jpg?w=475\" class=\"size-medium wp-image-1004017534\" title=\"NYT-aerial\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/02\/NYT-aerial.jpg\" alt=\"\" width=\"300\" height=\"149\" \/><\/a><p id=\"caption-attachment-1004017534\" class=\"wp-caption-text\">From Forest City Enterprises website<\/p><\/div>\n<p>.<\/p>\n<p>The credit markets may be slowly loosening but hefty financing remains hard to come by&#8211;unless the company is Forest City Enterprises Inc. The Cleveland, Ohio-based national commercial real estate concern has just secured a $500 million revolving credit facility with a group of 15 banks. The facility is replacing a $750 million facility that was scheduled to expire in March. Apparently, confidence has a lot to do with lenders&#8217; willingness to make the big bucks available; the 15-member bank group includes the 14 institutions that originated the first facility.<\/p>\n<p>Key Bank is the administrative agent for the credit facility, while PNC Bank National Association is serving as the syndication agent. Bank of America N.A. is on board as documentation agent. &#8220;This is a big positive for Forest City,&#8221; Rich Moore, analyst with RBC Capital Markets, told <em>CPE<\/em> &#8220;Most of the company&#8217;s properties are secured by mortgage debt, so the banks obviously think a great deal about the management and the franchise. It&#8217;s a big vote of confidence, which is important in these times.&#8221;<\/p>\n<p>Forest City will use the facility to continue to shore up its balance sheet and increase liquidity, which, as noted in a Forest City report filed with the SEC in December of 2009, has been the company&#8217;s highest priority for well over a year. Its public offering of over 52 million shares of Class A common stock in May also helped boost liquidity, netting the company nearly $330 million.<\/p>\n<p>A developer, owner and manager of commercial and multifamily real estate, Forest City is an $11.9 billion company. Its stock has traded for as little as $3.37 and as much as $14.17 over the last 52 weeks.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>While credit markets are still tight, Forest City Enterprises has managed to secure a $500 million revolving credit facility with a 15-bank group. <\/p>\n","protected":false},"author":936,"featured_media":1004017534,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21742],"tags":[],"class_list":["post-1004017532","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Lenders Smile on Forest City with Closing of Half-Billion Credit Facility - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/lenders-smile-on-forest-city-with-closing-of-half-billion-credit-facility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lenders Smile on Forest City with Closing of Half-Billion Credit Facility\" \/>\n<meta property=\"og:description\" content=\"While credit markets are still tight, Forest City Enterprises has managed to secure a $500 million revolving credit facility with a 15-bank group.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/lenders-smile-on-forest-city-with-closing-of-half-billion-credit-facility\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2010-02-03T21:45:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T21:35:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/02\/NYT-aerial-e1265304471168.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"475\" \/>\n\t<meta property=\"og:image:height\" content=\"237\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Allison Landa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lenders-smile-on-forest-city-with-closing-of-half-billion-credit-facility\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lenders-smile-on-forest-city-with-closing-of-half-billion-credit-facility\\\/\"},\"author\":{\"name\":\"Allison Landa\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/0eb45390ae3124c14a919b7ec7bd2249\"},\"headline\":\"Lenders Smile on Forest City with Closing of Half-Billion Credit Facility\",\"datePublished\":\"2010-02-03T21:45:33+00:00\",\"dateModified\":\"2022-12-08T21:35:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lenders-smile-on-forest-city-with-closing-of-half-billion-credit-facility\\\/\"},\"wordCount\":302,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lenders-smile-on-forest-city-with-closing-of-half-billion-credit-facility\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2010\\\/02\\\/NYT-aerial-e1265304471168.jpg\",\"articleSection\":[\"Finance\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lenders-smile-on-forest-city-with-closing-of-half-billion-credit-facility\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lenders-smile-on-forest-city-with-closing-of-half-billion-credit-facility\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lenders-smile-on-forest-city-with-closing-of-half-billion-credit-facility\\\/\",\"name\":\"Lenders Smile on Forest City with Closing of Half-Billion Credit Facility - 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