{"id":1004020925,"date":"2010-06-14T08:44:31","date_gmt":"2010-06-14T16:44:31","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004020925"},"modified":"2022-12-08T01:49:10","modified_gmt":"2022-12-08T09:49:10","slug":"forest-city-closes-permanent-financing-on-214m-loan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/forest-city-closes-permanent-financing-on-214m-loan\/","title":{"rendered":"Forest City Closes Permanent Financing on $214M Loan"},"content":{"rendered":"<p>June 14, 2010<br \/>\nBy Allison Landa, News Editor<\/p>\n<p><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/06\/Forest-City-logo.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004020926\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/forest-city-closes-permanent-financing-on-214m-loan\/forest-city-logo-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/06\/Forest-City-logo.jpg\" data-orig-size=\"500,84\" 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=\"Forest City logo\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/06\/Forest-City-logo.jpg?w=500\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/06\/Forest-City-logo.jpg\" alt=\"\" title=\"Forest City logo\" width=\"300\" height=\"50\" class=\"alignright size-medium wp-image-1004020926\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/06\/Forest-City-logo.jpg 500w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/06\/Forest-City-logo.jpg?resize=300,50 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>A subsidiary of Forest City Enterprises Inc. has closed on the conversion of a construction facility for the East River Plaza retail Center in Manhattan to a $214.3 million term loan. The loan has a fixed interest rate of less than 4.5 percent and matures in January 2019.<\/p>\n<p>In addition, the existing $40 million credit enhancement in tax-exempt Empowerment Zone bonds has also been extended to the 2019 maturity date. In addition to conventional bank financing, financing was also provided by the State of New York, New York City and the Upper Manhattan Empowerment Zone.<\/p>\n<p>\u201cThis is a great outcome for East River Plaza and for the public\/private partnership that made it possible,\u201d Forest City president and CEO Charles Ratner said when announcing the news. <\/p>\n<p>Located on the site of the former Washburn Wire factory in Harlem, the 527,000-square-foot East River Plaza saw its first tenant \u2013 Costco \u2013 open in November 2009. Since that time, Best Buy has also opened and tenants including Target, Marshall\u2019s, PetSmart, Old Navy, Bob\u2019s Furniture and GameStop are slated for opening this summer. The Plaza is 93 percent leased.<\/p>\n<p>Forest City is an $11.5 billion company engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In addition, the existing $40 million credit enhancement in tax-exempt Empowerment Zone bonds has also been extended to the 2019 maturity date. In addition to conventional bank financing, financing was also provided by the State of New York, New York City and the Upper Manhattan Empowerment Zone.<\/p>\n","protected":false},"author":936,"featured_media":1004020926,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,21749],"tags":[],"class_list":["post-1004020925","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-retail"],"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>Forest City Closes Permanent Financing on $214M Loan - 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\/forest-city-closes-permanent-financing-on-214m-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Forest City Closes Permanent Financing on $214M Loan\" \/>\n<meta property=\"og:description\" content=\"In addition, the existing $40 million credit enhancement in tax-exempt Empowerment Zone bonds has also been extended to the 2019 maturity date. In addition to conventional bank financing, financing was also provided by the State of New York, New York City and the Upper Manhattan Empowerment Zone.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/forest-city-closes-permanent-financing-on-214m-loan\/\" \/>\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=\"2010-06-14T16:44:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T09:49:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/06\/Forest-City-logo.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"84\" \/>\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\\\/forest-city-closes-permanent-financing-on-214m-loan\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/forest-city-closes-permanent-financing-on-214m-loan\\\/\"},\"author\":{\"name\":\"Allison Landa\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/0eb45390ae3124c14a919b7ec7bd2249\"},\"headline\":\"Forest City Closes Permanent Financing on $214M Loan\",\"datePublished\":\"2010-06-14T16:44:31+00:00\",\"dateModified\":\"2022-12-08T09:49:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/forest-city-closes-permanent-financing-on-214m-loan\\\/\"},\"wordCount\":219,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/forest-city-closes-permanent-financing-on-214m-loan\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2010\\\/06\\\/Forest-City-logo.jpg\",\"articleSection\":[\"News\",\"Retail\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/forest-city-closes-permanent-financing-on-214m-loan\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/forest-city-closes-permanent-financing-on-214m-loan\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/forest-city-closes-permanent-financing-on-214m-loan\\\/\",\"name\":\"Forest City Closes Permanent Financing on $214M Loan - 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