CLEVELAND, June 30 /PRNewswire-FirstCall/ -- Forest City Enterprises, Inc. today announced three recent financing transactions, totaling more than $100 million, in the Company's national portfolio of operating properties and in its development pipeline.
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"These transactions, all of which closed within the past 30 days, reflect our continuing ability to access capital to finance our portfolio and to fund development," said Charles A. Ratner, Forest City president and CEO. "They also are indicative of the strong relationships we have with lenders and other sources of funding."
-- At the Mesa del Sol mixed-use development in Albuquerque, NM, the Company closed a $31.6 million loan for construction of a 210,000 square foot office building for a unit of Fidelity Investments. In January, 2008, Fidelity announced it would locate a new operations center at Mesa del Sol. Huntington Bank was the lender.
-- At the MetroTech Center mixed use/office complex in Brooklyn, the Company closed a $45 million fixed-rate, permanent financing with Norddeutsche Landesbank Girozentrale (Nord LB) for 330 Jay Street (also known as 12 MetroTech Center). The 1.1 million square foot building is fully leased.
-- At the Station Square mixed-use development in Pittsburgh, the company secured a $25 million mortgage for the Commerce Court office building from Bank of New York. Commerce Court, which was acquired by the Company in February, 2007, is a seven-story, 378,000 square foot office building that includes ground-floor retail space.
About Forest City Enterprises, Inc.
Forest City Enterprises, Inc. is a $10.5 billion NYSE-listed national real estate company. The Company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States.
Safe Harbor Language
Statements made in this news release that state the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. The Company's actual results could differ materially from those expressed or implied in such forward-looking statements due to various risks, uncertainties and other factors. Risks and factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, general real estate development and investment risks including lack of satisfactory financing, construction and lease-up delays and cost overruns, dependence on rental income from real property, reliance on major tenants, the effect of economic and market conditions on a nationwide basis as well as in our primary markets, vacancies in our properties, downturns in the housing market, competition, illiquidity of real estate investments, bankruptcy or defaults of tenants, department store consolidations, international activities, the impact of terrorist acts, risks associated with an investment in and operation of a professional sports team, conflicts of interests, our substantial debt leverage and the ability to obtain and service debt, the impact of restrictions imposed by our credit facility, the level and volatility of interest rates, the continued availability of tax-exempt government financing, effects of uninsured or underinsured losses, environmental liabilities, risks associated with developing and managing properties in partnership with others, the ability to maintain effective internal controls, compliance with governmental regulations, changes in market conditions, litigation risks, and other risk factors as disclosed from time to time in the Company's SEC filings, including but not limited to, the Company's annual and quarterly reports.
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