A subsidiary of Cleveland-based Forest City Enterprises, Inc. (NYSE: FCE.A) secured a $161.9 million refinancing from Gramercy Capital Corp. and certain co-lenders on a key loan associated with the company's Atlantic Yards project in Brooklyn, N.Y. The original loan covered land acquisition costs at the project site and was set to come due this month. The refinancing will now be due in February, 2011. "This is a great outcome, especially given current market conditions, and I applaud the work of our New York team in making this happen," Forest City CEO and president Charles A. Ratner, said in a statement. "This is a key step in our strategy of proactively managing our debt maturities. By working closely with Gramercy Capital Corp to secure this refinancing, we have put Atlantic Yards in a position to achieve the vision of economic revitalization, job creation and affordable housing for the future of Brooklyn."
Other Notable Deals
Cushman & Wakefield completed of the $78 million sale of the 642,000-square-foot Cortlandt Towne Center in Mohegan Lake, N.Y., by Centro Properties Group (ASX: CNP) to Acadia Realty Trust (NYSE: AKR) in an all-cash transaction. The property was 85 percent leased at the time of the sale…. Holliday Fenoglio Fowler, L.P (HFF) secured $43 million in financing for the 296,239-square-foot Hollymead Town Center in Charlottesville, Va; the 95,170-square-foot Signal Hill Shopping Center in Manassas, Va.; and the 89,921-square-foot John’s Creek Center in Jacksonville, Fla. The borrower was Columbia Regency Partners II, a joint venture between Regency Centers (NYSE: REG) and the Oregon Public Employees Retirement Fund. HFF placed the seven-year, fixed-rate loan with New York State Teachers Retirement System…. Marcus & Millichap Real Estate Investment Services arranged the sale of an 115,396-square foot BJ’s Wholesale Club in Woodstock, Ga., for $16.5 million, or $139 per square foot. Both the buyer and sellers were private investors.… Cushman & Wakefield's Metropolitan Area Capital Markets Group orchestrated the $16.3 million sale of the 107,448-square-foot Echo Plaza office and retail complex in Springfield, N.J. Larken Associates acquired the value-add asset from Paragano Development, LLC in an all-cash sale. John Garibaldi of GRC Management also represented the interests of Paragano Development in the transaction.… Lee & Associates closed a $7.2 million sale at the 27,500-square-foot University Square Shopping Center in San Luis Obispo, Calif. Steiner Trusts sold the property to a local group of buyers headed by architect and developer Rob Rossi…. David Cronheim Mortgage Corp. arranged a $5.6 million financing for three retail properties located in Red Bank, N.J. The three properties contain about 90,000 square feet combined.… G&S Investors hired FirstService Williams to be in charge of retail leasing at the 500,000-square-foot Waterfront at Port Chester in Port Chester, NY. Currently, 70,000 square feet of space is available at the center.…Meridian Capital Group arranged $2 million in financing for a 42,000-square-foot retail property in Hamilton, N.J. The borrower secured a 10-year term mortgage at a rate of 6.25 percent…. Hanley Investment Urban Retail Advisors, a division of Hanley Investment Group Real Estate Advisors specializing in the sale and advisory of high profile mixed-use and urban retail properties, represented the buyers and seller in the $4.1 million sale of the 7,090-square-foot ground-floor retail component of the 4020 Building in Scottsdale, Ariz. The price works out to $575 per square foot. The buyers were Coynes Construction and 6906 Chestnut LLC from La Jolla, Calif. The seller was 1st Avenue Scottsdale, LLC based in Santa Ana, Calif.