Forest City Ratner hopes to finance Atlantic Yards by year’s end

Developer Forest City Ratner has until the end of the year to get financing for the arena at Atlantic Yards; after that point, the cost will become much higher because tax-free financing will be more difficult to obtain. While the company has expressed confidence that it will be able to obtain the financing, it must still get through negotiations with the city and the Metropolitan Transportation Authority. Bruce Ratner, head of Forest City Ratner, has promised to break ground by October. But the developer’s parent company’s stock has fallen in value and Forest City has already halted construction on one residential tower downtown, suggesting financial difficulties.