Developer Bruce Ratner has closed on his controversial Atlantic Yards project, and the site has been readied for construction, but there is yet another hurdle for him to clear before the project can become a reality, public documents show. Ratner must raise $324.8 million within a year for the new Barclays Center, or be forced to refund the $511 million in tax-free bonds that have been sold to finance the project. The funds, referred to in the documents as the “additional rent amount,” must be deposited by Dec. 17, 2010. Forest City Ratner “expects to raise sufficient funds,” and signs point to that being a practical goal. Russian billionaire Mikhail Prokhorov is planning to pony up $200 million for an 80 percent stake in the Nets and a 45 percent stake in their new arena. Prokhorov has also agreed to cover at least $60 million in losses by the team until construction on the Barclays Center is complete. A Forest City Ratner executive recently said that the developer expects to contribute another $200 million in equity to the project. [NYO]
Ratner must raise another $325M for Barclays Center by next year
