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New York

Forest City closes on $85M mortgage loan

September 07, 2010 11:00AM

Charles Ratner and the West 42nd Street property

A subsidiary of Forest City Enterprises closed a 10-year, $85 million, fixed-rate Mortgage Loan For Its West 42nd Street property, a 312,000-square-foot retail and entertainment complex in the Times Square district, the company announced today. The new financing is at an interest rate more than 325 basis points lower than that of the loan it replaces, significantly increasing the cash flow generated by the property. “This financing is another indication of the quality of our real estate and our ability to realize value from a diverse portfolio of assets in great markets,” said Charles Ratner, Forest City’s president and CEO. “It also speaks to our strong relationships with lenders, which have allowed us to consistently manage our non-recourse property mortgages, even during the recent economic downturn.” Tenants at the 42nd Street property include AMC Theatres, Madame Tussaud’s Wax Museum, Modell’s and Dave & Buster’s. TRD

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