CLEVELAND, July 2, 2014 /PRNewswire/ -- Forest City Enterprises, Inc., (NYSE: FCEA and FCEB) today announced that it has closed on a three-year, $350 million bridge financing, through Morgan Stanley Bank, N.A., for the company's Westchester's Ridge Hill retail center in Yonkers, New York. The refinancing was led by Forest City Ratner Companies (FCRC), Forest City's New York subsidiary, which developed and operates the 1.3 million square foot mixed-use retail, entertainment and office complex.
"We're pleased to close this financing on this major retail asset," said David J. LaRue, Forest City president and chief executive officer. "With this in place, we have the time to complete the lease-up process and fully stabilize the property. This closing also reflects the confidence of the lender in the quality of the asset and the strength of the Westchester market. I'd like to acknowledge the finance team in our Brooklyn office for working with Morgan Stanley to bring this to fruition."
"Ridge Hill has quickly become one of the premier destinations in Westchester for folks looking to shop, dine and be entertained," said MaryAnne Gilmartin, president and chief executive officer of FCRC. "Thanks to the extraordinary work of our finance team in securing this loan, Ridge Hill will continue to evolve as a regional destination and have a transformative impact on its surroundings."
Westchester's Ridge Hill, located in Yonkers, New York, is a regional destination for shopping, dining and entertainment. Major tenants include Lord & Taylor, Whole Foods Market, National Amusements Showcase Cinema de Lux, LEGOLAND® Discovery Center, Apple, REI, UNIQLO and Dick's Sporting Goods, among others, as well as more than 40 other popular retailers and restaurants. Ridge Hill also features 160,000 square feet of office space, anchored by WESTMED Medical Group. Learn more at http://www.westchestersridgehill.com.
About Forest City
Forest City Enterprises, Inc. is an NYSE-listed national real estate company with $8.9 billion in total assets. The company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate throughout the United States. For more information, visit www.forestcity.net.
SOURCE Forest City Enterprises, Inc.
Investor contact: Jeff Frericks, Vice President, Capital Markets, 216-621-6060, Media contact: Jeff Linton, Senior Vice President, Corporate Communication, 216-621-6060