Finance Mortgage Banking
Forest City Closes on $680M Financing for Manhattan Project
March 28, 2008

Forest City Ratner Cos. has announced the closing of $680 million in construction financing for its mixed-use Beekman development in lower Manhattan. The financing is the largest construction loan in Forest City Enterprises’ history. It is Frank Gehry’s first residential building in New York. The four lead banks in the financing are Eurohypo AG, Nord/LB, ING Real Estate Finance and Fifth Third Bank. RBS Citizens, N.A. is providing the credit enhancement for the bond issue. The mezzanine loan provider for the project is the National Electrical Benefit Fund, which is also Forest City Ratner’s equity partner in the Beekman project. Major construction on the Beekman project, which will serve as a catalyst in the rejuvenation of its entire lower Manhattan neighborhood, is slated to start next week. Beekman will be a 76-story tower with approximately 1.1 million square feet, including 904 market-rate apartments, a public school for 630 students, a 21,000-square-foot ambulatory care center for New York Downtown Hospital, 1,300 square feet of ground-floor retail space, and below-grade parking for 175 cars.

 
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220-Acre Mixed-Use in Works Near University of Missouri
August 20, 2008
By Barbra Murray, Contributing Editor -- A 220-acre parcel near the University of Missouri's Discovery Ridge research park in Columbia is on tap to sprout a gargantuan mixed-use project. Forum Development Group, the owner of the land, recently wrapped up...

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August 20, 2008
By Tonie Auer, Southwest Correspondent -- Transferring its headquarters from San Antonio to Dallas, telecom giant AT&T Inc. has moved into a 37-story high-rise and sold the building in a sale-leaseback deal to Icahn Enterprises for an undisclosed amount. The...

W.P. Carey Closes $58M Sale-Leaseback in Germany
August 20, 2008
By Barbra Murray, Contributing Editor -- New York City-headquartered W.P. Carey, acting through its publicly held non-traded REITs CPA(R):15 and CPA(R):17 - Global, has completed a sale-leaseback transaction in Germany with U.K.-based automotive supplier Wagon Plc. The properties involved are...

Och-Ziff, Kolter in $1B Southeast Residential JV
August 20, 2008
By Scott Baltic, Contributing Editor -- New York-based Och-Ziff Capital Management Group and Kolter Group of West Palm Beach, Fla., have announced the formation of a $1 billion joint venture that will target residential properties in the Southeast that are...

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