CLEVELAND, OH - Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) today announced that subsidiaries closed a 10-year, $62 million loan for the company's Station Square mixed-use property in Pittsburgh. The CMBS financing carries a 5.85 percent interest rate and allowed repayment of three separate bank loans totaling $58.6 million.
Source: Forest City
"This financing is another demonstration of the quality of our real estate and our ability to realize value from a diverse portfolio of assets in great markets," said Charles A. Ratner, Forest City president and chief executive officer. "In addition, it demonstrates the improving conditions in the credit markets, specifically for commercial mortgage backed securities, which have become a much-improved and viable source for financing high-quality operating properties."
The 652,800-square-foot Station Square is located on Pittsburgh's south side along 1.2 miles of the Monongahela River. Tenants include Hard Rock Cafe, the Gateway Clipper Fleet and U.S. Bank.
Forest City Enterprises, Inc. is an NYSE-listed national real estate company with $11.8 billion in total assets. The Company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States.