Monday, June 30, 2008

Forest City Enterprises Announces Recent Financings

CLEVELAND, June 30 /PRNewswire-FirstCall/ -- Forest City Enterprises,
Inc. (NYSE: FCEA) (NYSE: FCEB) today announced three recent financing
transactions, totaling more than $100 million, in the Company's national
portfolio of operating properties and in its development pipeline.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080515/FRSTCTYLOGO )

"These transactions, all of which closed within the past 30 days,
reflect our continuing ability to access capital to finance our portfolio
and to fund development," said Charles A. Ratner, Forest City president and
CEO. "They also are indicative of the strong relationships we have with
lenders and other sources of funding."

-- At the Mesa del Sol mixed-use development in Albuquerque, NM, the
Company closed a $31.6 million loan for construction of a 210,000 square
foot office building for a unit of Fidelity Investments. In January, 2008,
Fidelity announced it would locate a new operations center at Mesa del Sol.
Huntington Bank was the lender.

-- At the MetroTech Center mixed use/office complex in Brooklyn, the
Company closed a $45 million fixed-rate, permanent financing with
Norddeutsche Landesbank Girozentrale (Nord LB) for 330 Jay Street (also
known as 12 MetroTech Center). The 1.1 million square foot building is
fully leased.

-- At the Station Square mixed-use development in Pittsburgh, the
company secured a $25 million mortgage for the Commerce Court office
building from Bank of New York. Commerce Court, which was acquired by the
Company in February, 2007, is a seven-story, 378,000 square foot office
building that includes ground-floor retail space.

About Forest City Enterprises, Inc.

Forest City Enterprises, Inc. is a $10.5 billion NYSE-listed national
real estate company. The Company is principally engaged in the ownership,
development, management and acquisition of commercial and residential real
estate and land throughout the United States.

Safe Harbor Language

Statements made in this news release that state the Company's or
management's intentions, hopes, beliefs, expectations or predictions of the
future are forward-looking statements. The Company's actual results could
differ materially from those expressed or implied in such forward-looking
statements due to various risks, uncertainties and other factors. Risks and
factors that could cause actual results to differ materially from those in
the forward-looking statements include, but are not limited to, general
real estate development and investment risks including lack of satisfactory
financing, construction and lease-up delays and cost overruns, dependence
on rental income from real property, reliance on major tenants, the effect
of economic and market conditions on a nationwide basis as well as in our
primary markets, vacancies in our properties, downturns in the housing
market, competition, illiquidity of real estate investments, bankruptcy or
defaults of tenants, department store consolidations, international
activities, the impact of terrorist acts, risks associated with an
investment in and operation of a professional sports team, conflicts of
interests, our substantial debt leverage and the ability to obtain and
service debt, the impact of restrictions imposed by our credit facility,
the level and volatility of interest rates, the continued availability of
tax-exempt government financing, effects of uninsured or underinsured
losses, environmental liabilities, risks associated with developing and
managing properties in partnership with others, the ability to maintain
effective internal controls, compliance with governmental regulations,
changes in market conditions, litigation risks, and other risk factors as
disclosed from time to time in the Company's SEC filings, including but not
limited to, the Company's annual and quarterly reports.



See Also:

[Via Real Estate Newswire]

Опубліковано prolink о 12:55 PM

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