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News Breaks
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October 29, 2009
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| 08:05 EDT |  | FCEA |
| theflyonthewall.com: | Forest City announces $90M refinancing of tech office buildings | | Forest City Enterprises, Inc. announced that a subsidiary has closed a $90M refinancing of 45/75 Sydney Street, a pair of twin office buildings at the Company's University Park at MIT mixed-use, science and technology park in Cambridge, Mass. The seven-year, fixed-rate refinancing, through two insurance companies, represents approximately a 50% increase in principal over the prior in-place financing, while maintaining strong debt service coverage. The property, which is fully leased, fronts on University Park's main 1.3 acre landscaped commons, and includes an adjoining 581-car parking garage. It has a total of 277,000 square feet of leasable space in twin buildings connected by a sky bridge. :theflyonthewall.com |
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