Forest City Enterprises announced it has closed a $350 million bridge financing agreement through Morgan Stanley on the Westchester”™s Ridge Hill retail center in Yonkers.
“With this in place, we have the time to complete the lease-up process and fully stabilize the property” said David J. LaRue, Forest City president and chief executive officer. “This closing also reflects the confidence of the lender in the quality of the asset and the strength of the Westchester market.”
The refinancing was led by Forest City Ratner Cos., Forest City Enterprises”™Â New York subsidiary, which developed and operates the 1.3-million-square-foot mixed-use retail, entertainment and office complex on Ridge Hill Boulevard.
“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 Forest City Ratner Cos. “Ridge Hill will continue to evolve as a regional destination and have a transformative impact on its surroundings.”
