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Article: Forest City Announces $90 Million Refinancing of Tech Office Buildings at Cambridge, Mass., Bioscience Park.
- Article from:
- Chemicals & Chemistry
- Article date:
- November 13, 2009
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Forest City Enterprises, Inc. (NYSE:FCEA)(NYSE:and)(NYSE:FCEB) announced that a subsidiary has closed a $90 million 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 percent 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 ...