CLEVELAND, April 11, 2011 /PRNewswire/ -- Forest City
Enterprises, Inc. (NYSE: FCEA and FCEB) today announced that a
subsidiary closed a 10-year, $70
million non-recourse mortgage loan for 855 North Wolfe
Street, a research office property at The Science +
Technology Park at Johns Hopkins in
Baltimore. AXA Equitable Life
Insurance Company, through its advisor Quadrant Real Estate
Advisors, provided the financing, which carries a fixed interest
rate of less than 6.0 percent, and replaces the prior $61 million construction loan.
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"We're pleased to have completed this financing, which speaks to
the quality of this asset and the larger Science + Technology Park
at Johns Hopkins," said Charles A. Ratner, Forest City president and
chief executive officer. "We also welcome the opportunity to
establish a relationship with AXA Equitable Life Insurance, a new
lender to our company."
The 278,000-square-foot Class A office building is located in
East Baltimore, adjacent to the
Johns Hopkins School of Medicine.
Tenants include the Lieber Institute for Neuroscience Research,
Champions Biotechnology, Siemens, and the Johns Hopkins Brain
Sciences Institute and Translational Research Laboratory.
About Forest City
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. For more information, visit
www.forestcity.net.
SOURCE Forest City Enterprises, Inc.