Forest City Refinances Promenade Bolingbroke with $100M Loan
- Mar 03, 2008
Forest City Enterprises Inc. has refinanced Promenade Bolingbrook town center in Chicago’s southwestern suburbs with a $100 million mortgage loan from The Prudential Insurance Co. of America. The mortgage, which replaced the property’s construction loan, illustrates that the capital markets are providing liquidity to borrowers with strong track records, high quality assets and strong management teams, a Forest City spokesperson told CPN today. “The terms of specific transactions may be less attractive than 18 months ago, but we have plenty of access to liquidity,” he added. “In fact, we recently exercised the accordion feature in our revolving credit facility and expanded our line of credit to more than $700 million. That represents our highest level of liquidity ever.” Open since last April, the LEED-certified 736,000-square-foot Promenade Bolingbrook (pictured) features Bass Pro Shops and Macy’s as anchors. In addition to the anchor stores, which span almost 300,000 square feet, Bolingbrook boasts 409,000 square feet of retail shop space and 42,000 square feet of office space. According to Linton, the occupancy rate for the property is approaching the high 80 percent range. Just last week, Forest City announced seven other recently completed financing transactions totaling nearly $380 million. The transactions included: * A $100 million refinancing of Antelope Valley Mall, a 1 million-square-foot enclosed regional mall in Palmdale, Calif. TIAA-CREF provided the loan. * A $132 million second phase construction loan for the 800,000-square-foot Shops at Wiregrass in Wesley Chapel, Fla., north of Tampa. RBS Citizens N.A. served as lead agent for the loan, with Wachovia Bank and National City Bank as participating lenders. * A $52 million refinancing of Phase II of the University Park at MIT project, a 2.3 million-square-foot, mixed-use project adjacent to the Massachusetts Institute of Technology campus in Cambridge, Mass. Allstate Life Insurance Co. provided the funds.