Forest City Announces $90 Million Refinancing of Tech Office Buildings at Cambridge, Mass., Bioscience Park

CLEVELAND, Oct. 29 /PRNewswire-FirstCall/ -- Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) today 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.

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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 277,000 square feet of leasable space in twin buildings connected by a sky bridge.

University Park is an award-winning, 27-acre mixed-use campus environment of 2.3 million total square feet, including ten research and office buildings; four residential buildings; 250,000 square feet of hotel, restaurant, and retail space; and structured parking for more than 2,700 cars. University Park is just steps from the Massachusetts Institute of Technology and only minutes from the renowned research and academic institutions of Boston.

About Forest City

Forest City Enterprises, Inc., is an $11.7 billion NYSE-listed national real estate company. 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.