Forest City Closes $167M Financing for Build

BROOKLYN, NY-Locally based Forest City Ratner Cos., the company behind the proposed $4-billion Atlantic Yards Project here, has closed on $167 million in construction financing for 80 DeKalb Ave., a 335,000-sf residential building in Downtown Brooklyn. The 34-story building is the first residential tower constructed by Forest City in Brooklyn.

The building is designed to achieve LEED certification and will include 73 affordable and 292 market-rate rental units, making it the first 80/20 development in Brooklyn financed with bonds issued by the New York State Housing Finance Agency. The New York State Housing Finance Agency selected 80 DeKalb to receive $109.5 million in tax-exempt bonds and $27.5 million in taxable bonds, as GlobeSt.com recently reported.

Charles Ratner, Forest City president and CEO says in a prepared statement that the “will provide both affordable and market-rate apartment homes.” Major construction on the building began in July and it is expected to open for leasing during the summer of 2009. FCRC sources did not respond to further queries by deadline.