Forest City Enterprises Inc. has secured financing totaling $167 million for three properties in California and Massachusetts.
The projects include The Promenade in Temecula, a retail center in Temecula, CA; and the multifamily projects Presidio in San Francisco and 91 Sidney in Cambridge, MA.
The REIT secured a $75 million construction loan for a 127,000-square-foot expansion at the 1.1 million-square-foot Promenade retail center. The New York State Teachers' Retirement System provided the loan, which will convert to a permanent loan when construction completes.
A $67.5 million construction loan was secured for Presidio, an adaptive re-use complex with 161 units. Wachovia, RBS Citizens N.A. and the National Electrical Benefit Fund provided financing.
A $24.9 million refinancing was completed for 91 Sidney, a 135-unit apartment community at University Park at MI. KeyBank and Fannie Mae provided the loan.