YONKERS, NY—Forest City Enterprises Inc.reports it has closed on a three-year $350-million bridge financingfor its Ridge Hill retail complex off the New YorkState Thruway here.


The refinancing, led by Forest City's New York subsidiary byForest City Ratner Companies, was provided by MorganStanley Bank, NY for the 1,3-million-square-foot mixed-useretail, entertainment and office complex.


"We're pleased to close this financing on this major retailasset," says Forest City Enterprises President and CEODavid J. LaRue. "With this in place, we have thetime to complete the lease-up process and fully stabilize theproperty. This closing also reflects the confidence of the lenderin the quality of the asset and the strength of the Westchestermarket. I'd like to acknowledge the finance team in our Brooklynoffice for working with Morgan Stanley to bring this tofruition."


The retail center first opened in October 2011 and currentlyfeatures such major tenants as Lord & Taylor, Whole FoodsMarket, National Amusements Showcase Cinema de Lux, LEGOLANDDiscovery Center, Apple, REI, UNIQLO and Dick's Sporting Goods. Theproperty also features 40 other retailers and restaurants. Theoffice component of Ridge Hill, which totals 160,000 square feet,is anchored by WESTMED Medical Group.


"Ridge Hill has quickly become one of the premier destinationsin Westchester for folks looking to shop, dine and be entertained,"says MaryAnne Gilmartin, president and CEO ofFCRC. "Thanks to the extraordinary work of our finance team insecuring this loan, Ridge Hill will continue to evolve as aregional destination and have a transformative impact on itssurroundings."

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.