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

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

"We're pleased to close this financing on this major retail asset," says Forest City Enterprises President and CEO David J. LaRue. "With this in place, we have the time to complete the lease-up process and fully stabilize the property. This closing also reflects the confidence of the lender in the quality of the asset and the strength of the Westchester market. I'd like to acknowledge the finance team in our Brooklyn office for working with Morgan Stanley to bring this to fruition."

The retail center first opened in October 2011 and currently features such major tenants as Lord & Taylor, Whole Foods Market, National Amusements Showcase Cinema de Lux, LEGOLAND Discovery Center, Apple, REI, UNIQLO and Dick's Sporting Goods. The property also features 40 other retailers and restaurants. The office 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 destinations in Westchester for folks looking to shop, dine and be entertained," says MaryAnne Gilmartin, president and CEO of FCRC. "Thanks to the extraordinary work of our finance team in securing this loan, Ridge Hill will continue to evolve as a regional destination and have a transformative impact on its surroundings."