Forest City Secures $630M Loan for Ridge Hill Project

YONKERS-As site work continues on the Ridge Hill mixed-use project here, the developer of the project Forest City Ratner Cos. has secured $630 million in construction financing for the development. No details of the financing arrangement were released by Forest City.

The loan is the largest in company history. Forest City Ratner is a subsidiary of Forest City Enterprises Inc. of Cleveland. A trio of lenders will provide financing: Bank of America, ING Real Estate Finance and Key Bank Real Estate Capital.

Commenting on the financing agreements, Bruce Ratner, president and chief executive officer of Forest City Ratner, states, "Ridge Hill will be a new town square in Westchester County, providing easy access and an alluring environment for the finest living and shopping in the area. Today's announcement brings us one step closer to making Ridge Hill--and its estimated 9,500 jobs and $60 million annually in tax revenue--a reality for everyone."

Yonkers Mayor Phil Amicone tells GlobeSt.com, "It's such a relief to know that we're finally here; this is really it. All the approvals and all the financing are in place. Now Ridge Hill can move forward, delivering the millions of dollars in revenue to our city and school system and the thousands of jobs we promised our residents more than three years ago."

An official groundbreaking for the project is expected later this year, perhaps as early as this fall. Ridge Hill is projected to open sometime in 2009.

Ridge Hill will be a mixed-use project on 81.4 acres that will feature 1.3 million sf of retail, restaurants, cinema and entertainment space; 1,000 residential units, including 135 affordable units and 200 residences for people over 55 years of age; 156,000 sf of office and research (existing) facilities and a hotel and conference center. Parking for more than 7,100 vehicles will be featured in covered and uncovered parking facilities.