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WESTCHESTER, NY-Forest City Enterprises, Inc. is working out an agreement with a 13-member bank group–which includes Bank of America, N.A., KeyBank Real Estate Capital and ING Real Estate Finance, among others–to earn a two-year extension on their $557 million loan. The loan is construction financing on the slightly delayed Ridge Hill project out here. The loan is on behalf of Forest City Ratner Co., a subsidiary of Enterprises’, which is building the large mixed-use development.

Jeff Linton of Forest City explains to GlobeSt.com that the extension was intended to “manage our debt maturities” and give the development some more time to “secure tenant commitments” for the property, which previously pushed its completion date back to 2011. The previous loan was due next year, so the extension allows FCR to repay the bank group in 2012. Forest City says that it does not disclose the terms and rates of these loans.

Ridge Hill currently has a few tenants signed, notably Whole Foods, L.L. Bean, Cinema De Lux–a multiplex theater–The Cheesecake Factory and Sephora, as well as a “non-binding letter of intent from Saks Fifth Avenue,” according to a release. As of Q1, ending April 30th, 2009, the retail development is 21% leased.

The first phase of Ridge Hill will be more than 1.3 million square feet of retail, entertainment and office. The break-down shows 160,000 square feet of office and research facilities. lStreet level retail will replace a previous design for a residential tower and Phase II will comprise a residential and hotel development.

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