PRESS RELEASES - NYCRC FINANCING Print
NYCRC TO PROVIDE FUNDING FOR THE REDEVELOPMENT OF ATLANTIC YARDS
NEW YORK, NY – July 15, 2011 – The New York City Regional Center (“NYCRC”) is pleased to announce that it is providing a $228 million loan to an affiliate of Forest City Enterprises (NYSE: FCE.A, FCE.B), the real estate company designated by the State of New York to oversee Brooklyn’s Atlantic Yards development. The loan will assist with the construction of specific components of the overall development, examples of which include: the Barclays Center Arena; a new subway station entrance within 100 feet of the arena; an outdoor public plaza outside the arena; the demolition and reconstruction of the Carlton Avenue Bridge; an on-grade parking facility; and the excavation, removal, rerouting, and upgrading of water and sewer lines.
“The NYCRC is pleased to assist with the construction of one of Brooklyn’s largest job-creating projects,” said Paul Levinsohn, Managing Principal of the NYCRC.
“This project is a critical component of New York City’s efforts to redevelop downtown Brooklyn,” added George L. Olsen, Managing Principal of the NYCRC.
In 2008, the NYCRC was approved by the United States Citizenship and Immigration Services (USCIS) to secure foreign investment for real estate projects within Brooklyn, Queens, Manhattan, and the Bronx. NYCRC is the first regional center approved in New York City. The NYCRC works in conjunction with the government and designated developers to fund critical economic development projects in New York City.
NYCRC has become an important contributor to New York City’s economic revitalization by helping to fund a series of public/private real estate projects that create much needed jobs. NYCRC projects include EB-5 funding to assist with the redevelopment of the Brooklyn Navy Yard, New York City’s largest industrial park, as well as funding to assist with the expansion of Steiner Studios, the city’s largest film and television production facility.
# # #