Forest City Closes $70 Million Financing for Baltimore Office Property

CLEVELAND, April 11, 2011 /PRNewswire/ -- Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) today announced that a subsidiary closed a 10-year, $70 million non-recourse mortgage loan for 855 North Wolfe Street, a  research office property at The Science + Technology Park at Johns Hopkins in Baltimore. AXA Equitable Life Insurance Company, through its advisor Quadrant Real Estate Advisors, provided the financing, which carries a fixed interest rate of less than 6.0 percent, and replaces the prior $61 million construction loan.

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"We're pleased to have completed this financing, which speaks to the quality of this asset and the larger Science + Technology Park at Johns Hopkins," said Charles A. Ratner, Forest City president and chief executive officer. "We also welcome the opportunity to establish a relationship with AXA Equitable Life Insurance, a new lender to our company."

The 278,000-square-foot Class A office building is located in East Baltimore, adjacent to the Johns Hopkins School of Medicine. Tenants include the Lieber Institute for Neuroscience Research, Champions Biotechnology, Siemens, and the Johns Hopkins Brain Sciences Institute and Translational Research Laboratory.

About Forest City

Forest City Enterprises, Inc. is an NYSE-listed national real estate company with $11.8 billion in total assets. The Company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States. For more information, visit www.forestcity.net.

SOURCE Forest City Enterprises, Inc.