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Forest City Enterprises Completes $46.1 Mln HUD-insured Mortgage Loan For Foundry Lofts - Quick Facts
(RTTNews) - Forest City Enterprises, Inc. (FCEA, FCEB) said that a subsidiary closed a $46.1 million HUD-insured mortgage loan for Foundry Lofts, a 170-unit, 80/20 multifamily apartment building at The Yards, Forest City's mixed-use project in southeast Washington, D.C. The 41-year financing, at a 4.66 percent interest rate, was completed through a risk-sharing program between the District of Columbia Housing Finance Agency and the U.S. Department of Housing and Urban Development, and was funded by a total of $47.7 million of New Issue Bond Program bonds.
The NIBP program, which was implemented as part of the Housing and Economic Recovery Act of 2008, is designed to help provide market liquidity for bonds that housing finance agencies use to provide financing.
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