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Forest City Community Development Entity, LLC
Brooklyn NYCDFI Awards for Forest City Community Development Entity, LLC
NMTC (2009) - $55,000,000
Forest City Community Development Entity, LLC’s (“Forest City”) business strategy is to provide financing for real estate retail development projects located in highly distressed low-income communities. Forest City will make qualified low-income community investments which will either 1) increase the community impact of new investments by incorporating additional local, social service, and community-specific businesses at below-market rents; or 2) support investments of a scale which will initiate neighborhood revitalization. Forest City intends to offer gap filling equity investments and/or subordinate debt facilities exhibiting favorable characteristics, such as below-market interest rates, greater than market loan-to-cost ratios, and low upfront fees.
NMTC (2008) - $45,000,000
Forest City Community Development Entity, LLC"s (a€œForest Citya€) business strategy is to provide financing for real estate retail development projects located in highly distressed low-income communities. Forest City will make qualified low-income community investments which will either 1) increase the community impact of new investments by incorporating additional local, social service, and community specific businesses at below market rents; or 2) support investments of a scale which will initiate neighborhood revitalization. Forest City intends to offer gap filling equity investments and/or subordinate debt facilities exhibiting favorable characteristics such as below market interest rates, greater than market loan-to-cost ratios, and low up front fees.
NMTC (2005) - $51,000,000
The NMTC allocation will allow Forest City Community Development Entity, (FCCDE) LLC to introduce two new models for development: an "Enhanced Commercial Model" and a "Critical Mass Model." In the first model, FCCDE will use a portion of the economic benefit of the NMTC to lease its commercial space at below-market rates to local retailers. In the second model, FCCDE will use the NMTC to provide gap financing to make large-scale, high-impact developments feasible.
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