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Forest City secures $214.3M loan for Harlem’s East River Plaza

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Cleveland Real estate company Forest City Enterprises said Friday its subsidiary has converted a construction loan for the East River Plaza retail center in Manhattan to a $214.3 million term loan.

The loan matures in January 2019 and is through the same banks that provided the construction financing. Additionally, the State of New York, New York City and the Upper Manhattan Empowerment Zone all provided financing.

East River Plaza is a 527,000-sq.-ft. retail center in Harlem. The center is 93% leased and Costco, Target, Marshall's, PetSmart and Old Navy.

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