Forest City secures $214.3M loan for Harlem’s East River Plaza
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.
Target to help raise awareness for summer food program
ST. PAUL, Minn. Target is sponsoring the 2010 Vikings Children’s Fund Summer Lunch Program, which helps raise awareness for the U.S. Department of Agriculture’s Summer Food Service Program campaign, created by Second Harvest Heartland.
Target, along with the Minnesota Vikings, has pledged $300,000 to the effort. The Vikings Children’s Fund Summer Lunch Program, Presented by Target, has already secured more than 40 additional Summer Food Service Program meal sites, bringing the total number of summer meal sites in Minnesota to more than 450, according to a press release.
“Target has long been involved in the fight to end hunger both locally and nationally,” said Laysha Ward, president, Community Relations with Target. “We are pleased to join with the Minnesota Vikings, Second Harvest Heartland and all of Minnesota’s Feeding America food banks in an effort to positively impact child hunger in Minnesota.”
TRU sales up in Q1, but loss widens
WAYNE, N.J. Toys”R”Us reported that net sales for the first quarter of fiscal 2010 were $2.608 billion, an increase of 5.3% compared with $2.477 billion for the first quarter of fiscal 2009. Comparable-store net sales grew by 1.9% in the domestic segment, while comparable-store net sales declined by 1.4% in the international segment.
The company reported a net loss of $55 million for the first quarter of fiscal 2010, compared with a net loss of $35 million for the first quarter of fiscal 2009.
“We are very pleased with our operating results for the first quarter, driven by the team’s continued discipline in planning and achieving sales increases, expense control and margin enhancement,” said Jerry Storch, chairman and CEO of Toys”R”Us. “As we move forward, our focus remains on delivering differentiated product offerings, providing unique value and exceptional service to our customers, and preparing our stores for the all-important holiday selling season.”