The Last Nail In The Coffin For Atlantic Yards Resistance?
By Neil Gronowetter, Broker - Multifamily Apartment Building Complex
(Multifamily Investor)
Developer Bruce Ratner now has most of the cash he needs to build a new Nets arena in Brooklyn for his Atlantic Yards project. Ratner sold $511 million in tax-free bonds to pay for the arena. "The overwhelming support from investors is a good sign of confidence in this project and in the city," he said. Ratner had to beat the clock to sell the bonds because the IRS has barred using such tax-free financing for sports stadiums starting January 1, 2010. According to the developer, orders from institutional investors across the board were almost four times the supply of bonds, which generated $511 million at a 6.48% interest rate. Co-lead underwriters for the deal were Goldman Sachs and Barclays Capital. Earlier this month, the bond offering, issued through the Brooklyn Arena Local Developm...
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