Forest City, Arizona State Retirement System launch $400 million fund for multifamily development

Manhattan skyline, New York City

CLEVELAND, OH /PRNewswire/ -- Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) and the Arizona State Retirement System (ASRS) announced the creation of a strategic capital partnership and a $400 million equity fund that will invest in multifamily development projects primarily in five core markets: New York City, Washington, D.C., Boston, Los Angeles, and San Francisco. 

Funding for the venture will be 75 percent from ASRS and 25 percent from Forest City. 

Washington, DC Skyline

The company estimates that more than two-thirds of its equity contribution to the fund is already represented by entitled development opportunities on its balance sheet.

 Equity from the fund will be paired with conventional project financing for an estimated aggregate development investment of approximately $800 million to $1 billion.

 Forest City will serve as fund manager.

For a complete copy of the company’s news release, please contact:

Robert O'Brien,

Executive Vice President

Chief Financial Officer

 +1-216-621-6060 or

 Jeff Linton, Senior

Vice President

Corporate Communication

+1-216-621-6060

Web Site: http://www.forestcity.net