Don't look now, but Forest City Ratner is citing the credit crunch and "turmoil" in the credit markets and sort of admitting that it could have some trouble obtaining financing for the $4 billion Brooklyn project. This morning's Post relates an affidavit filed in an appeal of a court court case lost a couple of weeks ago by opponents of the project. The Post writes that "developer Bruce Ratner is running into trouble securing funding" for the project. The affidavit is actually a plea to the courts to speed up the lawsuits lest credit problem get worse while the litigation continues:
The credit markets are in turmoil at this time. Many lenders and bond insurers are facing financial difficulties and more are becoming much more cautious...There is a serious question as to whether, given the current state of the debt market, the underwriters will be able to proceed with the financing for the arena while the appeal is pending.The document asks the court to rule, and fast, while the developer can still get financing.
· Court Trouble: Ratner Admits Arena Funding Woes [NYP]
· Ratner Affidavit (warning: PDF) [NYP]