Forest City Enterprises, owner of Charleston Town Center, announced Monday it has closed a deal for a new, $465 million credit facility with a 14-member bank group.
The new credit facility replaces the company's existing $425 million revolving credit facility, which was due to mature in March 2014.
President and CEO David LaRue said the new facility offers better pricing and gives the company greater flexibility in managing its business.
"This new credit facility is another step in positioning Forest City to take advantage of opportunities in our core markets and products," LaRue said.
The three-year deal includes a one-year extension option and allows additional banks to join the group, up to a maximum credit line of $500 million.
Listed on the New York Stock Exchange, Forest City is a national commercial and residential real estate company managing over $10.7 billion in total assets.
Institute launches farm jobs project
The Kanawha Institute for Social Research and Action, or KISRA, on Monday announced a new jobs project targeting local fathers in need of work.
The Growing Jobs Project is a federally subsidized employment strategy that organizers say will create nearly two dozen jobs through the operation of an urban farm, two greenhouses, a commercial kitchen and a farmers market.
KISRA will also have a mobile food truck equipped with a full kitchen to prepare and sell food at local events. The truck will also be used to deliver greenhouse products to area residents.