BROOKLYN, N.Y., Dec. 23 (UPI) -- The New Jersey Nets' owner said Wednesday he has closed on $511 million in public financing needed to proceed with a new arena in New York's Brooklyn borough.
In a release, Charles Ratner said his company, Forest City Enterprises Inc., along with the Empire State Development Corp., the Metropolitan Transportation Authority, the city of New York and other parties succeeded in lining up the financing for the $4.2 billion Atlantic Yards redevelopment project.
"Today's closing is a vital step forward in making a vision for the future of Brooklyn become a reality," Ratner said, adding that the deal "clears the way for additional work to proceed on the project, beginning with construction of the Barclays Center arena, the planned future home of the NBA Nets."
Opponents of the deal, however, are continuing to challenge the project in court, and have succeeded in delaying the project for several years, The Wall Street Journal reported.
But, it said, Wednesday marked the first time Ratner has had secured construction financing and the approval of New York's highest court to seize the property needed to build the arena.
