While some people are looking at this as bad news, real estate firm Forest City Ratner Companies consider it good news that it has obtained a two-year extension for its loan earmarked for its Atlantic Yards project in Brooklyn. On top of a string of lawsuits that the company is facing for allegedly causing the condemnation of too many properties to give way to its project, it is also bound to pay its $177 million Gramery Capital Corporation loan due this month.

It seems good fortune is still with Forest City as it has successfully struck a deal with Gramery to make a $15 million immediate payment while also committing to give lump sums in its succeeding payments. Forest City Enterprises president and chief executive officer Charles A. Ratner is looking at the recent development as a step towards the realization of using the Atlantic Yards project to revitalize the economy, creating jobs and providing affordable housing for Brooklyn.

That’s quite an ambitious vision for the Atlantic Yard which is a 22-acre development and which will include eight million square feet of apartments, offices, stores and a basketball arena.