Cedar Wraps up $65.2M in Mortgage Loans on Six Shopping Centers
- Nov 30, 2010
November 30, 2010
By Allison Landa, News Editor
Cedar Shopping Centers Inc. has closed on 10-year fixed-rate mortgage financing for a six-property suite purchased in October. The primarily supermarket-anchored properties were bought on behalf of a joint venture between Cedar and RioCan Real Estate Investment Trust, a Canadian firm.
The approximate loan-to-value ratio of each loan is 55 percent.
The properties and respective loan amounts are: the 148,000-square-foot Cross Keys Place in Sewell, N.J., $14.6 million; the 85,000-square-foot Gettsyburg Marketplace in Gettysburg, Penn., $10.9 million; the 305,000-square-foot York Marketplace in York, Penn., $16.1 million; the 108,000-square-foot Northland Center in State College, Penn., $6.3 million; the 68,000-square-foot Marlboro Crossroads in Upper Marlboro, Md., $6.9 million; and the 111,000-square-foot Towne Crossing in Midloathian, Va., $10.5 million.
The loan on Cross Keys was provided by Bank of America, N.A., while the other five were arranged by Goldman Sachs Commercial Mortgage Capital, L.P. Cedar is a real estate investment trust that concentrates primarily on ownership, operation, development and redevelopment of supermarket-anchored shopping centers in coastal mid-Atlantic and New England states, while RioCan is Canada’s largest real estate investment trust with a total capitalization of approximately $10 billion as of Sept. 30.