FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) has secured a $21 million bridge loan for Shore Mall, (top right photo) a 626,133-square-foot regional mall in Egg Harbor Township, New Jersey.Working on behalf of Cedar Shopping Centers, Inc., HFF director John Taylor and senior managing director Jim Cadranell (top left photo)
placed the 36-month, adjustable-rate loan with Oritani Savings Bank, represented by David Garcia. Cedar Shopping Centers, Inc. (NYSE: CDR) is a self-managed real estate investment trust focused on supermarket-anchored shopping centers and drug store-anchored convenience centers located predominantly in the Northeast.
“A 36-month bridge loan provides the borrower with enough time to devise a plan for the repositioning of the subject shopping center and provide a construction loan exit to implement the plan,” said Taylor.
“Identifying a lender with a strong grasp of the real estate fundamentals was critical to the transaction in today’s m
arket,” added Cadranell. The Shore Mall includes a 73.27-acre site and an additional adjacent 50-acre parcel at the intersection of The Garden State Parkway and Blackhorse Pike in Egg Harbor Township, eight miles west of Atlantic City.
The property is an enclosed regional shopping center anchored by Boscov’s Department Store and Burlington Coat Factory.
CONTACTS:
John N. Taylor, HFF Director, 973 549 2000, jtaylor@hfflp.com
Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com
No comments:
Post a Comment