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Cedar Obtains $6M Bridge Loan on Camp Hill Mall

PHILADELPHIA-As was suggested last November when the Port Washington,

By Marita Thomas | Updated on March 17, 2003

PHILADELPHIA-Hackensack, NJ-based SWH Funding Corp. and Newbridge Realty Capital have provided a $6-million bridge loan to Port Washington, NY-based Cedar Income Fund Partnership for Camp Hill Mall in Camp Hill, PA. Cedar acquired the 522,629-sf property and its eight outbuildings on 44.32 acres in suburban Harrisburg for $18 million in November 2002.

Since the purchase, Cedar has been able to negotiate letters of intent that would re-tenant a substantial portion of the center, according to SWH. The REIT plans to redevelop the mall, including a vacant 89,000-sf Montgomery Ward unit.

The interest rate of the loan is undisclosed. “Based on the projected amortization payments,” SWH reports, “the loan should self-liquidate in 20 months, but there is some flexibility to allow amortization to extend to 31 months.”

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