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Redeveloped Center Merits $65M Mortgage

CAMP HILL, PA-Having successfully de-malled Camp Hill Shopping Center, Cedar replaces a floating-rate construction loan with favorable terms on a new first mortgage.

By Marita Thomas | Updated on December 27, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

CAMP HILL, PA-Cedar Shopping Centers has placed a new $65-million first mortgage on Camp Hill Shopping Center. The Port Washington, NY-based REIT acquired the then-enclosed 520,000-sf center for $18.2 million in late 2002 and subsequently redeveloped and de-malled it, as GlobeSt.com reported, with a $49.5-million floating-rate construction loan from Citizens Bank of Pennsylvania.

The new funding will mature on Jan. 1, 2017. It is interest-only for the first five-year period. The interest is 5.5% a year and amortization is on a 30-year schedule beginning in the sixth year. The lender is Kansas City, MO-based KeyBank NA. In addition to retiring the outstanding $40.4 million on its initial loan, Cedar will reduce its variable-rate secured revolving credit facility by $25 million.

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