The funding is tied to an effort in the planning stages by the Port Washington, NY-based Cedar Shopping Centers to reposition the property. Shore Mall is currently anchored by a 152,000-sf Boscov's department store and an 85,000-sf Burlington Coat Factory. For Boscov's, it's not one of the 10 stores set to be shuttered by the chain under its bankruptcy reorganization plan.
Cedar acquired the shopping center and adjacent undeveloped site in separate deals in early 2006 for a combined $36 million, buying it from a group of partnerships that included Cedar chairman/CEO Leo Ullman as a limited partner.
The 36-month, adjustable-rate loan was placed with Oritani Savings Bank, represented in-house by David Garcia. Holliday Fenoglio Fowler LP's director John Taylor and senior managing director Jim Cadranell, both in the Florham Park, NJ office, arranged the loan.
"A 36-month bridge loan provides the borrower with enough time to devise a plan for repositioning the shopping center," Taylor says. "It also provides a construction loan exit to implement the plan."
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