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Cedar Gets $21M Bridge Loan for Mall

EGG HARBOR TWP., NJ-Tied to the funding, the 626,000-sf enclosed regional shopping center will be repositioned by its owners.

By Eric Peterson | Updated on September 10, 2008

EGG HARBOR TWP., NJ-Cedar Shopping Centers has picked up a $21-million bridge loan for its Shore Mall, a 626,000-sf enclosed regional shopping center on 73.3 acres. The property is at the intersection of the Garden State Parkway and Blackhorse Pike about eight miles west of Atlantic City and has an adjacent undeveloped 50-acre parcel.

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.

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