Cedar Shopping Centers Gets $300M Credit Facility

PORT WASHINGTON, NY-Cedar Shopping Centers–the Port Washington, NY-based shopping center REIT–said on Monday that it received an extension of its $300-million secured revolving credit facility. The credit extension was syndicated by a nine-member group led by Bank of America.

Cedar Shopping Centers owns and operates around 12.1 million square feet of supermarket-anchored shopping centers. Canvassing nine states, the company’s reach extends from Virginia to Massachusetts.

Company CFO Larry Kreider says, in a press release, that Cedar will have no debt obligations maturing until 2010. He added that Cedar anticipates arranging another extension beyond 2010, or a new three-year facility to help finance $228 million in developments that had been put in place this past June and September.