REIT Closes $65.2M Of Mortgages On Shopping Center Properties

Cedar Shopping Centers Inc. has closed on 10-year fixed-rate first-mortgage financing on six primarily supermarket-anchored properties purchased in October on behalf of the joint venture between Cedar and Toronto-based RioCan Real Estate Investment Trust.

The properties are located in New Jersey, Pennsylvania, Maryland and Virginia, and the loan amounts range from $6.3 million to $10.92 million. The approximate loan-to-value ratio for each loan is 55%.Â

Bank of America provided one of the loans, and the other five loans were arranged by Goldman Sachs Commercial Mortgage Capital LP. In each case, the loans are at par (no fees) and for a term of 10 years, with an amortization schedules of 30 years, Cedar Shopping Centers and RioCan say. The weighted average interest rate for the six loans is 5.06%. None of the loans are either cross-collateralized, and all are nonrecourse and subject to normal exceptions, the companies explain.

SOURCES: Cedar Shopping Centers, RioCan


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