Cedar paid approximately $8 million, including closing costs.
Philadelphia-based RAIT Investment Trust provided acquisition and redevelopment first mortgage financing. Terms and rates were not disclosed.
Homburg Invest (USA) Inc., which is a principal shareholder of Cedar, provided additional financing.
The U.S. arm of Homburg Invest Inc., which is based in Halifax, Nova Scotia, Canada, acquired shares representing an approximate 30%-stake in Cedar this January. The Cedar trust is administered by Cedar Bar Realty Advisors and invests primarily in multi-tenant, grocery-anchored shopping centers in eastern PA and southern NJ.
Conshohocken, PA-based Fameco Real Estate Corp. helped arrange the Swede Square transaction.
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