The interest-only loan has a rate of Libor plus 1.5%, accordingto information released by Vornado this week. It matures in March2011 with two one-year extension options. The source of the fundingwas not released.

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The mall area subject to the loan totals approximately 950,000sf, with about 40% of that leased to anchors Century 21, WholeFoods and Target, according to a spokesman. Vornado also plans todevelop another 250,000 sf of retail on an adjacent 27.5 acres.

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The funding comes as Nordstrom Rack, that chain's off-pricedivision, prepares to open a new 35,000-sf store in the mall. It'sthe company's first Nordstrom Rack in New Jersey.

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"We've wanted a Nordstrom Rack in New Jersey for many yearsnow," says Scott Meden, president of the division. "We're excitedto offer customers here their own Rack location."

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The redevelopment of the shopping center was first revealed in2005 and carried an estimated price tag at the time of $102 million. Theprojected completed date of late 2008 has now been moved to early2009. Along the way, the property has shed anchors Macy's and Valuebut has added, besides those mentioned, Filene's Basement,Marshalls and Saks Off Fifth.

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Built as an open mall in the late 1950s, the original BergenMall was enclosed in the early 1970s. It was acquired by Vornadofrom Simon Property Group in late 2003 for $145 million.

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