The funding is tied to an effort in the planning stages by thePort Washington, NY-based Cedar Shopping Centers to reposition theproperty. Shore Mall is currently anchored by a 152,000-sf Boscov'sdepartment store and an 85,000-sf Burlington Coat Factory. ForBoscov's, it's not one of the 10stores set to be shuttered by the chain under itsbankruptcy reorganization plan.

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Cedar acquired the shopping center and adjacent undeveloped sitein separate deals in early 2006 for a combined $36 million, buyingit from a group of partnerships that included Cedar chairman/CEOLeo Ullman as a limited partner.

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The 36-month, adjustable-rate loan was placed with OritaniSavings Bank, represented in-house by David Garcia. HollidayFenoglio Fowler LP's director John Taylor and senior managingdirector Jim Cadranell, both in the Florham Park, NJ office,arranged the loan.

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"A 36-month bridge loan provides the borrower with enough timeto devise a plan for repositioning the shopping center," Taylorsays. "It also provides a construction loan exit to implement theplan."

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