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.


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.


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.


"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."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.