4-state shopping center deal
The Port Washington-based real estate investment trust Cedar Shopping Centers Inc. has closed on mortgages valued at $65.2 million for six shopping centers.
The six loans, for properties Cedar bought in October, are 10-year fixed-rate first mortgages.
The properties are in Maryland, Virginia, Pennsylvania and New Jersey.
Cedar bought the properties in a joint venture with RioCan Real Estate Investment Trust, of Toronto, Canada. Cedar said it got $13.2 million in refunds related to the closing of the loans, and RioCan got back $51.7 million.
One loan was provided by Bank of America, and the others were handled by Goldman Sachs Commercial Mortgage Capital LP.
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