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Business

Mall company refinances

A Port Washington-based shopping mall investment company has arranged a new $33 million mortgage on three of its properties.

Cedar Shopping Centers Inc. on Tuesday said the 5-year, 5-percent fixed-rate mortgage loan was made by New York Life Insurance Co.

The three mortgaged properties are all in Pennsylvania and are anchored by Giant Food Stores. They are Blue Mountain Commons in Harrisburg;  Town Square Shopping Center in Temple; and Sunset Crossing  in Dickson City.

The properties are owned by a joint venture with RioCan Real Estate Investment Trust of Toronto, Canada. Riocan owns 80 percent of the joint venture and Cedar the remainder.

The mortgage will bring $7 million in net proceeds to Cedar, which it will use to reduce a separate, variable-rate line of credit.

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