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           14 October, 2019


    
Category:  Press » Finances

 

Cedar Shopping Centers Places $65 Million First Mortgage Loan on Camp Hill (Pennsylvania) Shopping Center

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2006-12-27 00:09:25     
Cedar Shopping Centers

Cedar Shopping Centers, Inc. (NYSE: "CDR") today announced that it has placed new first mortgage financing in the amount of $65 million on the Camp Hill Shopping Center in Camp Hill, Pennsylvania.

The loan will mature on January 1, 2017 with interest-only during the first five-year period. Interest is at 5.50% per annum; amortization is on a 30-year schedule starting in the sixth year. The lender is KeyBank N.A. of Kansas City, Missouri.

Proceeds from the loan will be used to retire the existing floating rate construction loan with an outstanding balance of $40.4 million. The excess proceeds will be used to reduce the Company's variable rate secured revolving credit facility by $25 million.

The Camp Hill Shopping Center was an enclosed 520,000 square foot mall when purchased in November 2002 for approximately $18.2 million. The property has since been "de-malled", which eliminated the interior mall area. The Center is anchored by a 167,000 square foot Boscov's department store, a 25,000 square foot Barnes and Noble and a 93,000 square foot Giant supermarket. It also features a newly-built 41,000 square foot medical office building for the Orthopedic Institute of Pennsylvania, four banks, two national restaurant companies, and a 42,000 square foot L.A. Fitness facility, which opened this month. Net income before debt for the property is expected to generate approximately $6 million annually starting in 2007 as compared to a low of approximately $700,000 when the Company first commenced construction.

Tom Richey, Vice President of Cedar's Development and Construction stated, "The completion of the Camp Hill Shopping Center project represents a 50% gain, or more than $30 million in value based upon the refinancing of the property, making it one of our more successful redevelopment projects to date. We are looking forward to working on the many other development and redevelopment projects in our pipeline."

About Cedar Shopping Centers

Cedar Shopping Centers, Inc. is a self-managed real estate investment trust focused on supermarket-anchored shopping centers and drug store-anchored convenience centers, which has realized significant growth in assets and shareholder value since its public offering in October 2003. The Company presently owns and operates 97 of such primarily supermarket- and drug store- anchored centers with an aggregate of approximately 10.1 million square feet of gross leasable area, located in nine states, predominantly in the Northeast and mid-Atlantic regions. The Company also owns 12 development parcels aggregating approximately 195 acres and has entered into purchase agreements for an additional 143 acres within the same geographic area.

Forward-Looking Statements

Certain statements contained in this press release constitute forward- looking statements within the meaning of the securities laws. Forward-looking statements include, without limitation, statements containing the words "anticipates", "believes", "expects", "intends", "future", and words of similar import which express the Company's belief, expectations or intentions regarding future performance or future events or trends. While forward-looking statements reflect good faith beliefs, they are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements as a result of factors outside of the Company's control. Certain factors that might cause such a difference include, but are not limited to, the following: real estate investment considerations, such as the effect of economic and other conditions in general and in the Company's market areas in particular; the financial viability of the Company's tenants; the continuing availability of shopping center acquisitions, and development and redevelopment opportunities, on favorable terms; the availability of equity and debt capital in the public and private markets; changes in interest rates; the fact that returns from development, redevelopment and acquisition activities may not be at expected levels; the Company's potential inability to realize the level of proceeds from property sales as initially expected; inherent risks in ongoing development and redevelopment projects including, but not limited to, cost overruns resulting from weather delays, changes in the nature and scope of development and redevelopment efforts, and market factors involved in the pricing of material and labor; the need to renew leases or re-let space upon the expiration of current leases; and the financial flexibility to refinance debt obligations when due. Such forward-looking statements speak only as of the date hereof. The Company does not intend, and disclaims any duty or obligation, to update or revise any forward-looking statements set forth in this release to reflect any change in expectations

Specialized in: Cedar Shopping - Mortgage Loan - Camp Hill
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