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Article: Cedar Shopping Centers, Inc. Announces Pay Off of Existing First Mortgages on Two Properties.
- Article from:
- PR Newswire
- Article date:
- December 30, 2004
CopyrightCOPYRIGHT 2004 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Cedar Shopping Centers, Inc., a real estate investment trust listed on the New York Stock Exchange (symbol: "CDR") (the "Company"), today announced that it had paid off two variable rate floating-rate first mortgage loans aggregating approximately $11.8 million from Bouwfonds Property Finance B.V., an affiliate of the ABN/Amro Bank of the Netherlands. The loans had been placed on the Company's Wal-Mart Shopping Center in Southington, Connecticut and the Valley Plaza Shopping Center in Hagerstown, Maryland, when acquired in 2003.
The payoff was funded by a draw on the Company's revolving secured floating-rate credit facility and will result in savings to the ...