Cedar Realty Trust secures new credit for greater 'flexibility'
Cedar Realty Trust Inc., a New York-based real estate company with significant midstate holdings in shopping centers, has secured a new $310 million round of credit that the company says will replace its past secured credit and give it more flexibility.
“This unsecured credit facility improves our borrowing margin, extends our debt maturity profile and provides greater financial flexibility,” Cedar’s chief financial officer, Philip Mays, said in a statement.
The new credit is composed of a $260 million revolving credit facility and a five-year $50 million term loan, according to the company.
The company’s bank group for the facility included KeyBank, Bank of America, Manufacturers and Traders Trust Company, Regions Bank, TD Bank, Royal Bank of Canada, Capital One, Raymond James Bank and Goldman Sachs Bank USA.
In October of last year, Cedar sold seven of its supermarket-anchored shopping centers, including two in Cumberland County, in a $104 million deal.