Glimcher Closes $46-Mil Debt Refinancing

COLUMBUS, OH-Glimcher Properties Limited Partnership has completed the financing of a $38 million mortgage secured by River Valley Mall in Lancaster, OH and a $7.9-million mortgage secured by Barren River Plaza in Glasgow, KY. The River Valley debt has an initial maturity date of Dec. 31, 2004.

The proceeds of the loan are being used to repay a $33.4-million bridge loan that carried an interest rate of LIBOR plus 5% and a $4.8-million maturing mortgage loan that carried an interest rate of 8.75%.

The Barren River debt is a permanent mortgage loan that matures in 2012 and carries a fixed rate of interest of 7.62%. The loan proceeds were used to repay a maturing $7.5-million mortgage loan with a fixed rate of 8.75%.

As a result of these transactions, 10 community centers that previously secured the $33.4 million bridge loan are now unencumbered.

The company participates in the ownership, management, acquisition and development of enclosed regional and super-regional malls, value megamalls and community shopping centers.