Northtown Mall Gets $40-Mil Refi Through REIT

BLAINE, MN-The mortgage carries an initial 7.08% interest rate. The term is for two years with the possibility of a one-year extension. Columbus, OH-based Glimcher Realty Trust's operating partnership provided the new loan.

By Jim McCartney | September 05, 2001 at 01:01 AM

The new debt consists of an interest-only $40 million mortgage with an initial maturity of Aug. 31, 2003. The company has the right to extend the maturity for an additional yearproviding it complies with certain conditions at the time the extension is requested. The loan bears interest at the rate of LIBOR plus 350 basis points, which results in an initial interest rate of 7.08%.

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