ELIZABETH, NJ-Gilmcher Realty Trust of Columbus, OH reports it has closed on a $350-million mortgage loan secured by New Jersey's largest outlet mall--The Outlet Collection | Jersey Gardens.
The company states that the new loan has a fixed interest rate of 3.83% per annum with a maturity date in November 2020. Loan proceeds were used to retire the existing $137.1-million secured mortgage on the property that had an interest rate of 4.83%. Additionally, approximately $148 million of the proceeds were used to reduce all outstanding borrowings on the company's secured and unsecured credit facilities with the balance held as working capital, company officials state.
“We are quite pleased with the strong execution on this refinancing for Jersey Gardens,” states Mark E. Yale, executive vice president and CFO of Gilmcher Realty Trust. “We moved quickly to take advantage of favorable market conditions, which we thought was prudent when considering the potential for capital markets volatility into fiscal year 2014.”
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