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BALTIMORE, MD-Prime Retail Inc. has gotten a two-month extension on $26.4 million on mortgages totaling $26.4 million. They had been scheduled to come due on June 10, REIT officials announced.

Prime Retail Inc. extended the terms and maturity date through Aug. 10, 2001 for a $16.4 million first mortgage secured by Prime Outlets at Edinburgh and a $10 million first mortgage secured by Prime Outlets at Birch Run. The Edinburgh site is a 298,000-sf outlet center located in Edinburgh, IN, and the Birch Run site is a 724,000-sf outlet center in Birch Run, MI. Prime Retail, through an affiliate, as a 30% joint venture ownership in Prime Outlets at Birch Run.

Last year Prime Retail Inc. sold four of its outlets–in Gilroy, CA; Michigan City, IN; Waterloo, NY and Kittery, ME–to reduce its debt load, after defaulting on a $20 million loan from FBR Asset Investment Corp. The company earlier this year announced it wouldn’t pay stock distributions due to the terms of a mezzanine loan that closed in December.

Prime Retail’s outlet portfolio includes 46 outlet centers in 25 states and Puerto Rico, totaling 12.9 million sf. As of May 31, its outlets were 89.5% occupied. It also owns two community shopping centers with 227,000 sf and 154,000 sf of office space.

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