X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BLAINE, MN-The owners of Northtown Mall recently refinanced their $40-million mortgage with Columbus, OH-based Glimcher Realty Trust. Glimcher officials say thecompany’s operating partnership, Glimcher Properties Limited Partnership, has completed the refinancing of a maturing $40-million mortgage that was secured by the Northtown Mall.

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%.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE 2020Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.