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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%.

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