The proceeds of the loan are being used to repay a $33.4-millionbridge loan that carried an interest rate of LIBOR plus 5% and a$4.8-million maturing mortgage loan that carried an interest rateof 8.75%.
The Barren River debt is a permanent mortgage loan that maturesin 2012 and carries a fixed rate of interest of 7.62%. The loanproceeds were used to repay a maturing $7.5-million mortgage loanwith a fixed rate of 8.75%.
As a result of these transactions, 10 community centers thatpreviously secured the $33.4 million bridge loan are nowunencumbered.
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