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ELIZABETH, NJ-Glimcher Realty Trust, based in Columbus, OH, has completed a $165 million permanent mortgage refinancing totaling $165 million for its 1.3 million-sf enclosed Jersey Gardens Mall here. The financing carries a fixed rate of 4.83% and a maturity date of June 9, 2014. The mortgage is subject to a 30-year principal amortization schedule.

The actual borrowers are N.J. Metromall Urban Renewal Inc. and JG Elizabeth LLC, both wholly owned subsidiaries of GRT. Net proceeds are being used to repay $162.1 million of existing mortgage debt on the property, and to reduce outstanding borrowings on GRT’s credit facility, according to president Michael P. Glimcher.

Combined with a $30 million, two-year bridge loan for the Great Mall of the Great Plains in Olathe, KS, GRT’s total recent refinancing activity has amounted to $195 million. The owner of the 812,000-sf Great Mall is GM Olathe LLC, another GRT subsidiary.

“With the funding of the two loans, we have completed all of our major refinancing planned for this year,” says Glimcher. “These refinancings will allow us to maintain approximately 85% of our debt at fixed-interest rates. The weighted average interest rate for out fixed rate debt has now been reduced to 6.41%.”

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