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STOCKTON, CA-Glimcher Realty Trust recently completed a $60-million permanent mortgage loan financing on the Weberstown Mall here. The loan replaces a previous $19-million financing on the 850,000-sf center that matured on May 1. The new mortgage loan has an interest rate of 5.90% and matures in 10 years with no amortization.

One of the dominant shopping destinations in California’s Central Valley, Weberstown Mall is anchored by the state’s first Dillard’s store as well as JC Penney, Sears, and Barnes & Noble. Some of the other 70 tenants include American Eagle Outfitters, Anchor Blue, The Children’s Place, Finish Line, Gap/babyGap/GapKids, Journeys, Limited Too, Disney Store, Barnes & Noble, California Pizza Kitchen, Talbots and Victoria’s Secret.

Net proceeds from the financing were used to pay down outstanding borrowings on its credit facility. As a result, Glimcher officials say its variable rate debt exposure has fallen to less than 15% of total borrowings.

With funding of the Weberstown loan, officials of Columbus, OH-based Glimcher say the REIT has completed the refinancing of all property debt maturities for 2006. Earlier this month, as part of its plan to dispose of non-core assets, Glimcher announced its intention to sell five of its regional mall properties. The properties included in the sale are: the Almeda (797,393-sf) and Northwest (794,104 sf) malls in Houston; Eastland Mall in Charlotte, NC (1 million sf); Montgomery Mall in Montgomery, AL (726,883 sf); and the University Mall in Tampa, FL (1.3 million sf).

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