GMH received net proceeds of approximately $29.6 million fromLos Angeles-based SCI from the sale of Seminole Suites inTallahassee, FL and University Crossing in Manhattan, KS. SCI alsoassumed $31.8 million of existing mortgage debt on theproperties.
GMH has used $16.8 million of the proceeds to repay indebtednesson its revolving note facility with Merrill Lynch. The remaining$12.8 million in proceeds may be used for general working capitalor to repay additional debt under the Merrill Lynch note facilityduring this year's third quarter.
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