Glimcher affiliates obtain $50 million term loan to refinance mortgage

By Marisa Wong

Madison, Wis., July 13 - Two affiliates of Glimcher Realty Trust entered into a term loan agreement with KeyBank NA on July 11, according to an 8-K filed Friday with the Securities and Exchange Commission. The borrowers under the $50 million term loan include Dayton Mall Venture, LLC and Glimcher Properties LP.

The companies entered into the term loan to refinance the existing mortgage loan for Dayton Mall in Dayton, Ohio. According to the filing, Glimcher Realty expects to obtain permanent mortgage financing for Dayton Mall prior to the new loan's maturity date, which is Oct. 11, 2012.

Borrowings under the term loan will bear interest at Libor plus 300 basis points.

Glimcher is a Columbus, Ohio-based real estate investment trust.

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