WP Glimcher to obtain $500 million term loan to pay off bridge loan

By Toni Weeks

San Luis Obispo, Calif., June 1 – Washington Prime Group LP, doing business as WP Glimcher, said it will obtain a new five-year $500 million term loan during the second quarter of 2015, the proceeds of which will be used to repay the remaining borrowings on its bridge loan, according to a press release.

The company also announced it took in $430 million from the formation of a joint venture with O’Connor Mall Partners, LP and has used those proceeds to pay $430 million under the bridge loan.

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

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