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Terms of Recent Financings


Several REITs have arranged new financing deals in the past couple of weeks. I thought it might be interesting to run a little comparison of the terms. Here's what I've come up with.

Company Property Amount Rate Recourse Terms
Glimcher Realty Trust Morgantown Mall $40.0M LIBOR + 3.50% 50% 3 yrs w/ two 1-yr ext
Glimcher Realty Trust Northtown Mall $40.0M LIBOR + 3.00% 50% 3 yrs w/ 1-yr ext
Ramco-Gershenson Unsecured Facility $150.0M LIBOR + 1.15% - 1.50% N/A End of 09 w 1-yr ext
PREIT Unsecured Facility $40.0M LIBOR + 2.50% N/A N/A
PREIT Existing Facility $130.0M Swap to 5.33% fixed N/A N/A
PREIT Existing Facility $500.0M LIBOR + 1.40% N/A Exercised 14-month ext.
CBL & Associates Hanes Mall $164.0M 6.99% fixed None 10 yrs
CBL & Associates Rivergate Mall & Village at Rivergate $87.5M LIBOR + 2.25% 50% 3 yrs w/ two 1 yr ext and swap option
Cedar Shopping Centers Upland Square $77.7M LIBOR + 2.25% N/A 3 yrs w/ 1 yr ext
Macerich Co. Broadway Plaza $150.0M 6.11% fixed N/A 7 yrs
Macerich Co. Chandler Festival $29.7M 6.15% fixed N/A 7 yrs
Macerich Co. Chandler Gateway $18.9 6.15% fixed N/A 7 yrs
Macerich Co. South Towne Center $90.0M 6.25% fixed N/A 7 yrs
Macerich Co. Washington Square Mall $250.0M 6.00% fixed N/A 7 yrs

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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