COLUMBUS, OHIO—Glimcher Realty Trust closed on an $82 million mortgage loan secured by Dayton Mall in Dayton, Ohio. The new loan has a fixed interest rate of 4.57 percent per annum and a 10-year term that requires interest-only payments for the first five years.
Loan proceeds were used to retire the $50.0 million term loan for Dayton Mall, with the remainder being used to reduce outstanding borrowings on the company’s credit facility.
“We are very pleased with the execution on this permanent financing for Dayton Mall,” said Mark E. Yale, executive vice president and CFO. “This solid execution further demonstrates the continuing stability in the current securitized debt market.”