PORTLAND, Ore. — GlimcherLP, an operating partnership of Columbus, Ohio-based Glimcher Realty Trust, has completed the refinancing of a maturing $130 million mortgage secured by the Lloyd Center in Portland, Ore. The closing of this transaction marks the completion of the refinancing of all of Glimcher’s major debt maturities in 2001.
The new debt consists of a $130 million mortgage with an initial maturity of Nov. 10, 2003. Glimcher has three one-year extension options available under the loan. The initial interest rate on the loan is 6.25%. The proceeds of the loan were used to repay a maturing $130 million mortgage on the property.