Glimcher Realty Trust (GRT) on Wednesday said that it had recently completed a $42.25 million mortgage loan financing on Colonial Park Mall located in Harrisburg, PA. The new loan has a three-year maturity and a floating interest rate of LIBOR plus 1.65% per annum with no principal amortization.
U.S. Bank National Association originated the loan. The company has swapped to an all-in fixed rate of 4.97% on the loan for the first two years. Net proceeds from the financing were used to pay down outstanding borrowings on its credit facility. The new loan replaces the previous $32 million financing on the property that matured and was repaid in October 2007.
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