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Ramco-Gershenson Secures $25 Million in New Long Term Financing

Detroit - Ten of the trusts properties serve as collateral.

By Robert Carr | Updated on August 28, 2000

Southfield-based Ramco-Gershenson Properties Trust (NYSE: RPT) recentlyannounced that it has closed on $25 million in fixed rate long term debtfinancing with Lincoln National Life Insurance Company.The loan is an expansion of an existing mortgage facility with LincolnNational, which is scheduled to expire in January 2006. The total obligationis now $111 million with a blended interest rate of 8.3%. Ten of the trust’sproperties serve as collateral.”We were very pleased to have reached this agreement with Lincoln National,”said Dennis Gershenson, president and chief executive officer. “Even withthe expanded debt, the loan to value ratio on these specific assets is lessthan 65%.

” We were able to achieve the new loan amounts as a direct result ofour redevelopment efforts, which significantly increased the value of almostevery one of the centers that secure this obligation. Our intent is to usethe proceeds primarily to pay down our short term, variable rate debt. Aportion of the funds will be used to complete our 2000 business plan.”

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