The proceeds of the loan are being used to repay a $33.4-million bridge loan that carried an interest rate of LIBOR plus 5% and a $4.8-million maturing mortgage loan that carried an interest rate of 8.75%.
The Barren River debt is a permanent mortgage loan that matures in 2012 and carries a fixed rate of interest of 7.62%. The loan proceeds were used to repay a maturing $7.5-million mortgage loan with a fixed rate of 8.75%.
As a result of these transactions, 10 community centers that previously secured the $33.4 million bridge loan are now unencumbered.
The company participates in the ownership, management, acquisition and development of enclosed regional and super-regional malls, value megamalls and community shopping centers.
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