The REIT is using proceeds to repay an $11.064-million bridge loan at Libor plus 6% and a $3.851-million mortgage with interest at Libor plus 3%. These loans were to mature Jan. 31, 2003 and were secured by mortgages on 24 community centers.

By refinancing, Glimcher now has 31 unencumbered assets, which include 27 community centers and four single-tenant properties encompassing 3.1 million sf. In addition to reducing interest costs and strengthening the balance sheet, Michael P. Glimcher, president, says the new financing "also provides us with flexibility in re-tenanting of the vacancies created by the Ames and Kmart bankruptcies."

The new mortgage is secured by: Chillicothe Plaza, a 97,271-sf center in Chillicothe, OH; Audubon Village, a 120,849-sf center in Henderson, KY; Liberty Plaza, a 58,700-sf property in Morristown, TN; and Prestonsburg Village Center, a 175,347-sf center in Prestonsburg, KY.