Cleveland-based KeyBank Real Estate Capital provided the secured line of credit through a fully underwritten commitment and subsequent syndication. Other banks that participated in the syndication include: Bank One, LaSalle Bank, Huntington Bank, National City Bank, First Merit Bank and First Tennessee Bank. The transaction follows a $114 million permanent mortgage loan made in October to Glimcher for the Mall at Fairfield Commons, near Dayton, OH.

The new permanent mortgage loan for Fairfield Commons strengthened Glimcher's financial position by replacing variable debt, scheduled to mature in the next 15 months, with a long-term fixed-rate debt. The $150 million three-year credit facility replaces an existing line of credit that was scheduled to mature on January 31, 2004. Glimcher used $95 million from the new credit facility to repay outstanding debt on a previous credit facility and maturing bridge loans, and to pay accrued interest and costs.

"The new credit facility lowers our interest rate cost, creates additional borrowing capacity and allows us to maintain a large pool of unencumbered community center properties," says Glimcher President Michael Glimcher.