SCOTTSDALE, AZ-Glimcher Realty Trust has obtained a $70 million permanent loan from German American Capital Corp. to finance a land acquisition associated with its Scottsdale Quarter mixed-use project.

The loan facilitated Glimcher’s acquisition of the land under Phases I and II of Scottsdale Quarter and allowed the REIT to consolidate the leasehold and fee positions. According to Glimcher’s financial filings, the REIT purchased the fee simple interest to roughly 14.5 acres from Sucia Scottsdale LLC for $96 million.

Arranged by George Smith Partners, the five-year, non-recourse loan has a rate of 4.91% percent. The conduit loan is collateralized by the ground lease on the 600,000-square-foot Scottsdale Quarter, according to Gary Mozer, principal and managing director of George Smith Partners. He arranged the loan, along with Josh Roseman, Steve Orchard and Scott Swisher, also of George Smith Partners.