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BEACHWOOD, OHIO — Developers Diversified Realty Corp. (DDR) has refinanced its $550 million senior secured term loan that was set to mature next February. The new financing consists of a $500 million senior secured term loan with a 39-month term and a 12-month extension option. The lending group consists of 21 financial institutions. KeyBanc Capital Markets and J.P. Morgan Securities arranged the financing. DDR also amended its two senior unsecured revolving credit facilities with a two-year extension and a lower capacity.