ELIZABETH, N.J. — Glimcher Realty Trust (NYSE: GRT) has closed on a $350 million mortgage loan secured by The Outlet Collection | Jersey Gardens, a 1.3 million-square-foot outlet mall in Elizabeth. The loan includes a fixed interest rate of 3.83 percent with a maturity date in November 2020. Loan proceeds were used to retire the existing $137.1 million secured mortgage on the property, which had an interest rate of 4.83 percent. Additionally, approximately $148 million of the loan was used to reduce all outstanding borrowings on the company’s secured and unsecured credit facilities. Glimcher began development of Jersey Gardens in 1997, and the mall opened in 1999. Close to Newark and New York City, the center is the largest outlet mall in New Jersey and a major tourist attraction, seeing approximately 18 million visitors a year from more than 160 countries, according to Gilmcher.
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