Cleveland-based KeyCorp. has announced that its real estate capital business has completed a $150 million syndicated transaction for Glimcher Realty Trust.KeyBank Real Estate Capital served as the sole lead arranger and administrative agent for the three-year secured line of credit, which was then syndicated, thereby helping Glimcher reposition its portfolio to free up capital for future acquisition and development opportunities, the company said. "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," said Michael P. Glimcher, president of Glimcher Realty. KeyCorp can be found on the Web at http://www.key.com.
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