Ramco-Gershenson Properties Trust, Farmington Hills, Mich., has announced the early repayment (without penalty) of $99.3 million of mortgage loans secured by 10 of the company's assets.The loans from Lincoln National Life Insurance Co. carried a blended interest rate of 8.3% and were due to mature on Jan. 10, 2006, the real estate investment trust said. The loans were repaid through an interim secured term facility with KeyBank, which took an assignment of the mortgages, leases, and rents along with a repayment guaranty. The new loan bears interest at 140 basis points over the London interbank offered rate and matures on Dec. 29, 2005. The shopping center REIT can be found on the Web at http://www.ramcogershenson.com.
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