In the Region Prime refinances first-mortgage loan on...


November 03, 2001

In the Region

Prime refinances first-mortgage loan on Va. outlet mall

Prime Retail Inc. said yesterday that it has refinanced a $32.5 million first-mortgage loan on Prime Outlets at Williamsburg, an outlet mall in Virginia.

The new loan, from Prudential Mortgage Capital Co. LLC, has a 10-year term and a fixed interest rate of 7.69 percent, Prime said.

Prime has a 30 percent stake in the center, in a joint venture partnership with Estein & Associates. The joint venture paid a $10 million promissory note to Prime, leaving the company, after closing costs, with $6.2 million that it will use to pay down a mezzanine loan with an outstanding balance of $65.9 million.

Baltimore-South America cargo business increases

A consortium of 11 container carriers has added service between Baltimore and two South American ports, state transportation officials said yesterday.

The "Tango" service will bring discount shoes, automobile parts and machinery to Baltimore from Buenos Aires, Argentina, and Rio Grande, Brazil, officials said. The change could increase the port's intake from South America - now about one-third of the container business at public marine terminals here - by up to 12 percent.

Four shipping lines have been added to the consortium, increasing the potential to attract more cargo.

New Pan Am sets start of BWI-Bangor flights

Pan American Airways will start offering flights between Bangor, Maine, and Baltimore-Washington International Airport Dec. 6, airport officials said yesterday.

The small New Hampshire-based airline also will offer one daily flight connecting BWI with Orlando's Sanford International Airport and St. Petersburg-Clearwater International airport near Tampa, Fla., filling some of the gap that will be left when US Airways' MetroJet operation stops flying next month.

6 assisting-living facilities acquired by Somerford

Somerford Corp. said yesterday that it has bought six more assisted-living facilities, including its first general assisted-living centers. The company had previously specialized in facilities for residents with Alzheimer's disease and other forms of dementia.

Somerford, based in Gaithersburg, bought the units, including facilities in Hagerstown and Frederick, from Wisconsin-based Alterra Healthcare Corp.

Operated by former Manor Care Health Services executives, Somerford now has 13 assisted-living facilities, including one in Annapolis and one that opened this week in Columbia.


UPS raising rates for ground-shipping, overnight, others

United Parcel Service Inc. said yesterday that it will raise its ground-shipping rate 3.5 percent effective Jan. 7.

Overnight and two-day express services will jump 4 percent, and international shipping will increase 3.9 percent.

UPS also is increasing the fee for residential deliveries a nickel, to $1.10, and the fee for air express deliveries to homes will be $1.10 higher than the charge for taking those packages to businesses. UPS also said it is retaining a 1.25 percent temporary fuel surcharge it began in August 2000.

Lenox closing its last U.S. crystal stemware plant

Lenox Inc. said yesterday that it will close its last crystal stemware manufacturing plant in the United States by the end of January, putting 158 employees out of work, because of falling sales of fine crystal stemware.

The plant was built in 1970 as the first glass factory in the nation devoted to hand-blown lead crystal. The company will replace the U.S.-made products with foreign-made goods under the same brand names.

This column was compiled from reports by Sun staff writers, the Associated Press, Bloomberg News and Reuters.

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