EXHIBIT 10.1

AMENDMENT NO. 1 TO
TERM LOAN AGREEMENT

     THIS AMENDMENT NO. 1 TO TERM LOAN AGREEMENT (the “Amendment”) is made and
entered into as of September 6, 2001, among NEW PLAN EXCEL REALTY TRUST, INC., a
Maryland corporation (the “Borrower”), FLEET NATIONAL BANK, CITIZENS BANK OF
RHODE ISLAND, SUNTRUST BANK, COMPASS BANK, COMERICA BANK and WELLS FARGO BANK,
NATIONAL ASSOCIATION as the Lenders under the hereinafter defined Loan Agreement
(collectively, “Lenders”), and FLEET NATIONAL BANK, as administrative agent for
the Lenders (in such capacity, the “Administrative Agent”).

RECITALS:

     A.     The Borrower, the Lenders and the Administrative Agent entered into
that certain Term Loan Agreement dated as of May 9, 2001 (the “Loan Agreement”;
capitalized terms used in this Amendment which are not otherwise defined herein
shall have the meaning ascribed to such terms in the Loan Agreement).

     B.     The Borrower has requested that certain provisions provided for in
the Loan Agreement be amended as hereinafter set forth.

     C.     The Administrative Agent and the Lenders are agreeable to such
request, subject to the terms of this Amendment.

     NOW THEREFORE, for and in consideration of the mutual promises and mutual
agreements contained herein, and for other good and valuable consideration, the
receipt of which is hereby acknowledged, the parties hereto do hereby agree as
follows:

     1.     Amendments to Loan Agreement.

             (a)        The definition of “Advance Termination Date” contained
in Section 1.1 of the Loan Agreement, on page 1 thereof, is hereby deleted in
its entirety and the following definition is hereby inserted in lieu thereof:

     “Advance Termination Date”: October 31, 2001.

             (b)        Section 8.3(1) of the Loan Agreement, on pages 52 and 53
thereof, is hereby deleted in its entirety and the following paragraph is hereby
inserted in lieu thereof:

  "(1) repurchases of any common or preferred stock or other equity interests
(or securities convertible into such interests) in the Borrower that have been
previously issued by the Borrower which do not exceed, in any calendar year,
(1) 10% of the aggregate outstanding shares of common and preferred stock and
other equity interests in Borrower as of the date hereof, in any combination,
plus (2) 10% of the aggregate of any additional shares of common

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  and preferred stock and other equity interests in Borrower issued after the
date hereof, in any combination;”.

     2.     Reaffirmation of Guaranty. Each Subsidiary Guarantor is executing
this Amendment to evidence its consent and agreement to the terms hereof. Each
Subsidiary Guarantor confirms that the Subsidiary Guaranty is in full force and
effect in accordance with the terms thereof and continues to be the binding
obligation of each Subsidiary Guarantor.

     3.     Effectiveness of Amendment. The effectiveness of this Amendment is
subject to the receipt by the Administrative Agent of this Amendment duly
executed and delivered by the Borrower, the Administrative Agent, and the
Lenders, in sufficient copies for the Borrower, the Lenders and the
Administrative Agent to receive an original thereof.

     4.     No Other Amendments. Except to the extent amended hereby, all terms,
provisions and conditions of the Loan Agreement shall continue in full force and
effect and shall remain enforceable and binding in accordance with its terms.

     5.     Governing Law. This Amendment shall be governed by and construed in
accordance with the laws of the State of New York.

     6.     Counterparts. This Amendment may be executed in any number of
counterparts, all of which when taken together shall constitute one and the same
document, and each party hereto may execute this Amendment by signing any of
such counterparts.

     7.     Successors and Assigns. This Amendment shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and
assigns.

     8.     Trust Limitation for New Plan Realty Trust. This Amendment and all
documents, agreements, understandings and arrangements relating to this
transaction that have been negotiated, executed and delivered on behalf of New
Plan Realty Trust (“NPRT”) have been so negotiated, executed and delivered by
the trustees or officers thereof in their respective capacity under the
Declaration of Trust, and not individually, and bind only the trust estate of
NPRT, and no trustee, officer, employee, agent or shareholder of NPRT shall be
bound or held to any personal liability or responsibility in connection with the
agreements, obligations and undertakings of NPRT hereunder, and any person or
entity dealing with NPRT in connection therewith shall look only to the trust
estate for the payment of any claim or for the performance of any agreement,
obligation or undertaking thereunder. The Administrative Agent and the Lenders
hereby acknowledge and agree that each agreement and other document executed by
NPRT in accordance with or in respect of this transaction shall be deemed and
treated to include in all respects and for all purposes the foregoing
exculpatory provision.

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     IN WITNESS WHEREOF, the parties hereto have caused their duly authorized
officers to execute and deliver this Amendment No. 1 to Term Loan Agreement as
of the date first above written.

          NEW PLAN EXCEL REALTY TRUST, INC       By: /s/ JOHN B. ROCHE

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      John B. Roche,       Chief Financial Officer       FLEET NATIONAL BANK, as
Administrative     Agent and a Lender       By: /s/ DANIEL P. STEGEMOELLER

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      Daniel P. Stegemoeller,       Director       CITIZENS BANK OF RHODE ISLAND
      By: /s/ CRAIG E. SCHERMERHORN

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      Craig E. Schermerhorn,       Vice President       SUNTRUST BANK      
By:/s/ NANCY B. RICHARDS

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      Nancy B. Richards,       Vice President       COMPASS BANK       By:/s/
CHRISTOPHER M. ROGERS

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      Christopher M. Rogers,       Vice President

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            COMERICA BANK       By:/s/ CASEY OSTRANDER

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      Casey Ostrander,       Account Officer       WELLS FARGO BANK, NATIONAL  
  ASSOCIATION       By:/s/ WALTER C. SIEROTKO, JR.

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      Walter C. Sierotko, Jr.,       Vice President

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Each of the following Subsidiary
Guarantors consents and agrees to
the terms of this Amendment and the
provisions of Section 2 thereof:

    NEW PLAN REALTY TRUST   By:/s/ JOHN B. ROCHE

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  John B. Roche,   Chief Financial Officer   EXCEL REALTY TRUST - ST. INC.  
By:/s/ JOHN B. ROCHE

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  John B. Roche,   Chief Financial Officer

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