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                                                                   EXHIBIT 10.51


                               AMENDMENT NO. 3 TO
                               TERM LOAN AGREEMENT


        THIS AMENDMENT NO. 3 TO TERM LOAN AGREEMENT (the "Amendment") is made
and entered into as of March 2, 2001, among NEW PLAN EXCEL REALTY TRUST, INC., a
Maryland corporation (the "Borrower"), FLEET NATIONAL BANK as the sole lender
under the hereinafter defined Loan Agreement ("Lender"), and FLEET NATIONAL
BANK, as administrative agent (in such capacity, the "Administrative Agent").

                                    RECITALS:

A.      The Borrower, the Lender and the Administrative Agent entered into that
certain Term Loan Agreement dated as of March 7, 2000, as amended by Amendment
No. 1 to Term Loan Agreement dated as of June 27, 2000, and Amendment No. 2 to
Term Loan Agreement dated as of November 3, 2000 (as amended, 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 the Maturity Date provided for in the
Loan Agreement be amended as hereinafter set forth.

C.      The Administrative Agent and the Lender 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.      Amendment of Definition of Maturity Date. The definition of
"Maturity Date" contained in Section 1.1 of the Loan Agreement, on page 13
thereof, is hereby deleted in its entirety and the following definition is
hereby inserted in lieu thereof:

                "Maturity Date" is the earlier of April 14, 2001 or the date on
                which the Notes shall become due and payable, whether by
                acceleration or otherwise.

        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, on or before March 5,
2001, of this Amendment duly executed and delivered by the Borrower, the
Administrative Agent, and the Lender, in sufficient copies for the Lender and
the Administrative Agent to receive an original thereof.


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        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 Lender
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. 3 to Term Loan Agreement as
of the date first above written.


                                          NEW PLAN EXCEL REALTY TRUST, INC.


                                          By: /s/ JOHN B. ROCHE
                                             -----------------------------------
                                                John B. Roche,
                                                Chief Financial Officer



                                          FLEET NATIONAL BANK, as Administrative
                                          Agent and a Lender


                                          By: /s/ DANIEL P. STEGEMOELLER
                                             -----------------------------------
                                             Daniel P. Stegemoeller,
                                             Director


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
   -----------------------------------
    John B. Roche,
    Chief Financial Officer



EXCEL REALTY TRUST - ST, INC.


By:  /s/ JOHN B. ROCHE
   -----------------------------------
    John B. Roche,
    Chief Financial Officer