Pennsylvania Real Estate Investment Trust closed on three non-recourse loans of
$402 million at an average interest rate of 4.06%, generating excess proceeds of
$85.3 million.
The new loans replaced mortgage loan balances of $316.7
million carrying an average interest rate of 5.30%,
"We have now addressed all of the company's debt maturities through June 2013
and have created a reduced base of long-term, fixed-rate interest costs from
which to grow earnings," said Andrew Ioannou, PREIT's senior vice president -
capital markets and treasurer.
The company has completed $495.8 million
of property-level financings to date in 2012, generating net proceeds of $102.9
million and a reduction in average interest rate of 129 basis points, from 5.54%
to 4.25%.
The respective loans are secured by Cherry Hill Mall,
Cumberland Mall and Christiana Center.
Cherry Hill Mall in Cherry Hill,
NJ, is a 1.3 million-square-foot super-regional mall with sales per square foot
of $630 as of June 30, 2012. Cherry Hill Mall is anchored by Nordstrom, Macy's
and JCPenney and underwent a comprehensive redevelopment and renovation in 2009,
transforming the center into the premier shopping and dining destination in
southern New Jersey.
Cumberland Mall in Vineland, NJ, is a
944,000-square-foot regional mall anchored by JCPenney, Boscov's and Burlington
Coat Factory with sales per square foot of $324 as of June 30.
Christiana Center in Newark, DE, is a 303,000-square-foot power center
anchored by Costco and Dick's Sporting Goods.
www.omegare.com
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