PHILADELPHIA-Pennsylvania Real Estate Investment Trust has refinanced mortgages on two malls in Pennsylvania and one in Maryland for a total of $146.1 million.

The Philadelphia-based REIT refinanced loans on the Lycoming Mall, in Pennsdale, PA, the Viewmont Mall in Scranton, PA and the Francis Scott Key Mall in Frederick, MD. The company said the loans were refinanced at an average interest rate of 3.91% over terms of five years and generated proceeds of about $9.7 million. The new deals reduced average interest rates by 172 basis points, after the effect of interest rate swaps on the loans, company officials note.

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