CHERRY HILL, NJ-Preit has picked up a $55-million supplemental financing of its one-million-sf Cherry Hill Mall here, the proceeds of which will be used to pay down part of the Philadelphia-based company’s revolving credit facility and for general corporate purposes. The loan was provided by Prudential Mortgage Capital Co. and Northwestern Mutual.

According to details released by Preit, the loan has a fixed interest rate of 5.5% and will mature in October 2012. The date coincides with that of an existing first mortgage on the property, put in place in September 2005 with the same lenders. The first 24 payments of the new loan will be interest-only, followed by principal and interest payments based on a 360-month amortization.

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