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

"We believe this financing demonstrates our lenders' recognitionof the value we are creating through our redevelopment of CherryHill Mall," says Preit chairman and CEO Ronald Rubin. "We have madesignificant progress to date and are excited about the new storesand restaurants we are adding to the mall that enhance it."

Currently anchored by Macy's and JC Penney, Cherry Hill Mall andits ongoing redevelopment will geta big boost when Nordstrom's opens in about a year. To date, theredevelopment has already added Aerie, Armani Exchange andHollister to the mall proper, and Crate & Barrel and theContainer Store on outparcels.

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