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.
"We believe this financing demonstrates our lenders' recognition of the value we are creating through our redevelopment of Cherry Hill Mall," says Preit chairman and CEO Ronald Rubin. "We have made significant progress to date and are excited about the new stores and restaurants we are adding to the mall that enhance it."
Currently anchored by Macy's and JC Penney, Cherry Hill Mall and its ongoing redevelopment will get a big boost when Nordstrom's opens in about a year. To date, the redevelopment has already added Aerie, Armani Exchange and Hollister to the mall proper, and Crate & Barrel and the Container Store on outparcels.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
