PHILADELPHIA, PA—PREIT has completed the refinancings of Willow Grove Park and Springfield Mall with loans totaling $202.5 million that carry a weighted average interest rate of 3.97 percent, generating proceeds of $38.1 million and future annual interest expense savings of approximately $2.5 million on the prior loan balances. The Company will use proceeds to repay amounts outstanding under its 2013 Revolving Facility.
Terms of the transactions follow:
| Prior Loan Terms | New Loan Terms | |||||
| Amount | Amount | Term | ||||
| Property | (in millions) | Interest Rate | (in millions) | Interest Rate | (in years) | |
| Willow Grove Park | $ 133.5 | 5.65% | $ 170.0 | 3.88% | 10 | |
| Springfield Mall | 30.8 | 4.77% | 32.5 | 4.45% | 10 | |
| $ 164.4 | 5.49% | $ 202.5 | 3.97% | |||
"We are pleased to complete the refinancing of our remaining 2015 maturities at favorable terms," says Joseph F. Coradino, CEO of PREIT. "We have reduced our interest rates, generated proceeds and extended our debt maturities, which improve our balance sheet and contribute to future earnings."
Willow Grove Park is a dominant super-regional mall located in the suburbs of Philadelphia anchored by Bloomingdale's, Macy's, Sears, JC Penney and Nordstrom Rack. Primark will open one of its first US locations at the center in 2016. One of PREIT's Premier Malls, the property boasted sales per square foot of $569 and non-anchor occupancy of 94.4 percent as of June 30, 2015.
Springfield Mall is a regional mall also located in the suburbs of Philadelphia anchored by Target and Macy's and is owned in a joint venture. As of June 301, 2015, the property was generating sales of $402 per square foot with non-anchor occupancy of 93.4 percent.
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Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
