That mezzanine loan likely means more asset sales for Prime Retail, which owns 43 outlet centers totaling more than 12 million sf.
Using $9.2 million of the net proceeds from the sale of Edinburgh Center reduces the mezzanine loan's principal balance to $37.9 million, according to the company.
Prime Retail must come up with another $8.9 million by May 1 under terms of the mezzanine loan, with another $15.5 million due July 1.
In addition to its outlet centers, Prime Retail also owns two community shopping centers totaling 227,000 sf as well as 154,000 sf of office space.
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