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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.

“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.

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