PHILADELPHIA-Pennsylvania Real Estate Investment Trust has completed three non-recourse loans on as many malls, totaling $173 million. The three facilities securing the financing are Exton [PA] Square Mall; Francis Scott Key Mall, in Frederick, MD; and Viewmont Mall, in Scranton, PA.

Exton secured a $70-million non-recourse mortgage loan that carries a fixed 7.5% rate over five years. The 1.1-million-square-foot center has sales per square foot of $359 and is 83.6% occupied with Boscov’s, JCPenney, Macy’s and Sears as anchors.

The 711,000-square-foot Francis Scott Key secured a $55-million non-recourse mortgage loan carries a variable interest rate of LIBOR plus 2.5% over five years, as does the $48 million secured by the 750,000-square-foot Viewmont. Both properties are also anchored by JCPenney, Macy’s and Sears and are just over 92% occupied.

The proceeds from these loans are being used to pay a previous, $93-million mortgage on Exton Square and repay a portion of the amount outstanding on the REIT’s credit facility. So far this year, the company has completed 14 financings at just over $820 million.

During its third-quarter conference call last month, chairman and CEO Ronald Rubin expressed displeasure that the mall owner’s stock was undervalued and trading well below its 52-week high of $37.68. PREIT, which owns 56 malls in the Northeast, opened today at $4.96.

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