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PREIT Completes $56M Refi of Dartmouth Mall
PREIT closed on a $56-million loan secured by Dartmouth Mall in North Dartmouth, MA, further advancing the company’s strategy to reduce high-cost debt and increase financial flexibility. The 10-year loan carries an initial interest rate of 7.125% for the first five years and matures in October 2035
Proceeds from the financing were used to pay down PREIT’s first lien term loan. The company expects to realize $2.1 million in annual interest savings as a result.
The property’s strong occupancy and diverse tenant mix demonstrate PREIT’s successful positioning of Dartmouth Mall as a market leader in the evolving retail landscape, the company said. Following the closure of properties in Swansea and Taunton, Dartmouth Mall is the only enclosed shopping center in a 20-mile radius, according to PREIT.
“This successful financing demonstrates the strength of our assets, the improving perception of the mall sector and our ability to access capital on favorable terms,” said Jared Chupaila, CEO of PREIT.
- ◦Financing
