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PREIT Secures $80M Refinancing for Grand Rapids Mall
PREIT has completed the refinancing of Woodland Mall in Grand Rapids, Michigan. The $80 million mortgage, originated through a well-known national CMBS lender and facilitated by JLL, carries a fixed 7.35% interest rate for a five-year term.
“This refinancing is an indicator of confidence in the newly formed private company’s strategy and our high-quality portfolio,” said Jared Chupaila, CEO of PREIT. Woodland Mall continues to lead as a premier asset in a thriving market, and this transaction demonstrates our ability to navigate today’s challenging lending environment and secure favorable outcomes for our stakeholders. We appreciate the collaboration with our lender and JLL in achieving this milestone.”
The transaction will save the PREIT approximately $5 million in interest expense over the life of the loan. The transformative redevelopment of Woodland Mall added marquee tenants like Von Maur, The Cheesecake Factory, Sephora, and Urban Outfitters, attracting top-tier retailers and customer traffic.
