The Pennsylvania Real Estate Investment Trust (PREIT), property owner for numerous East Coast-based malls and shopping complexes, recently secured $172 million in loans. One of its collateralized properties is in Bucks County, reports Natalie Kostelni for the Philadelphia Business Journal.
The Court of Oxford Valley, the 21-store open-air retail complex in Fairless Hills, is one of the anchors for a $27.5 million, 10-year, 3.2 percent interest rate PREIT loan.
A PREIT spokesperson said the mortgages and maturity extensions were “key elements” in improving its balance sheet and raising capital to reduce debt. The loans were structured with maturity extensions, should they become necessary.
PREIT owns the Court at Oxford Valley and Lancaster’s Red Rose Commons as a joint venture.
The Court at Oxford Valley opened in 1996. Its strategic location — directly across North Oxford Valley Road from Oxford Valley Mall and Sesame Place — is considered a key advantage. Its tenant mix is a combination of retail and restaurants.
Across the Philadelphia region, PREIT also owns:
- Cherry Hill Mall
- Exton Square Mall
- Lehigh Valley Mall
- Plymouth Meeting Mall
- Springfield Mall
- Willow Grove Park Mall
More on this infusion of capital is at the Philadelphia Business Journal.