PREIT COMPLETES $54 MILLION RETAIL LOAN
HARRISBURG, PA. — Pennsylvania Real Estate Investment Trust (PREIT) has completed $54 million in financing for Paxton Town Centre, a 703,000-square-foot shopping center located in Harrisburg. Developed by PREIT in 2001, the property is fully occupied by a tenant roster that includes Target, Kohl’s, Bed, Bath & Beyond, and Red Robin. The loan carries a 3-year term with two 1-year extension options. The loan’s previous variable interest rate was converted into a 5.83 percent fixed rate. The loan was provided by U.S. Bank National Association and Aareal Capital Corp.