PREIT SECURES $65 MILLION IN SHOPPING CENTER FINANCING
NEWARK, DEL., AND WARRINGTON, PA. — Philadelphia-based Pennsylvania Real Estate Investment Trust (PREIT) has completed a total of $65 million in financing for two retail centers in Delaware and Pennsylvania. In Newark, PREIT completed a $45 million loan for Christiana Center, a 300,000-square-foot power center developed by the company in 1998. The center is fully occupied by a tenant roster that includes Costco, Dick’s Sporting Goods, Circuit City and Michael’s. The loan, provided by Citizens Bank of Pennsylvania, carries a 3-year term with two 1-year extension options and a 5.86 percent fixed interest rate for the initial term of the loan.
In Warrington, PREIT completed $20 million in financing for Creekview Center, a 425,000-square-foot shopping center developed by the company in 2001. Tenants at the fully occupied property include Lowe’s Home Improvement Warehouse, Target and Genuardi’s. The loan, which was provided by Wilmington Trust of Pennsylvania, carries a 2-year term with three 1-year extension options and a 5.56 percent fixed interest rate.