RED ROSE COMMONS SHOPPING CENTER REFINANCED IN LANCASTER

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LANCASTER, PA. — A joint venture between The Goldenberg Group and Pennsylvania Real Estate Investment Trust has procured a $24.9 million loan for the refinancing of Red Rose Commons, a 463,000-square-foot retail property located in Lancaster. The open-air shopping center is situated on Fruitville Pike. It is occupied by a tenant roster that includes The Home Depot, Barnes & Noble Booksellers, Weis Markets and hhgregg Appliances & Electronics, which recently signed a lease for 32,000 square feet formerly occupied by Circuit City and will take occupancy in April. The lenders in the transaction were M&T Bank, Abington Bank, DNB First and Meridian Bank. Terms of the loan were not disclosed.

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