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Pennsylvania REIT refinances mortgage loan at Whitehall, Pa., mall

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Pennsylvania REIT refinances mortgage loan at Whitehall, Pa., mall

Pennsylvania Real Estate Investment Trust closed on the early refinancing of the mortgage loan on the Lehigh Valley Mall in Whitehall, Pa., generating proceeds of $37 million, at the company's share.

The new $200 million loan carries an interest rate of 4.06% and matures in 10 years. The previous loan had an interest rate of 5.88% and was set to mature in 2020.

The company noted that it has raised $289 million in total capital since the beginning of September, generating more than $100 million in net proceeds.

The REIT noted that it has satisfied all material mortgage maturities through June 2019 except one, which is in active discussions. It also completed the redemption of its $115 million series A preferred shares.