PREIT has successfully refinanced Woodland Mall in Grand Rapids, Michigan for a total of $80 million. The mortgage was secured through a reputable national CMBS lender and facilitated by JLL, with a fixed interest rate of 7.35% over the course of five years.
According to PREIT CEO Jared Chupaila, this refinancing is evidence of the company’s strong strategy and high-quality portfolio. Woodland Mall remains a top-performing asset in its market, and this transaction showcases PREIT’s ability to navigate challenging lending conditions while achieving positive outcomes for stakeholders. Chupaila also expressed appreciation for the collaboration between their lender and JLL in reaching this milestone.
The new loan will result in approximately $5 million savings on interest expenses throughout its term for PREIT. This is due to the successful redevelopment efforts at Woodland Mall which brought in popular tenants such as Von Maur, The Cheesecake Factory, Sephora,and Urban Outfitters that have attracted both premium retailers and increased customer traffic.
Overall,this financing serves as another success story for PREIT as they continue to strengthen their position within the commercial real estate industry.
