PREIT Completes $402 Million in Property-Level Financings
Pennsylvania Real Estate Investment Trust (NYSE: PEI) today announced closing on three non-recourse loans of $402.0 million at an average interest rate of 4.06%. The new loans replaced mortgage loan balances of $316.7 million carrying an average interest rate of 5.30%, generating excess proceeds of approximately $85.3 million before closing costs.
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