PREIT Closes $100 Million Financing for Mall at Prince George’s

PREIT is pleased to announce a successful $100 million financing of Mall at Prince George’s in Hyattsville, Maryland. This mortgage, originated through Goldman Sachs, carries a fixed 7.355% interest rate for a five-year term and matures on June 6, 2031.

As part of the closing, proceeds were used to pay down PREIT’s First Lien Term Loan by $104.9 million. The transaction will save the Company $2.9 million in annual interest expense while underscoring Mall at Prince George’s position as a vital retail destination in Prince George’s County.

The property continues to evolve with strong tenant partnerships including Target, Macy’s JD Sports, TJ Maxx, Ulta Beauty, and more, attracting diverse retailers and customer traffic while serving its community. Primark, the popular international fashion retailer, opens in May, and HoneyGrow will join later this year, further strengthening the property’s retail offerings.

This transaction highlights improving lender sentiment towards high-quality enclosed regional mall assets and reaffirms PREIT’s standing as a stronger, more financeable private company. Following successful financings at Springfield Town Center and Dartmouth Mall, this financing continues the positive reception that the Company and its portfolio have received in the capital markets. Mall at Prince George’s continued performance underscores the Company’s ability to drive value through strategic investments and asset management.