PREIT Secures $56 Million Loan on Dartmouth Mall
PREIT Secures $56 Million Loan on Dartmouth Mall, Reduces Annual Interest Expense by Over $2 Million Annually
PREIT today announced it has closed on a $56 million loan secured by Dartmouth Mall, further advancing the Company’s strategy to reduce high-cost debt and increase financial flexibility. The ten-year loan carries an initial interest rate of 7.125% for the first five years and matures in October 2035. This financing, when coupled with the financings of Springfield Town Center and Woodland Mall, generated $286 million of total loan proceeds. With these new loans, PREIT has reduced its total portfolio weighted average interest rate by 16 basis points as compared to September 30, 2024.
Proceeds from the financing were used to pay down PREIT’s First Lien Term Loan and the Company expects to realize $2.1 million in annual interest savings as a result.
This financing reflects investor and lender confidence in PREIT’s ability to execute its transformation strategy and underscores the strength of Dartmouth Mall—a standout example of the Company’s “Winner Take All” assets. Following the closure of Silver City Galleria and Swansea Malls, Dartmouth Mall has emerged as the only enclosed shopping center within a 20-mile radius, establishing it as the dominant retail destination and community hub for Southeastern Massachusetts.
Nestled in southeastern Massachusetts, Dartmouth Mall continues to evolve as a family-friendly, one-stop destination for shopping, dining, entertainment, wellness, and daily essentials. Upcoming enhancements include the addition of the region’s first Boot Barn, complementing recent openings of Locker Room by Lids and Chick-fil-A. These new tenants join a strong lineup featuring national retailers Burlington, ALDI, ULTA Beauty, AMC Theatres, H&M, Five Below, Old Navy, and department store anchors Macy’s and JCPenney.
The property’s diverse dining options, including Buffalo Wild Wings, Olive Garden, Panera Bread, Taco Bell, and Auntie Anne’s, combined with family amenities like a dedicated children’s play area, reinforce Dartmouth Mall’s position as the region’s go-to destination for all-ages entertainment and convenience.
The property’s strong occupancy and diverse tenant mix demonstrate PREIT’s successful positioning of Dartmouth Mall as a market leader in the evolving retail landscape. “This successful financing demonstrates the strength of our assets, the improving perception of the mall sector, and our ability to access capital on favorable terms,” said Jared Chupaila, CEO of PREIT. “Dartmouth Mall exemplifies our strategy of transforming traditional retail spaces into community-driven destinations that combine high-performing retail with entertainment, dining, wellness, and everyday convenience.”