PREIT is pleased to announce the successful refinancing of Woodland Mall in Grand Rapids, Michigan. This $80 million mortgage, originated through a well-known, national CMBS lender and facilitated by JLL, carries a fixed 7.35% interest rate for a five-year term.
The transaction demonstrates PREIT’s continued commitment to its high-quality portfolio and will save the Company approximately $5 million in interest expense over the life of the loan while underscoring Woodland Mall’s position as a dominant retail, dining, and entertainment destination in a growing market. The transformative redevelopment of Woodland Mall added marquee tenants like Von Maur, The Cheesecake Factory, Sephora, and Urban Outfitters, attracting top-tier retailers and customer traffic while further solidifying its market leadership.
This transaction highlights improving lender sentiment towards high-quality enclosed regional mall assets, including secondary markets and reaffirms PREIT’s new standing as a stronger, more financeable private company. Woodland Mall’s continued success underscores the Company’s ability to drive value through strategic investments and asset management.