PREIT Successfully Refinances Woodland Mall Loan

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.

Jared Chupaila, CEO of PREIT, noted: "This refinancing is an indicator of confidence in the newly formed private company's strategy and our high-quality portfolio. Woodland Mall continues to lead as a premier asset in a thriving market, and this transaction demonstrates our ability to navigate today's challenging lending environment and secure favorable outcomes for our stakeholders. We appreciate the collaboration with our lender and JLL in achieving this milestone."