PREIT secures $56 million loan on Dartmouth Mall, announces new and upcoming additions to property

PREIT has announced in a press release that 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.

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.

Upcoming enhancements at the mall include the addition of the region’s first Boot Barn, complementing recent openings of Locker Room by Lids and Chick-fil-A.

“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.”