The Pennsylvania Real Estate Investment Trust has refinanced its mortgage on the Red Rose Commons shopping center in Manheim Township near Lancaster.
PREIT owns a 50 percent interest in Red Rose Commons and The Court at Oxford Valley in Langhorne. PREIT and its partner refinanced the mortgages on both properties with 10-year nonrecourse loans with an average fixed interest rate of 5.42 percent, PREIT said in a statement Monday.
The loans totaled $90 million. PREIT and its partners used a portion to pay off previous mortgages totaling $56 million, with an average interest rate of 7.16 percent.
PREIT also modified the credit facility it obtained in 2010, extending it by one year and reducing the interest rate by 0.9 percent. PREIT increased the revolving portion of the facility by $100 million to $250 million and reduced the term loan portion by $100 million to $240 million.
Red Rose Commons is the third largest shopping center in Lancaster County. Shares of Philadelphia-based PREIT trade on the New York Stock Exchange under the ticker symbol PEI.