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PREIT finances one mall, pays off another
Philadelphia — Pennsylvania Real Estate Investment Trust has completed the financing of Wyoming Valley Mall in Wilkes-Barre, Pa., and used a portion of the proceeds to repay the mortgage loan balance on Beaver Valley Mall in Monaca, Pa., without penalty.
The new 10-year, non-recourse loan on Wyoming Valley Mall totals $78 million and replaces a $65 million loan that was repaid in September. The transaction produced proceeds of $13 million. The interest rate on the new mortgage is 5.17%, a decrease of 68 basis points from the previous rate.
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Jared opens 200th store
Akron, Ohio -- Jared The Galleria Of Jewelry officially opened its 200th location in Carle Place, N.Y., at the Carle Place Commons Center. The store includes a complementary refreshment area, a children’s play area and a full-service custom jewelry design and repair center, which will custom mount, clean and repair most jewelry.