PREIT wins mortgage extension on Woodland Mall

PREIT’s Woodland Mall in Grand Rapids, Mich., has gotten a thumb’s up from its mortgage lender.

The Philadelphia-based mall owner-operator began renovating the property before the pandemic hit and has achieved average sales per sq. ft. of more than $625. As a result, PREIT announced, it has executed an extension of its loan through June 2023 with an option to extend it to October.

PREIT completed its redevelopment of the 1.2 million-sq.-ft. super-regional mall by bringing in new tenants that include Von Maur, Urban Outfitters, Sephora, Black Rock Bar & Grill, and Michigan's second Cheesecake Factory. 

In 2022, Phoenix Theatres opened at Woodland, upgrading its moviegoing experience.

"We are pleased to have secured this key extension, having also recently extended the maturity date on our credit facilities, meaningful milestones for our debt maturity schedule," said PREIT CEO Joseph F. Coradino. "Executing on asset sales and utilizing excess cash to pay down debt is a top priority for PREIT as we start 2023."

PREIT also completed a $2.6 million sale of a former department store space it had retained at Valley View Mall after selling the La Crosse, Wis., property.

During 2022, the company sold assets generating $114 million in gross proceeds and has applied asset sale proceeds and excess cash from operations to pay down debt by $154 million through December 31, 2022.

PREIT reported that it has another $164 million in asset sales under negotiation.