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HAGERSTOWN, MD-Financing to the tune of $90 million has closed for Valley Mall, a 900,000-sf enclosed regional shopping center. The Philadelphia-headquartered Pennsylvania Real Estate Investment Trust employed the funds to pay down part of its credit facility, to fund new pursuits and to finance other general corporate purposes. As of February 2005, the company had $500 million available under the facility, $271 million of which was outstanding.

The funding came in the form of a 10-year fixed-rate mortgage loan from Eurohypo AG. The property has a current assessed value of approximately $64.5 million, according to Maryland real estate records.

"By placing long-term debt on this property, PREIT has increased its available capacity under the credit facility," PREIT CFO Robert McCadden explains. "As a result, PREIT will have additional financial flexibility to fund the capital requirements of our announced projects and to pursue additional growth initiatives."