PREIT used a portion of the loan proceeds to repay two 90-day promissory notes totaling $94.4 million with an average interest rate of 6.85%. The notes were issued when PREIT purchased the mall earlier this year. The remaining funds were used to repay a portion of the outstanding balance in the company's credit line, which was also used to purchase the mall, and for general corporate purposes.

Nurit Yaron, PREIT's vice president of investor relations, tells GlobeSt.com that the company decided to seek long-term financing for the mall to repay the short-term notes issued when the mall was first purchased. She added that the company does not have any immediately plans for capital improvements to the mall. "The mall is in pretty good shape," she says. "We may make some changes down the line, but not right now."

Located at 3195 28th St., SE, the Woodland Mall has 1.1 million sf and is anchored by Sears, J.C. Penney and Marshall Field's. It has more than 100 in-line tenants, including Ann Taylor, Apple, Banana Republic and Brookstone. It also has a 14-screen Cinemark movie theater that opened in November 2005 and a restaurant plaza with one restaurant and two more scheduled to open in 2006. Occupancy for the 394,000 sf of in-line space was approximately 89.4% as of Dec. 31. The mall's sales were reported to be approximately $374 per sf for the year ending Oct. 31. PREIT is expecting a return of 7.9% of the purchase price based on anticipated operating income for 2006.