(For more retail coverage, click GlobeSt.com/RETAIL, and to read more on the debt and equity markets, click here.)

(Natalie Keith is a contributing writer to GlobeSt.com.)

GRAND RAPIDS, MI-Philadelphia-based Pennsylvania Real Estate Investment Trust, the new owner of the Woodland Mall, has completed $156.5 million in long-term financing with a first mortgage loan with Prudential Mortgage Capital Co. The mortgage has a 10-year term with an interest rate of 5.58%. Under terms of the loan, interest-only payments will be made for three years, following by repayment of the principal on a 30-year amortization schedule.

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.

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