PM Gallery gets five-year $250 million term loan at Libor plus 200 bps

By Wendy Van Sickle

Columbus, Ohio, Jan. 26 – PM Gallery LP, a joint venture of Pennsylvania Real Estate Investment Trust and Macerich Co., entered into a five-year $250 million term loan agreement with Wells Fargo Bank NA as administrative agent on Monday, according to an 8-K filing with the Securities and Exchange Commission.

Of the total amount, $150 million was drawn at closing and $100 million is available under a delayed-draw option.

Borrowings will bear interest at Libor plus 200 basis points.

Proceeds will be used to fund the ongoing redevelopment of Fashion District Philadelphia (formerly the Gallery at Market East) in downtown Philadelphia and to repay capital contributions to the venture previously made by the partners.

Pennsylvania REIT is based in Philadelphia. Macerich is a Santa Monica, Calif.-based real estate investment trust.

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