Business & Tech

PREIT Pays Off Major Moorestown Mall Debt

The real estate investment company paid off its mortgage as it moves forward with major improvements to the 1 million-square-foot shopping center.

PREIT (Pennsylvania Real Estate Investment Trust) has achieved every homeowner's dream by paying off its mortgage on the Moorestown Mall. 

The company, which owns the 1 million-square-foot shopping complex, paid off the $53.2 million mortgage loan balance on the mall earlier this month, according to a release issued by PREIT. The loan was set to mature in June.

"Our recent capital markets activities highlight our ability to improve PREIT’s balance sheet as we drive our cost of capital lower, unencumber assets and extend our maturity dates," said CEO Joseph Coradino. 

Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.

The payoff leaves the mall unencumbered as PREIT moves forward with improvements to the property, including a state-of-the-art Regal theater and.

Both the theater and announced restaurants—Marc Vetri's Osteria and Firebirds Wood Fired Grill—are expected to open this fall.

Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.

The mall is assessed at about $111,000,000, though appeals on the assessment are pending. PREIT, which currently pays roughly $3.5 million in taxes on the mall, bought the property in 2003. The Moorestown Mall was built in 1963.  

For more news about the mall, visit our topic page here.


Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.

We’ve removed the ability to reply as we work to make improvements. Learn more here