Urban Edge Properties Announces $123.6 Million Financing of Shoppers World

Urban Edge Properties (NYSE: UE) announced today that it has closed on a $123.6 million interest-only, non-recourse mortgage on a portion of Shoppers World located in Framingham, MA. The 4-year Secured Overnight Financing Rate ("SOFR") loan was swapped and converted to a fixed interest rate of 5.12%. The Company used a portion of the proceeds from the financing to pay off the $90 million outstanding balance on its line of credit that was bearing interest at a rate of 5.48%.