CBL & Associates Properties, Inc. Closes $80 Million Loan Secured by The Outlet Shoppes at Atlanta
October 15 2013 - 11:00AM
Business Wire
CBL & Associates Properties, Inc. (NYSE:CBL) announced that
it had closed on a new $80.0 million non-recourse loan secured by
The Outlet Shoppes at Atlanta, a 75/25 joint venture with Horizon
Group Properties located in Atlanta (Woodstock), GA. The new
10-year loan bears interest at a fixed rate of 4.9%. Proceeds from
the loan were used to repay a $53.2 million recourse construction
loan with CBL’s share of the remaining net funds used to reduce
outstanding balances on the Company’s unsecured credit
facilities.
“We are pleased to close this new financing, which is consistent
with our strategy of maintaining secured debt on joint venture
properties as well as fixing interest rates long-term and
eliminating our guaranty,” said Farzana Mitchell, CBL’s chief
financial officer. “The ability to place permanent financing at
such favorable terms on this project just three months after
opening in July is a testament to the tremendous success of The
Outlet Shoppes at Atlanta.”
About The Outlet Shoppes at
Atlanta
The Outlet Shoppes at Atlanta is a 370,000-square-foot outlet
center located north of Atlanta off I-575 at Ridgewalk Parkway in
Woodstock. The center, which celebrated its grand opening in July,
features the best-known brands and designer outlets, including
Nike, Saks Fifth Avenue OFF 5TH, Brooks Brothers, Calphalon,
Columbia Sportswear, True Religion, Cole Haan, White House | Black
Market, Guess, Fossil, Michael Kors, Kate Spade, Under Armour, and
Talbots.
The Outlet Shoppes at Atlanta is a joint venture of CBL &
Associates Properties, Inc. and Horizon Group Properties, Inc.
Horizon and CBL are co-developers of the project; Horizon is
responsible for leasing, marketing and managing the center.
About CBL & Associates Properties,
Inc.
CBL is one of the largest and most active owners and developers
of malls and shopping centers in the United States. CBL owns, holds
interests in or manages 156 properties, including 94 regional
malls/open-air centers. The properties are located in 30 states and
total 90.7 million square feet including 10.7 million square feet
of non-owned shopping centers managed for third parties.
Headquartered in Chattanooga, TN, CBL has regional offices in
Boston (Waltham), MA, Dallas (Irving), TX, and St. Louis, MO.
Additional information can be found at cblproperties.com.
Forward-Looking
Statements
Information included herein contains “forward-looking
statements” within the meaning of the federal securities laws. Such
statements are inherently subject to risks and uncertainties, many
of which cannot be predicted with accuracy and some of which might
not even be anticipated. Future events and actual events, financial
and otherwise, may differ materially from the events and results
discussed in the forward-looking statements. The reader is directed
to the Company’s various filings with the Securities and Exchange
Commission, including without limitation the Company’s Annual
Report on Form 10-K and the “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” included therein,
for a discussion of such risks and uncertainties.
CBL & Associates Properties, Inc.Katie Reinsmidt,
423-490-8301Senior Vice President - Investor Relations and
Corporate Investmentskatie_reinsmidt@cblproperties.com
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