CBL Properties Closes 10-Year Fixed Rate Non-Recourse Loan Secured by The Outlet Shoppes at El Paso
September 11 2018 - 10:00AM
Business Wire
CBL Properties (NYSE: CBL) today announced that it closed on a
$75.0 million non-recourse loan secured by The Outlet Shoppes at El
Paso in El Paso, TX. The 10-year loan bears interest at a fixed
rate of 5.103%.
Proceeds from the loan were used to retire a $6.5 million loan
secured by the second phase of the property which was scheduled to
mature. CBL’s share of net proceeds of $65.0 million were utilized
to reduce outstanding balances on the Company’s unsecured lines of
credit.
“This new financing secured by El Paso demonstrates the quality
of our assets as well as our excellent access to long-term capital
at attractive rates,” said Farzana Khaleel, Chief Financial
Officer. “With nearly $95 million in excess proceeds from
financings completed this year and approximately $60 million from
dispositions, we have substantially funded the $190 million term
loan pay down completed in July 2018.”
CBL owns The Outlet Shoppes at El Paso in a 75/25 joint venture
with Horizon Group Properties. CBL received a higher proportion of
the net proceeds as a result of a short-term loan CBL made to the
partnership in September 2017, which was used to retire the $61.6
million loan secured by phase I of the center and carrying an
interest rate of 7.06%.
About CBL Properties
Headquartered in Chattanooga, TN, CBL Properties owns and
manages a national portfolio of market-dominant properties located
in dynamic and growing communities. CBL’s portfolio is comprised of
114 properties totaling 71.9 million square feet across 27 states,
including 73 high-quality enclosed, outlet and open-air retail
centers and 12 properties managed for third parties. CBL
continuously strengthens its company and portfolio through active
management, aggressive leasing and profitable reinvestment in its
properties. For more information visit cblproperties.com.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20180911005179/en/
CBL PropertiesKatie Reinsmidt, 423-490-8301Executive Vice
President & Chief Investment
OfficerKatie.Reinsmidt@cblproperties.com
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