CBL Properties and Horizon Group Properties Close $79.3 Million Non-Recourse Loan Secured by The Outlet Shoppes of Atlanta
October 03 2023 - 5:35PM
Business Wire
CBL Properties (NYSE:CBL) today announced that it, along with
its 50% joint venture partner, Horizon Group Properties, closed a
new $79.3 million loan ($39.7 million at CBL’s 50% share) secured
by The Outlet Shoppes of Atlanta, the premier outlet shopping
destination located in Woodstock, GA. The new non-recourse ten-year
loan bears a fixed interest-only rate of 7.85% and replaces two
loans with an aggregate balance of $69.5 million (at 100%) that
were set to mature in November 2023.
“This loan closing demonstrates the quality of our properties as
well as CBL’s credibility in the financial markets,” said Stephen
Lebovitz, chief executive officer. “Despite the challenging capital
markets, we have successfully sourced new non-recourse financing on
attractive terms and generated approximately $10 million of excess
proceeds for the joint venture. We are pleased to make progress on
our goal of mitigating risk by extending our maturity schedule.
With the closing of this loan, we have successfully addressed our
2023 final debt maturities.”
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 owned and managed
portfolio is comprised of 94 properties totaling 58.5 million
square feet across 22 states, including 56 high-quality enclosed
malls, outlet centers and lifestyle retail centers as well as more
than 30 open-air centers and other assets. CBL seeks to
continuously strengthen 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.
CBL_Corp
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version on businesswire.com: https://www.businesswire.com/news/home/20231003370978/en/
Investor Contact: Katie Reinsmidt, Executive Vice President
& Chief Operating Officer, 423.490.8301,
Katie.Reinsmidt@cblproperties.com
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