CBL Properties Closes 10-Year Fixed Rate Non-Recourse Loan Secured by CoolSprings Galleria in Nashville, TN
April 30 2018 - 4:17PM
Business Wire
CBL Properties (NYSE: CBL) today announced that it, along with
its 50% joint venture partner, closed on a $155.0 million ($77.5
million at CBL’s share) non-recourse loan secured by CoolSprings
Galleria in Nashville, TN. The 10-year loan bears interest at a
fixed rate of 4.839%.
Proceeds from the loan were used to retire the existing $97.7
million loan, which bore interest at a fixed rate of 6.98% and was
scheduled to mature in June. CBL’s share of nearly $29.0 million in
excess proceeds will be immediately utilized to reduce outstanding
balances on its unsecured lines of credit.
“This new financing secured by CoolSprings Galleria demonstrates
the strength of our assets as well as our excellent access to
long-term capital at attractive rates,” said Farzana Khaleel, Chief
Financial Officer. “We are pleased to retire the existing higher
rate loan. The nearly $29 million in our share of excess proceeds
from this financing enables us to prefund a portion of the term
loan maturity later this year.”
CBL owns CoolSprings Galleria in a 50/50 joint venture with TIAA
and APG, as managed by TH Real Estate, an affiliate of Nuveen (the
investment management unit of TIAA. Wells Fargo served as the
lender in a CMBS execution.
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
117 properties totaling 73.4 million square feet across 26 states,
including 75 high-quality enclosed, outlet and open-air retail
centers and 13 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/20180430006417/en/
CBL PropertiesKatie Reinsmidt, 423-490-8301Executive Vice
President & Chief Investment
OfficerKatie.Reinsmidt@cblproperties.com
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