CBL Properties Closes New $40.0 Million Loan Secured by The Shoppes at Eagle Point
April 28 2022 - 4:15PM
Business Wire
CBL Properties (NYSE: CBL) today announced that, along with its
50% joint venture partners, it has closed on a new $40.0 million,
ten-year, non-recourse loan secured by The Shoppes at Eagle Point,
a Publix-anchored shopping center in Cookeville, TN. CBL and its
joint venture partner opened the newly developed center in 2018.
The new loan bears a fixed interest rate of 5.4%. Proceeds from the
new loan were utilized to retire the existing $33.9 million partial
recourse loan, which was set to mature in October.
“We are pleased to complete this new financing,” said Stephen
Lebovitz, chief executive officer, CBL Properties. “It provides
attractively priced long-term capital and eliminates the partial
recourse remaining from the original construction loan. This new
loan is a great example of how we are improving the flexibility of
our balance sheet and building a stronger CBL.”
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 95 properties totaling 59.6 million
square feet across 24 states, including 57 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/20220428006269/en/
Investor Contact: Katie Reinsmidt, Executive Vice President
& Chief Investment Officer, 423.490.8301,
Katie.Reinsmidt@cblproperties.com Media Contact: Stacey Keating,
Vice President– Corporate Communications, 423.490.8361,
Stacey.Keating@cblproperties.com
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