CBL & Associates Properties closed four separate loans totaling $383 million last month.
After repayment of the existing loan balances, the new financing activity generated excess proceeds of over $160 million.
CBL closed a $140 million ten-year, non-recourse loan with an institutional lender. The loan is secured by Cross Creek Mall in Fayetteville, NC, and bears a fixed interest rate of 4.54%.
CBL also closed a $60 million ten-year non-recourse CMBS loan secured by The Outlet Shoppes at Oklahoma City in Oklahoma City, OK, bearing a fixed interest rate of 5.73%.
CBL closed a five-year extension and amendment of the existing non-recourse loan secured by St. Clair Square in Fairview Heights, IL, increasing the borrowing amount to $125 million.
The loan interest rate was reduced to Libor plus 300 basis points. CBL also closed a recourse loan secured by
The Promenade in D’Iberville, MS, with a three-year initial term and two two-year extension options. The loan bears interest of 75% of Libor plus 175 basis points. These two loans were financed with institutional banks.
In 2011, CBL completed over $2.3 billion in financing activity, including three credit facilities totaling $1.15 billion and property-specific debt totaling $1.18 billion.