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CBL Properties Closes Nearly $305 Million in Financings
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CBL Properties (NYSE: CBL) announced significant financing achievements, closing nearly $305 million in transactions recently. This includes a $148.0 million loan secured by Friendly Center in Greensboro, NC, and the modification of a $161.9 million loan for the West County Center in St. Louis, MO. The new loan for Friendly Center has a fixed rate of 6.44%, while the modified loan for West County Center maintains a rate of 3.4% and extends the maturity until December 2024. CEO Stephen Lebovitz highlighted the company's ability to navigate financing challenges and secure favorable loan terms.
Positive
Closed nearly $305 million in financings within 30 days.
Secured $148 million loan at 6.44% for Friendly Center.
Modified $161.9 million loan at 3.4% for West County Center, extended to December 2024.
Negative
None.
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL Properties (NYSE:CBL) today provided an update on recent financing activity, including details on nearly $305 million in closed transactions.
Today, CBL and its 50% joint venture partner closed a new $148.0 million loan ($74.0 million at CBL’s 50% share) secured by Friendly Center and The Shops at Friendly Center, the premier lifestyle center located in Greensboro, NC. The new non-recourse five-year loan bears a fixed interest rate of 6.44% and replaces two loans with an aggregate balance of $145.2 million ($72.6 million at CBL’s share) that were set to mature this month.
On March 16, CBL and its 50% joint venture partner closed on the extension and modification of the $161.9 million loan ($80.9 million at CBL’s 50% share) secured by West County Center, a high-performing enclosed mall in St. Louis, MO. The newly modified non-recourse loan has a principal balance of $156.9 million ($78.5 million at CBL’s share) and was extended for an initial term of two years to December 2024, with one two-year conditional extension available upon meeting certain requirements. The loan maintained the existing fixed interest rate of 3.4%.
“CBL’s success in closing nearly $305 million in financings in the last 30 days clearly demonstrates the strength of our company and the quality of our properties,” said Stephen Lebovitz, chief executive officer. “Despite the dislocation in the financing markets, we are making outstanding progress in sourcing attractively priced capital and extending our maturity schedule.”
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.
What financing activities did CBL Properties announce recently?
CBL Properties announced nearly $305 million in closed financing transactions, including a $148 million loan for Friendly Center and a modified $161.9 million loan for West County Center.
What is the interest rate on the new loan secured by CBL Properties for Friendly Center?
The interest rate on the new $148 million loan for Friendly Center is fixed at 6.44%.
When does the modified loan for West County Center mature?
The modified loan for West County Center matures in December 2024.
How much of the financing is attributable to CBL Properties' share in the joint venture?
CBL Properties' share in the financing transactions amounts to approximately $152.5 million.
What does the CEO of CBL Properties say about the recent financings?
CEO Stephen Lebovitz stated that the financings demonstrate the strength of CBL Properties and its ability to source attractively priced capital.
