An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
CBL Properties Closes New $40.0 Million Loan Secured by The Shoppes at Eagle Point
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
CBL Properties (NYSE: CBL) has secured a new $40.0 million non-recourse loan with a 5.4% fixed interest rate, aimed at refinancing a previous $33.9 million loan due in October. This financing, managed in partnership with a joint venture, enhances the financial flexibility of CBL's balance sheet, following the opening of The Shoppes at Eagle Point in Cookeville, TN in 2018. CEO Stephen Lebovitz emphasized the benefits of this long-term capital structure improvement.
Positive
Secured a new $40.0 million non-recourse loan at a fixed interest rate of 5.4%.
Successfully refinanced a $33.9 million loan, improving balance sheet flexibility.
Negative
None.
CHATTANOOGA, Tenn.--(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.
