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Atlanta & Southeast  + Southeast  + Retail  | 
CBL secures over $300M in loans for two shopping centers

CBL Closes Over $300M In CRE Financings in 30 Days

Chattanooga-based CBL Properties and its joint venture partner closed two loans that were secured by two prominent retail centers. CBL closed on a new $148 million loan ($74 million at CBL’s 50% share) that was secured by Friendly Center and The Shops at Friendly Center, an outdoor promenade with a number of prominent national tenants, 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.

CBL and its 50% joint venture partner also 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, an enclosed mall in St. Louis, MO. The newly modified non-recourse loan with a similar value, was extended for two years with one two-year conditional extension available upon meeting certain requirements. The loan maintained the existing fixed interest rate of 3.4%.


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About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

  • ◦Financing