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%.