Chattanooga, TN-based CBL Properties has closed on the extension and modification of the $134.1 million non-recourse loan secured by Fayette Mall in Lexington, KY.

The loan maturity has been extended for two years, with three additional one-year extension options, subject to certain requirements. The fixed interest rate was reduced from 5.42% to 4.25%.

As part of the modification, two ground leased outparcels were released from the collateral in exchange for the addition of the redeveloped former middle anchor location.

We not only lengthened our maturity schedule, but significantly reduced interest expense and provided future flexibility with the release of two ground leased outparcels,” said Stephen Lebovitz, CBL’s CEO.

CBL Properties owns and manages a national portfolio comprised of 99 properties totaling 63.0 million square feet across 24 states, including 61 enclosed malls, outlet centers and lifestyle retail centers as well as more than 30 open-air centers and other assets.