CHATTANOOGA, Tenn.--(BUSINESS WIRE)--CBL & Associates Properties, Inc. (NYSE: CBL) today announced that it closed on a non-recourse $107.0 million loan secured by Hamilton Place in Chattanooga, TN. The 10-year loan bears an interest rate of 4.36%. Goldman Sachs Mortgage Company served as the lender. Proceeds from the loan were used to retire an existing $98.2 million loan with an interest rate of 5.86% that was scheduled to mature in August 2016. CBL’s share of excess proceeds were utilized to reduce outstanding balances on its lines of credit.
“The new financing – at very favorable terms – clearly demonstrates the confidence of our lending relationships in CBL,” said Farzana K. Mitchell, Chief Financial Officer. “The Hamilton Place financing and the nearly $130 million in new equity already raised this year are evidence of our continued access to attractively priced capital and strengthening balance sheet.”
Hamilton Place is owned in a 90%/10% consolidated joint venture. All amounts above are reflected at 100%.
About CBL & Associates Properties, Inc.
Headquartered in Chattanooga, TN, CBL is one of the largest and most active owners and developers of malls and shopping centers in the United States. CBL owns, holds interests in or manages 148 properties, including 92 regional malls/open-air centers. The properties are located in 31 states and total 85.5 million square feet including 8.6 million square feet of non-owned shopping centers managed for third parties. Additional information can be found at 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.