CHATTANOOGA, Tenn.--(BUSINESS WIRE)--CBL Properties (NYSE: CBL) today announced that it completed the extension of the $56.7 million ($28.4 million at CBL’s share) loan secured by The Pavilion at Port Orange in Port Orange, FL and the $58.2 million ($29.1 million at CBL’s share) loan secured by Hammock Landing in West Melbourne, FL. Both loans were originally scheduled to mature in 2019. The loans were extended for an initial term of three years, with two one-year extensions available at the Company’s option, for a final maturity in 2023. The new loans will bear interest at 225 basis points over LIBOR, an increase of 25 bps over the prior rate.
“We are pleased to continue our progress addressing upcoming maturities well in advance with the extension of these two loans at a favorable rate and a full term of five years,” said Farzana Khaleel, CBL’s EVP – Chief Financial Officer.
The Pavilion at Port Orange and Hammock Landing are both owned in a 50/50 joint venture. The Pavilion at Port Orange is a 300,000-square-foot open-air center with anchors including Belk, Marshall’s, Hollywood Theater and Michael’s. Hammock Landing is a 390,000-square-foot open-air center with anchors including Target, Kohl’s, Homegoods, Marshalls and Michael’s.
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 portfolio is comprised of 117 properties totaling 73.4 million square feet across 26 states, including 75 high-quality enclosed, outlet and open-air retail centers and 13 properties managed for third parties. CBL continuously strengthens 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.