CBL Properties Announces New $78.0 Million Non-Recourse Loan Secured by Cross Creek Mall in Fayetteville, NC

New CMBS loan achieves substantial interest reduction of nearly 135 basis points

CHATTANOOGA, Tenn.--(BUSINESS WIRE)--CBL Properties (NYSE:CBL) today announced that it had closed on a $78.0 million non-recourse loan secured by Cross Creek Mall in Fayetteville, NC. The new five-year loan bears a fixed interest rate of 6.856%. Proceeds from the loan were used to retire the existing $81.9 million loan secured by the property, which bore an interest rate of 8.19% and was scheduled to mature in August 2025.

“Accessing the CMBS markets for this new loan is an important accomplishment and demonstrates the appeal of our dominant, middle-market mall properties to institutional lenders,” said Stephen D. Lebovitz, CBL’s Chief Executive Officer. “Cross Creek Mall exemplifies the strength of our portfolio, with sales of over $480 per square foot and a 99% occupancy rate. This financing milestone marks another successful step forward in our non-recourse strategy - enhancing our balance sheet by extending debt maturities, lowering interest expense, and, importantly, unlocking greater free cash flow through a less restrictive loan structure.”

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 owned and managed portfolio is comprised of 88 properties totaling 55.4 million square feet across 20 states, including 52 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 30 open-air centers and other assets. CBL seeks to continuously strengthen 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.

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