CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL Properties (CBL) today announced that it closed on a $75.0 million non-recourse loan secured by The Outlet Shoppes at El Paso in El Paso, TX. The 10-year loan bears interest at a fixed rate of 5.103%.
Proceeds from the loan were used to retire a $6.5 million loan secured by the second phase of the property which was scheduled to mature. CBL’s share of net proceeds of $65.0 million were utilized to reduce outstanding balances on the Company’s unsecured lines of credit.
“This new financing secured by El Paso demonstrates the quality of our assets as well as our excellent access to long-term capital at attractive rates,” said Farzana Khaleel, Chief Financial Officer. “With nearly $95 million in excess proceeds from financings completed this year and approximately $60 million from dispositions, we have substantially funded the $190 million term loan pay down completed in July 2018.”
CBL owns The Outlet Shoppes at El Paso in a 75/25 joint venture with Horizon Group Properties. CBL received a higher proportion of the net proceeds as a result of a short-term loan CBL made to the partnership in September 2017, which was used to retire the $61.6 million loan secured by phase I of the center and carrying an interest rate of 7.06%.
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 114 properties totaling 71.9 million square feet across 27 states, including 73 high-quality enclosed, outlet and open-air retail centers and 12 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.