CBL & Associates Properties, Inc. (NYSE:CBL) announced that it had
closed on a new $80.0 million non-recourse loan secured by The Outlet
Shoppes at Atlanta, a 75/25 joint venture with Horizon Group Properties
located in Atlanta (Woodstock), GA. The new 10-year loan bears interest
at a fixed rate of 4.9%. Proceeds from the loan were used to repay a
$53.2 million recourse construction loan with CBL’s share of the
remaining net funds used to reduce outstanding balances on the Company’s
unsecured credit facilities.
“We are pleased to close this new financing, which is consistent with
our strategy of maintaining secured debt on joint venture properties as
well as fixing interest rates long-term and eliminating our guaranty,”
said Farzana Mitchell, CBL’s chief financial officer. “The ability to
place permanent financing at such favorable terms on this project just
three months after opening in July is a testament to the tremendous
success of The Outlet Shoppes at Atlanta.”
About The Outlet Shoppes at Atlanta
The Outlet Shoppes at Atlanta is a 370,000-square-foot outlet center
located north of Atlanta off I-575 at Ridgewalk Parkway in Woodstock.
The center, which celebrated its grand opening in July, features the
best-known brands and designer outlets, including Nike, Saks Fifth
Avenue OFF 5TH, Brooks Brothers, Calphalon, Columbia Sportswear, True
Religion, Cole Haan, White House | Black Market, Guess, Fossil, Michael
Kors, Kate Spade, Under Armour, and Talbots.
The Outlet Shoppes at Atlanta is a joint venture of CBL & Associates
Properties, Inc. and Horizon Group Properties, Inc. Horizon and CBL are
co-developers of the project; Horizon is responsible for leasing,
marketing and managing the center.
About CBL & Associates Properties, Inc.
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 156 properties, including 94 regional malls/open-air centers.
The properties are located in 30 states and total 90.7 million square
feet including 10.7 million square feet of non-owned shopping centers
managed for third parties. Headquartered in Chattanooga, TN, CBL has
regional offices in Boston (Waltham), MA, Dallas (Irving), TX, and St.
Louis, MO. Additional information can be found at cblproperties.com.
Forward-Looking Statements
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.
Copyright Business Wire 2013