CBL Completes $383M Financing
- Apr 23, 2008
CBL & Associates Properties Inc. has announced the completion of $383.3 million of financing in four separate transactions. CBL completed $343.7 million of new financing and extended the maturity of one $39.6 million existing loan.CBL has entered into a new, unsecured term facility for up to $228 million. The three-year term on the loan has two one-year extensions and has interest in the range of 150 to 180 basis points over LIBOR. Wells Fargo Bank was lead arranger; Aareal Capital Corp., Regions Bank, US Bank, Fifth Third Bank and Raymond James Bank also took part.CBL also announced that the 50-50 joint venture between CBL and an institutional investor advised by Commonwealth Realty Advisors Inc. has entered into a $100 million, interest-only five-year loan secured by Friendly Center and six adjacent office buildings in Greensboro, N.C., at a rate of of 5.33 percent. The joint venture has also completed a $15.7 million, interest-only five-year loan secured by Renaissance Center in Durham, N.C. The loan has a fixed interest rate of 5.22 percent.CBL entered into a separate one-year extension of the $39.6 million, loan secured by Oak Hollow Mall in High Point, N.C. The extension maintains the interest rate of 7.31 percent. Fixing the rates is part of CBL’s strategy to limit interest rate risk in this market. “We have made a point to reduce our exposure to any one economic period by averaging out debt maturities and locking in secured financing when available,” the firm said in a statement.