Tennessee Mall Lands $107M Financing
- Jun 02, 2016
Chattanooga, Tenn.—CBL & Associates Properties has recently closed on a $107 million, non-recourse loan for Hamilton Place, a two-story retail center in Chattanooga, Tenn. The 10-year loan placed with Goldman Sachs Mortgage Co., bears an interest rate of 4.36 percent, and was used to retire an existing $98.2 million, 5.86 percent interest rate loan scheduled to mature in August 2016. According to CBL, its share of excess proceeds was used to reduce outstanding balances on its lines of credit.
“The new financing – at very favorable terms – clearly demonstrates the confidence of our lending relationships in CBL,” Farzana Mitchell, CBL CFO, said in a prepared statement. “The Hamilton Place financing and the nearly $130 million in new equity already raised this year are evidence of our continued access to attractively priced capital and strengthening balance sheet.”
The 29-year-old mall located at 200 Hamilton Place Blvd. just off the I-75 was the largest shopping mall in the state of Tennessee from 1987 to 1998. Hamilton Place is currently home to more than 150 stores and restaurants, including anchor tenants such as Sears, JCPenney, Dillard’s, Belk and Forever 21. Last month, CBL signed two new leases with Oakley and Dos Bros to open stores at the mall later this summer.
Image courtesy of the Hamilton Place Facebook page