CBL Properties Completes Five-Year Extension of Two Secured Loans Aggregating $115 Million
June 04 2018 - 10:00AM
Business Wire
CBL Properties (NYSE: CBL) today announced that it completed the
extension of the $56.7 million ($28.4 million at CBL’s share) loan
secured by The Pavilion at Port Orange in Port Orange, FL and the
$58.2 million ($29.1 million at CBL’s share) loan secured by
Hammock Landing in West Melbourne, FL. Both loans were originally
scheduled to mature in 2019. The loans were extended for an initial
term of three years, with two one-year extensions available at the
Company’s option, for a final maturity in 2023. The new loans will
bear interest at 225 basis points over LIBOR, an increase of 25 bps
over the prior rate.
“We are pleased to continue our progress addressing upcoming
maturities well in advance with the extension of these two loans at
a favorable rate and a full term of five years,” said Farzana
Khaleel, CBL’s EVP – Chief Financial Officer.
The Pavilion at Port Orange and Hammock Landing are both owned
in a 50/50 joint venture. The Pavilion at Port Orange is a
300,000-square-foot open-air center with anchors including Belk,
Marshall’s, Hollywood Theater and Michael’s. Hammock Landing is a
390,000-square-foot open-air center with anchors including Target,
Kohl’s, Homegoods, Marshalls and Michael’s.
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
117 properties totaling 73.4 million square feet across 26 states,
including 75 high-quality enclosed, outlet and open-air retail
centers and 13 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20180604005406/en/
CBL PropertiesKatie Reinsmidt, 423-490-8301Executive Vice
President & Chief Investment
OfficerKatie.Reinsmidt@cblproperties.com
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