CBL - CBL Properties closes almost $305M in transactions in recent weeks

2023-04-04 16:31:15 ET

• CBL Properties ( NYSE: CBL ) closed almost $305M in closed transactions in the past three weeks, the retail REIT said Tuesday.
• On Tuesday, the REIT and its 50% joint venture partner closed on a new $148.0M loan ($74.0M at CBL's 50% share) secured by Friendly Center and The Shops at Friendly Center in Greensboro, North Carolina. The new non-recourse five-year loan bears a fixed interest rate of 6.44% and replaces two loans with an aggregate balance of $145.2M ($72.6M at CBL's share) that were set to mature this month.
• On March 16, the company and its 50% joint venture partner closed on the extension and modification of the $161.9M loan ($80.9M at CBL's 50% share) secured by West County Center, an enclosed mall in St. Louis, Missouri. The newly modified non-recourse loan has a principal blance of $156.9M ($78.5M at CBL's share) and was extended for an initial term of two years to December 2024, with one two-year conditional extension available upon meetinng certain requirements. The loan maintained the existing fixed interest rate of 3.4%.
• In February, SA contributor Larry Saunders called CBL ( CBL ) a "fresh start, but not yet appealing."

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