Thursday, CBL & Associates Properties Inc. (CBL) announced new financings of $288.1 million and a commitment for a new $85.0 million term loan. The financings and commitment covers all of CBL's remaining maturities for 2008. The company entered into a new $164.0 million, 10-year non-recourse loan with a large retirement system and Northwestern Mutual. The loan is secured by Hanes Mall in Winston-Salem, North Carolina and bears a fixed interest rate of 6.99%, and replaces a $97.6 million loan at an interest rate of 7.31%.
The company entered into a new $87.5 million three-year term loan secured by Rivergate Mall and the Village at Rivergate in Nashville, Tennessee with Aareal Capital Corp. The loan will have two, one-year extension options and will be 50% recourse with a variable interest rate of 225 basis points over LIBOR.
CBL also entered into a loan modification agreement with a life insurance company to modify and extend its existing $36.6 million loan secured by Hickory Hollow Mall and Courtyard at Hickory Hollow in Nashville, Tennessee. The loan was extended for ten years, is fully recourse and bears a fixed interest rate of 6.00%.
The company intends to use the net proceeds from these loans, combined with the loan modification to replace an existing $153.2 million loan bearing an interest rate of 6.77% secured by Rivergate Mall, The Village at Rivergate, Hickory Hollow Mall and Courtyard at Hickory Hollow.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.