CBL & Associates Properties today announced that it closed on a non-recourse $107 million loan secured by Hamilton Place mall.
"The new financing - at very favorable terms - clearly demonstrates the confidence of our lending relationships in CBL," said Farzana K. Mitchell, CBL's chief financial officer, in a 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 10-year loan bears an interest rate of 4.36 percent.
Proceeds from the loan were used to retire an existing $98.2 million loan with an interest rate of 5.86 percent that was scheduled to mature in August. CBL's share of excess proceeds were utilized to reduce outstanding balances on its lines of credit.
Hamilton Place is owned in a 90 percent/10 percent consolidated joint venture.