CBL closes on two loans
Chattanooga-based shopping center developer CBL & Associates Properties Inc. announced Monday it had closed the extension and modification of two unsecured term loans due to mature in 2018.
Stephen Lebovitz, CBL’s chief executive, said that with the significant negativity in the media toward the industry, the closing demonstrates the ongoing confidence and support by lenders in CBL and its strategy of owning dominant retail real estate.
The first, with a balance of $400 million, was increased to a balance of $490 million until July 2018 when it will be reduced to $300 million for the remainder of its term. The second unsecured term loan, with a balance of $50 million, was due to mature in February 2018, was modified to a new $45 million term loan.
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