CBL Properties today announced that it closed on a $75 million non-recourse loan secured by The Outlet Shoppes at El Paso in El Paso, Texas. The 10-year loan bears interest at a fixed rate of 5.103 percent.
Proceeds from the loan were used to retire a $6.5 million loan secured by the second phase of the property which was scheduled to mature. CBL's share of net proceeds of $65 million were utilized to reduce outstanding balances on the company's unsecured lines of credit.
"This new financing secured by El Paso demonstrates the quality of our assets as well as our excellent access to long-term capital at attractive rates," said Farzana Khaleel, CBL's chief financial officer. "With nearly $95 million in excess proceeds from financings completed this year and approximately $60 million from dispositions, we have substantially funded the $190 million term loan pay down completed in July 2018."
Chattanooga-based CBL owns The Outlet Shoppes at El Paso in a 75/25 joint venture with Horizon Group Properties.