Shopping center owner and operator CBL Properties used four Texas malls of 13 properties for collateral to secure corporate refinancing.
CBL refinanced $425 million financing secured by its 13 enclosed malls. While the final maturity of the original term loan was November 2027, the company said refinancing early allows it to increase its annual estimated free cash flow by more than $30 million.
CBL says the $425 million loan is the first of its kind for an enclosed regional mall in many years.
The non-recourse financing has a five-year term maturing in 2031 and a fixed rate of 7.40%., the other properties used to secure the loan are:
- Mall Del Norte (Laredo, Texas)
- Post Oak Mall (College Station, Texas)
- Richland Mall (Waco, Texas)
- Sunrise Mall (Brownsville, Texas)
CBL owns and manages 88 properties totaling 55.6 million square feet across 23 states, including enclosed malls, outlet centers, lifestyle retail centers and open-air centers.
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