June 10, 2016
CBL & Associates Inc. closed on a non-recourse, $73 million loan from Wells Fargo. The 10-year, 3.7% fixed-rate loan was secured by Fremaux Town Center in Slidell, LA. Proceeds were used to retire two existing construction loans.
CBL & Associates Properties, headquartered in Chattanooga, TN, owns the 633,000-square-foot open-air center in a 65/35 joint venture with Stirling Properties, LLC based in Covington, LA. The 80-acre property is at the intersection of Interstate 10 and Fremaux Avenue. The new development is 70% occupied.
“Replacing the floating rate construction loans with this attractively priced long-term fixed-rate loan further enhances the strength of our balance sheet,” said CBL’s CFO, Farzana K. Mitchell. “We are pleased to have completed two major financing transactions with institutional lenders totaling $185 million within the past week.”