logo
  Join        Login             Stock Quote

CBL & Associates (CBL) Closes Non-Recourse Loan Financings For $64.1M Proceeds

 June 11, 2012 12:39 PM
 


(By Balaseshan) CBL & Associates Properties Inc. (NYSE:CBL), a self-managed, self-administered real estate investment trust (REIT), said it has closed four separate non-recourse loans totaling $202.2 million.

After consideration of the mortgage loan balances retired, the new loans generated excess proceeds of $64.1 million. CBL had paid off several of the existing mortgage loans earlier in the year using its lines of credit. Total proceeds were used to reduce outstanding balances on the company's lines of credit.

Finance Chief John Foy said the new loans are indicative of the strong demand the company is receiving in the commercial mortgage-backed securities (CMBS) market. The company is pleased to benefit from the favorable interest rate environment by lowering the average borrowing rate on these loans from 6.62% to 4.85%.

[Related -18 Stocks Growing Their Cash Dividends]

Three separate ten-year non-recourse CMBS loans were secured by Southpark Mall in Richmond (Colonial Heights), Virginia; Jefferson Mall in Louisville, Kentucky; and Fashion Square in Saginaw, Michigan.

CBL also completed a ten-year non-recourse loan with an insurance company secured by CBL Center 1 and 2 in Chattanooga, Tennessee. The four loans carry a weighted average fixed interest rate of 4.85%.

Year-to-date, CBL has completed more than $416.0 million in mortgage financings, generating excess proceeds of about 143.0 million, substantially addressing CBL's mortgage maturities in 2012.

[Related -Analysts' Rating And Target Changes: ARW, CBL, CRM, FB, FWLT, HSP]

The company owns, develops, acquires, leases, manages, and operates regional shopping malls, open-air centers, community centers and office properties. CBL's properties are located in 26 states, but are primarily in the southeastern and midwestern United States. It is the 100% owner of two REIT subsidiaries, CBL Holdings I Inc. and CBL Holdings II Inc.

CBL is trading down 0.83% at $17.85 on Monday. The stock has been trading between $10.41 and $19.50 for the past 52 weeks.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageRussell 2000 Showing Relative Weakness at the New Highs

A quick “Quad Index” Grid shows us that the small-cap Russell 2000 is showing relative strength to the read on...

article imageThe Poster Boy For Liberal Economics Discovers The Tax Factor

Paul Krugman seems to be having a supply-side-economics moment… sort of. Raising taxes, the NY Times read on...

article imageMacroprudential Policy And Distribution Of Risk

There is very little doubt that housing prices and leverage played a strong role in the global financial read on...

article imageIs the World Turning Japanese?

Many really think so, but reality suggests read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center

Related Articles:

23 Stocks Raising The Dividend Growth Bar
More Articles on: Finance



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.