Outlet Shoppes at Louisville Get $60M Loan

LOUISVILLE—An already fruitful partnership between the shopping mall REIT CBL & Associates Properties and Horizon Group Properties has taken another big step forward. U.S. Bank has just closed on a $60 million loan to finance the construction of The Outlet Shoppes at Louisville. The 370,000-square-foot development, currently under construction just off Interstate 64 in suburban Simpsonville, will have more than 80 retailers and open by next summer. CBL and Horizon are co-developing the property, with Horizon responsible for leasing and management.

This is the third major retail development that U.S. Bank has financed for the Chattanooga-based CBL. Last year, for example, the bank closed a $70 million construction loan for The Outlet Shoppes at Atlanta, a 370,000-square-foot retail center developed in suburban Woodstock just north of that city by a joint venture between CBL and the Michigan-based Horizon.