WOODSTOCK, GA-CBL & Associates Properties, Inc. reports it has closed on a new $80-million non-recourse loan secured by The Outlet Shoppes at Atlanta, which opened for business just three weeks ago.
The 370,000-square-foot property is owned by shopping center owner CB&L of Chattanooga, TN and Horizon Group Properties based in Woodstock, GA. CB&L owns 75% of the property with Horizon owning the other 25% share.
The new 10-year loan bears interest at a fixed rate of 4.9%. Proceeds from the loan were used to repay a $53.2-million recourse construction loan with CBL’s share of the remaining net funds used to reduce outstanding balances on the company’s unsecured credit facilities, company officials state.
“We are pleased to close this new financing, which is consistent with our strategy of maintaining secured debt on joint venture properties as well as fixing interest rates long-term and eliminating our guaranty,” said Farzana Mitchell, CBL’s chief financial officer. “The ability to place permanent financing at such favorable terms on this project just three months after opening in July is a testament to the tremendous success of The Outlet Shoppes at Atlanta.”
The Outlet Shoppes at Atlanta is located north of Atlanta off I-575 at Ridgewalk Parkway in Woodstock. The center, which celebrated its grand opening in July, features among its tenant roster: Nike, Saks Fifth Avenue OFF 5TH, Brooks Brothers, Calphalon, Columbia Sportswear, True Religion, Cole Haan, White House | Black Market, Guess, Fossil, Michael Kors, Kate Spade, Under Armour, and Talbots.