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CHATTANOOGA, TN-With $417 million in its pocket, CBL & Associates Properties plans to pay down some of its debt. The financing comes in six separate transactions secured by six malls.

The loans are 10-year, non-recourse deals and are individually secured by the Mall of Acadiana in Lafayette, LA; Citadel Mall in Charleston, SC; the Plaza at Fayette Mall in Lexington, KY; Layton Hills mall and associated center in Salt Lake City; the Shoppes at St. Clair Square in Fairview Heights, IL; and Hamilton Corner in Chattanooga.

Broken out, a spokeswoman tells GlobeSt.com the loans are $150.4 million secured by the Mall of Acadiana, $107.5 million for Layton Hills, $75.2 million for Citadel Mall, $44.4 million for the Plaza at Fayette Mall, $22.5 million for the Shoppes at St. Clair Square and $17 million for Hamilton Corner.

According to a CBL statement, the loans have a weighted average fixed interest rate of 5.67% and replace approximately $92.1 million in pre-existing loans secured by five properties with a weighted average interest rate of 6.87%. The company will use the remainder of the funds to pay down outstanding balances on its line of credit.

“CBL was able to negotiate favorable long-term rates as well as generate over $322 million of excess proceeds from which to pay down outstanding balances on the company’s credit line,” the spokeswoman adds.

According to CBL’s website, the Mall of Acadiana contains 997,000 sf of gross leasable area with approximately 120 stores. Anchor tenants include Dillard’s. JC Penney, Macy’s and Sears. It opened in 1979 and was renovated in 1993 and 2004. Layton Hills contains 672,000 sf of gross leasable area with 95 stores. Anchor tenants include JC Penney, Macy’s, Mervyn’s and Cinemark Theater. It opened in 1980 and was renovated in 1998. The Citadel Mall contains nearly 1.07 million sf of gross leasable area with 106 stores. Anchor tenants include Dillard’s, Belk, Target and Sears. It opened in 1981 and was renovated in 1994 and 2000. Hamilton Corner is an associated center that contains 69,606 sf of gross leasable area with 16 stores. Anchor tenants include Ann Taylor Loft, Bombay and Bonefish Grill. It opened in 1990 and was renovated in 2004-2005.

In addition, the Shoppes at St. Clair Square is a newly opened project with approximately 100,000 sf of space. The tenant roster includes Barnes & Noble, Talbots and Coldwater Creek. Similarly, the Plaza at Fayette Mall is a newly opened associated center located near the Fayette Mall. It sits on nearly 25 acres and features retail, restaurants and entertainment components.

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