CBL & Associates Properties, Inc. (NYSE: CBL) today announced the
closing of a $74.1 million eight-year, non-recourse loan secured by Cary
Towne Center in Cary, NC, with a fixed interest rate of 8.5%. This loan
replaces an $82.1 million loan, which had a fixed interest rate of 6.85%
and was scheduled to mature in March 2009. The loan was refinanced with
the existing lender.
About CBL & Associates Properties, Inc.
CBL is one of the largest and most active owners and developers of malls
and shopping centers in the United States. CBL owns, holds interests in
or manages 158 properties, including 87 regional malls/open-air centers.
The properties are located in 27 states and total 85.8 million square
feet including 2.2 million square feet of non-owned shopping centers
managed for third parties. CBL currently has seven projects under
construction totaling 2.9 million square feet including Settlers Ridge
in Pittsburgh, PA; The Pavilion at Port Orange in Port Orange, FL;
Hammock Landing in West Melbourne, FL; The Promenade in D’Iberville, MS;
two lifestyle/associated centers, and one expansion. Headquartered in
Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA,
Dallas, TX, and St. Louis, MO. Additional information can be found at http://cblproperties.com.
Information included herein contains "forward-looking statements"
within the meaning of the federal securities laws.
Such
statements are inherently subject to risks and uncertainties, many of
which cannot be predicted with accuracy and some of which might not even
be anticipated.
Future events and actual events, financial and
otherwise, may differ materially from the events and results discussed
in the forward-looking statements.
The reader is directed to the
Company's various filings with the Securities and Exchange Commission,
including without limitation the Company's Annual Report on Form 10-K
and the "Management's Discussion and Analysis of Financial Condition and
Results of Operations" incorporated by reference therein, for a
discussion of such risks and uncertainties.
