CBL Says It Closed Long-Term Fixed-Rate $73.0 Million Loan Secured By Fremaux Town Center

CBL & Associates Properties, Inc. CBL revealed it closed on a non-recourse $73.0 million loan secured by Fremaux Town Center in Slidell, LA. According to the company, the 10-year loan carried a fixed interest rate of 3.70 percent.

Wells Fargo served as the lender for CBL & Associates Properties. The company stated the proceeds from the loan were used to retire two existing construction loans with an aggregate balance of $73.0 million.

The company's CFO, Farzana Mitchell, commented, "This financing demonstrates our continued strong access to capital. Replacing the floating rate construction loans with this attractively priced long-term fixed-rate loan further enhances the strength of our balance sheet. We are pleased to have completed two major financing transactions with institutional lenders totaling $185 million within the past week."

The stock traded 1 percent down on Friday.