Tennessee Mall Lands $107M Financing
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Hamilton Place, Chattanooga, Tenn.
Chattanooga, Tenn.—CBL & Associates Properties has recently closed on a $107 million, non-recourse loan for Hamilton Place, a two-story retail center in Chattanooga, Tenn. The 10-year loan placed withGoldman Sachs Mortgage Co., bears an interest rate of 4.36 percent, and was used to retire an existing $98.2 million, 5.86 percent interest rate loan scheduled to mature in August 2016. According to CBL, its share of excess proceeds was used to reduce outstanding balances on its lines of credit.
“The new financing – at very favorable terms – clearly demonstrates the confidence of our lending relationships in CBL,” Farzana Mitchell, CBL CFO, said in a prepared statement. “The Hamilton Place financing and the nearly $130 million in new equity already raised this year are evidence of our continued access to attractively priced capital and strengthening balance sheet.”…
Tennessee Mall Lands $107M Financing
