Chattanooga, Tenn. — CBL & Associates Properties, Inc. has closed on an $80 million non-recourse loan secured by The Outlet Shoppes at Atlanta, a 75/25 joint venture with Horizon Group Properties. The 10-year loan bears a 4.9% fixed interest rate. Proceeds from the loan were used to repay a $53.2 million recourse construction loan. CBL used its share of the remaining funds to reduce outstanding balances on the company’s unsecured credit facilities.
The Outlet Shoppes at Atlanta is a 370,000-sq.-ft. outlet center located north of Atlanta in Woodstock. CBL and Horizon co-developed the project. Horizon is responsible for leasing, marketing and managing the center.