CBL & Associates Properties, Inc. on Thursday announced that it closed on a non-recourse $47.7 million loan secured by Ambassador Town Center in Lafayette, La. The seven-year loan bears a fixed interest rate of 3.22 percent and was provided by a new institutional lender. Proceeds from the loan were primarily used to retire the existing construction loans with an aggregate balance of $41.9 million with excess proceeds used to fund remaining construction costs.
"We are pleased to complete our third recent financing, bringing our total financing activity for just this month to over $227 million,” said Farzana K. Mitchell, chief financial officer. “This attractively priced new loan further reduces our floating rate debt and adds to our well-laddered maturity schedule. Our recent financing activities continue to strengthen our balance sheet and improve our financial flexibility.”
Ambassador Town Center is a 430,000-square-foot open-air center anchored by Costco, Dick’s Sporting Goods, Field & Stream, Marshall’s, Home Goods, and Nordstrom Rack. CBL owns the center in a 65/35 joint venture with Stirling Properties, LLC based in Covington, La. All amounts above are reflected at 100 percent.