CBL Properties (NYSE:CBL) today announced that it, along with its 50% joint venture partner, Horizon Group Properties, closed a new $79.3 million loan ($39.7 million at CBL’s 50% share) secured by The Outlet Shoppes of Atlanta, the premier outlet shopping destination located in Woodstock, GA. The new non-recourse ten-year loan bears a fixed interest-only rate of 7.85% and replaces two loans with an aggregate balance of $69.5 million (at 100%) that were set to mature in November 2023.

"This loan closing demonstrates the quality of our properties as well as CBL’s credibility in the financial markets," said Stephen Lebovitz, chief executive officer. "Despite the challenging capital markets, we have successfully sourced new non-recourse financing on attractive terms and generated approximately $10 million of excess proceeds for the joint venture. We are pleased to make progress on our goal of mitigating risk by extending our maturity schedule. With the closing of this loan, we have successfully addressed our 2023 final debt maturities."