CBL Properties Announces Sale of Layton Hills Mall for $37.125 Million
CBL & Associates Properties, Inc. (CBL)
Last cbl & associates properties, inc. earnings: 2/6 04:15 pm
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Source: Business Wire
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--CBL Properties (NYSE:CBL) today announced that it had closed on the sale of Layton Hills Mall in Layton (Salt Lake City), UT, to Second Horizon Capital for $37.125 million, all cash. The property served as collateral under CBL’s non-recourse term loan. Net proceeds from the sale were applied to the term loan principal balance, which after closing, was reduced to $749.8 million.“We are pleased to complete the sale of Layton Hills Mall, which is a terrific example of the strength of stable enclosed mall assets in dynamic markets,” commented Stephen D. Lebovitz, CBL’s Chief Executive Officer. “Importantly, we were able to utilize existing value within the term loan pool to help meet the term loan principal balance extension test in November 2025. We look forward to announcing additional future transactions to strengthen our balance sheet through reducing debt and lengthening our maturity schedule.”About CBL PropertiesHeadquartered in Chattanooga,
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CBL
Sec Filings
- 9/26/24 - Form 10-K/A
- 9/20/24 - Form SC
- 9/13/24 - Form 4
- CBL's page on the SEC website