CBL Properties Inc. extended the maturities of two loans, totaling $114.9 million and secured by separate Florida shopping centers, by three years, with two one-year extension options.
The loans now mature in 2023 and bear interest at 225 basis points over the London Interbank Offered Rate, 25 basis points more than the previous rate.
One of the loans comes to $56.7 million, $28.4 million at the regional mall landlord's share, and is secured by the 300,000-square-foot The Pavilion at Port Orange open-air retail center in Port Orange. The other $58.2 million loan, $29.1 million at CBL's share, is secured by the 390,000-square-foot open-air center in Hammock Landing in West Melbourne.
Both properties are owned in separate 50/50 joint ventures.
