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CBL Properties has completed a corporate refinancing backed by a portfolio of 13 enclosed malls, including four properties in Texas. The shopping center owner and operator used the assets as collateral to secure a new non-recourse loan, positioning the company to enhance its cash flow profile while extending debt maturities.
The company refinanced an existing term loan with a new $425 million facility secured by its enclosed regional malls. The original term loan had a final maturity in November 2027, but CBL opted to refinance ahead of schedule. According to the company, locking in the new debt structure is expected to increase its annual estimated free cash flow by more than $30 million.
CBL described the $425 million financing as the first transaction of its kind involving an enclosed regional mall portfolio in many years. The deal signals that lenders are willing to lend against traditional mall collateral when it is aggregated across a diversified group of assets and structured on a non-recourse basis.
The new loan carries a five-year term, with maturity in 2031, and features a fixed interest rate of 7.40%. The non-recourse nature of the financing limits recourse to the collateral properties rather than the broader corporate balance sheet, which can be an important risk management tool for ownership in the current interest rate environment.
Four Texas malls were specifically identified among the 13 properties securing the loan. Those assets are Mall Del Norte in Laredo, Post Oak Mall in College Station, Richland Mall in Waco, and Sunrise Mall in Brownsville. Together, they form a portion of the broader enclosed mall portfolio that underpins the new credit facility.
CBL operates as both owner and manager of a large national shopping center platform. The company reports that it owns and manages 88 properties totaling 55.6 million square feet across 23 states. Its portfolio includes enclosed malls, outlet centers, lifestyle-oriented retail centers, and open-air shopping centers, reflecting a diversified mix of retail formats. The refinancing of the 13 enclosed malls represents a significant capital markets event within that broader operating footprint.
By refinancing early, CBL has locked in multi-year, fixed-rate, non-recourse financing while also projecting a meaningful uplift in free cash flow. The transaction underscores the continued role of enclosed malls within CBL’s national portfolio and illustrates how scale and portfolio structure can support access to capital even for a retail segment that has seen limited large-scale financing activity in recent years.
The post CBL Properties Closes $425M Non-Recourse Refi Backed by 13 Enclosed Malls, 4 in Texas appeared first on CRE Market Beat.
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