Franklin, Tenn. — CBL Properties, along with its 50/50 joint venture partners TIAA and APG, has received a $155 million, non-recourse loan for CoolSprings Galleria, a 1.1 million-square-foot mall in Franklin, roughly 20 miles south of Nashville.
Wells Fargo Bank NA provided the 10-year, CMBS loan with a fixed 4.8 percent interest rate. Proceeds of the loan were used to retire an existing $97.7 million loan, which was scheduled to mature in June. CBL’s share of $29 million in excess proceeds will be used to reduce outstanding balances on its unsecured lines of credit. The Chattanooga-based company owns and manages a portfolio of 117 retail properties totaling 73.4 million square feet, located across 26 states.