Tuesday, February 5, 2019

CBL secures financing to renovate mall portfolio

Chain Store Age
CBL announced it had closed on $1.18 billion in financing that will allow it to avoid debt maturities coming due soon and focus its resources on renovating its portfolio of 90-plus malls.

“We’re working with virtually the entire portfolio at this point. We started 15 redevelopments in 2018 and it will be closer to 20 in ’19,” CBL CEO Stephen Lebovitz said. “We started last year with 42 Sears and we ended the year with 12. We also had 14 BonTons [that closed]. Between those two anchors, most of our properties are touched.”. . . more