CHATTANOOGA, Tenn. — CBL Properties has completed a refinancing of Fayette Mall, a super-regional enclosed mall located in Lexington, Ky., in a restructuring that will improve cash flow by $5 million, the Chattanooga-based mall operator announced.
Fayette Mall is a 55-year-old regional shopping mall located at 3401 Nicholasville Road in southern Lexington. With more than 170 national, regional, and local brands of retail, dining, and a 16-screen Cinemark Movie theater, it is the largest mall in the state of Kentucky. The mall’s anchor stores are Macy’s, JCPenney, Dick’s Sporting Goods, and Dillard’s.
The financing replaces the existing $98.6 million loan with a new $97.5 million, five‑year non-recourse CMBS loan with a fixed interest rate of approximately 7.25%. The new loan’s more favorable amortization structure results in approximately $5.0 million in additional cash flow to CBL, the company states in a news release.
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