CBL & Associates Properties, Inc. closed a $43 million non‑recourse loan secured by its Northwoods Mall property in North Charleston, South Carolina. The five‑year facility carries a fixed interest rate of 9.1% and replaces a $46.8 million loan that was due in April 2026.
Proceeds from the new loan, combined with roughly $7.5 million of escrow funds, were used to retire the maturing debt. The transaction extends the property’s financing term and reduces the company’s immediate debt‑service obligations, freeing up cash flow that was previously tied to the old loan.
The refinancing is part of a broader effort by CBL to restructure its balance sheet. Earlier in March 2026, the company completed a $634 million refinancing that included a $425 million non‑recourse facility and a $176 million floating‑rate loan. The March deal was aimed at extending maturities, reducing overall borrowing, and boosting projected free‑cash‑flow. CBL’s 2026 FFO guidance remains in the $6.74–$7.06 per share range, and the company’s debt‑to‑equity ratio was 5.79 as of April 2, 2026.
Ben Jaenicke, CBL’s EVP and Chief Financial Officer, said, "The successful closing of this new CMBS loan for Northwoods Mall demonstrates our ability to access attractive capital and reinforces the strong lender confidence in our middle‑market mall portfolio. By extending debt maturities and unlocking over $3.0 million of previously restricted cash flow, this transaction further strengthens our balance sheet and enhances our ability to create long‑term value for our investors."
The non‑recourse structure limits CBL’s liability to the Northwoods Mall collateral, a common risk‑mitigation strategy in real‑estate financing. By reducing the debt load and extending maturities, the company positions itself to pursue additional acquisitions and portfolio optimization while maintaining control of its key assets.
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