Wednesday, August 22, 2012

U.S. Bank Closes on $70 Million Loan for the Outlet Shoppes at Atlanta

ATLANTA, Aug 22, 2012 (BUSINESS WIRE) -- U.S. Bank and CBL & Associates Properties, Inc. announced today they have closed on the $70 million construction loan that will finance The Outlet Shoppes at Atlanta, a 370,000 square-foot outlet center that will feature more than 80 retail outlet stores.

The Outlet Shoppes at Atlanta will be will be located off I-575 where daily traffic counts exceed 94,000 cars and more than 1.5 million people live within 20 miles. The project is a joint venture with Horizon Group Properties, Inc. of Norton Shores, MI.

Construction on The Outlet Shoppes at Atlanta is underway and expected to be complete in the second half of 2013.

The Outlet Shoppes at Atlanta is the second CBL retail project of this type that has been financed by U.S. Bank in recent months. U.S. Bank also provided nearly $49 million in construction financing for The Outlet Shoppes at Oklahoma City, which opened in August 2011.

"CBL is one of the premier retail developers in the country and their success with these types of centers is strong evidence of their versatility and market knowledge," said John Besse of U.S. Bank Commercial Real Estate. "We're proud to be part of this project."

A longtime U.S. Bank client, Chattanooga, Tenn.-based CBL is one of the largest and most active owners and developers of malls and shopping centers in the United States. CBL owns, holds interest in or manages 164 properties, including 95 regional malls/open-air centers. The properties are located in 28 states and total 93.4 million square feet including 9.4 million square feet of non-owned shopping centers managed for third parties.

"U.S. Bank is well regarded as a leading lending institution and we are pleased to again partner with them in financing this exciting project," said John N. Foy, vice-chairman and chief financial officer for CBL. "The Outlet Shoppes at Atlanta is sure to become a favored retail destination for residents and tourists alike. We look forward to celebrating the Grand Opening next year with our partners Horizon Group and U.S. Bank."

SOURCE: U.S. Bancorp

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