CBL Properties completed a $135 million refinancing of the mortgage loan secured by West County Center in St. Louis, addressing the company’s final near-term debt maturity.
The new non-recourse loan replaces an existing $136.4 million mortgage that had been scheduled to mature in December 2026.
The refinancing has a five-year term and a fixed interest rate of 7.4%.
Following repayment of the existing mortgage and release of escrow balances, CBL received approximately $2 million of net proceeds.
The transaction also eliminates a cash management sweep associated with the previous loan.
CBL estimates that removing that restriction will unlock more than $7 million of annual free cash flow.
The refinancing brings CBL’s new financing activity during 2026 to nearly $1 billion.
The company said its financings this year have generated approximately $45 million of estimated incremental annual cash flow while addressing all near-term maturities.
Separately, a $22.5 million Community Improvement District bond refinancing tied to West County Center closed in September.
That transaction generated $4.6 million of cash for CBL and another $2.6 million earmarked for property improvements.
Planned projects include upgraded security cameras, escalator replacement, lighting improvements, and parking-area upgrades.
West County Center is a nearly 1.2 million-square-foot regional mall generating annual sales exceeding $900 per square foot.
Its anchors include Macy’s, Dick’s Sporting Goods, and Missouri’s only Nordstrom location.
KEY QUOTES:
“We have completed nearly $1.0 billion in new financing activity in 2026, addressing all of our near-term maturities. These financings have unlocked approximately $45.0 million in estimated incremental annual cash flow and removed maturity risk for the next few years.”
Ben Jaenicke, EVP and CFO of CBL Properties
“The terms we achieved on West County Center reflect the strong leasing and performance of the property in recent years and support the continued financial flexibility of our balance sheet.”
Ben Jaenicke, EVP and CFO of CBL Properties
