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Subsequent Events
3 Months Ended
Mar. 31, 2018
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events
In April 2018, the loan secured by Phase II of The Outlet Shoppes at El Paso was extended to July 2018 as the Company is in the process of obtaining new financing on this property. The loan had an aggregate principal balance of $6,580 at March 31, 2018 and was scheduled to mature in April 2018.
In April 2018, the Company entered into a 50/50 joint venture, Self Storage at Mid Rivers, LLC, to develop a self-storage facility adjacent to Mid Rivers Mall. This joint venture will be an unconsolidated affiliate accounted for using the equity method of accounting. The joint venture closed on a construction loan with a total available capacity of $5,987 that bears interest at a variable-rate of LIBOR plus 2.75% and matures in April 2023. The Operating Partnership has guaranteed 100% of the loan until construction is complete.
In April 2018, CBL/T-C, LLC, an unconsolidated affiliate that owns CoolSprings Galleria, closed on a $155,000 non-recourse loan. The ten- year loan bears interest at a fixed rate of 4.839% and is secured by CoolSprings Galleria. The loan was scheduled to mature in June 2018. Proceeds from the loan were used to retire a loan which had a principal balance of $97,939 as of March 31, 2018 and bore interest at a fixed-rate of 6.98%. The Company's share of excess proceeds will be used to reduce outstanding balances on its credit facilities.
In May 2018, the loans secured by Hammock Landing and The Pavilion at Port Orange were amended to extend the maturity date to May 2018 with an outside maturity date of February 2019. The loans had an aggregate principal balance of $115,232 at March 31, 2018 and had an original maturity date of April 2018.