U.S. Bank Closes on $70 Million Loan for the Outlet Shoppes at Atlanta
ATLANTA--(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 (HGPI.PK) and U.S. Bank.
About U.S. Bank Commercial Real Estate
U.S. Bank Commercial Real Estate specializes in providing creative credit and non-credit financial solutions for real estate developers, REITs, and commercial property owners across the United States. U.S. Bank offers such services as construction/development lending, property acquisition lending, refinancing, lines of credit, and syndications. With an employee base of 400 professionals in 24 offices, U.S. Bank Commercial Real Estate builds long-term relationships designed to help American businesses grow.
About U.S. Bank
Minneapolis-based U.S. Bancorp, with $353 billion in assets as of June 30, 2012, is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The company operates 3,080 banking offices in 25 states and 5,085 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at www.usbank.com.
About Horizon Group Properties, Inc.
Based in Norton Shores, Michigan with executive offices in Rosemont, Illinois, Horizon Group Properties, Inc. is an owner and developer of factory outlet shopping centers and is the developer of a master planned community in suburban Chicago. For more information, please visit www.horizongroup.com.
About CBL & Associates Properties, Inc.
CBL is one of the largest and most active owners and developers of malls and shopping centers in the United States. CBL owns, holds interests in or manages 160 properties, including 89 regional malls/open-air centers. The properties are located in 26 states and total 86.8 million square feet including 3.6 million square feet of non-owned shopping centers managed for third parties. Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA, Dallas (Irving), Texas, and St. Louis, MO. Additional information can be found at cblproperties.com.
U.S. Bank Public Relations
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Source: U.S. BancorpCopyright Business Wire 2012