CBL Properties refinanced its mortgage loan for West County Center, a 1.2 million-square-foot regional mall in St. Louis, with a $135 million loan at a fixed 7.4 percent rate for five years. The new loan replaces an existing $136.4 million loan that was scheduled to mature in December. That's the headline. The lender's question is the interesting part.
After repayment of the maturing loan and the release of existing escrow balances, CBL received roughly $2 million in net proceeds from the new financing. The financing also removes the cash management sweep associated with the prior loan, which will result in an estimated $7 million in annual free cash flow for CBL going forward.
With the refinancing, CBL Properties has addressed its final near-term debt maturity, according to the company. So the clock is reset, and the cash flow is freer.
Anchor tenants at West County Center include Macy's, Dick's Sporting Goods and the only Nordstrom store in Missouri. In 2026, new leases have been executed with The Cheesecake Factory, Free People Movement, Levi's, L'Occitane en Provence, POPMART, Miss A and Urban Outfitters, among other retailers. CBL acquired its joint venture partner's interest in the mall along with two other retail properties in 2024 for a total of $22.5 million.