ATLANTA--(BUSINESS WIRE)--Aug. 22, 2012--
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
“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.”
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 (NYSE: USB),
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.
Source: U.S. Bancorp
U.S. Bank Public Relations