The Richard E. Jacobs Group and CBL & Associates Properties, Inc. Complete $190.8 Million Financing for Gulf Coast Town Center 
FORT MYERS, FL (REIT Media) June 22, 2007 - The Richard E. Jacobs Group, Inc. of Cleveland, OH and CBL & Associates Properties, Inc. (NYSE:CBL) of Chattanooga, TN, today announced the closing of a $190.8 million ten-year non-recourse interest-only loan secured by Gulf Coast Town Center in Ft. Myers, FL, a 50/50 joint venture between The Richard E. Jacobs Group and CBL. The loan will bear interest at 5.601% and replaces a $143.6 million variable rate construction loan. Excess net proceeds will be distributed between the joint venture partners. CBL's share of excess net proceeds will be used to pay down outstanding balances on the Company's lines of credit.
About Gulf Coast Town Center
The 1.2 million square foot Phase I and II of Gulf Coast Town Center features more than a dozen anchor stores, two hotels and approximately 120 specialty shops and restaurants. Phase I features SuperTarget, Babies "R" Us, JoAnn Fabrics, Linen's 'N Things, PETCO, Staples, Kirkland's and a 16-screen Regal Cinema.
The lifestyle phase of Gulf Coast Town Center celebrated its grand opening in March of this year with Bass Pro Shops, Belk, JCPenney and Best Buy. Other anchor stores, retailers and restaurants include Borders, Ron Jon Surf Shop, Costco, P.F. Chang's China Bistro, Bar Louie, Miller's Ale House, Calistoga Cafe, R.J. Gators and Blu Sushi, as well as a 134-room Courtyard by Marriott and a 116-room Residence Inn by Marriott. Phase III of Gulf Coast Town Center will include additional junior anchors and small shop space and will begin construction in the coming months. Gulf Coast Town Center is located in Lee County, Florida, on the I-75 corridor between Fort Myers and Naples, Florida.
Gulf Coast Town Center offers shoppers a truly unique shopping environment including a Main Street layout featuring architectural elements and amenities indigenous to Southwest Florida. The site is designed to provide ample parking conveniently located in front of the shops while preserving an intimate, comfortable setting for the specialty stores.
About The Richard E. Jacobs Group, Inc.
The Richard E. Jacobs Group, Inc. has long been one of America's premier owners and developers of commercial real estate. Founded in 1955 and headquartered in Cleveland, OH, the privately held company was one of the nation's pioneer developers of regional malls. Headed by its co-founder and chairman, Richard E. Jacobs, the firm developed and owned over 40 major mall properties from coast to coast.
Today, The Jacobs Group continues as a major developer of retail centers, office and hotel properties, and mixed-use developments. Among its other premier properties are Chagrin Highlands, a 630-acre corporate community in Cleveland, OH and Cypress Creek Town Center, a 1.4 million square-foot lifestyle center under development in Pasco County, FL.
About CBL & Associates Properties, Inc.
CBL is one of the largest and most active owners and developers of malls and shopping centers in the country. CBL owns, holds interests in or manages 131 properties, including 79 regional malls/open-air centers. The properties are located in 27 states and total 74.4 million square feet including 2.2 million square feet of non-owned shopping centers managed for third parties. CBL currently has fourteen projects under construction totaling 2.5 million square feet including Pearland Town Center in Houston (Pearland), TX; Alamance Crossing in Burlington, NC; CBL Center II in Chattanooga, TN; two lifestyle/associated centers, eight mall expansions/redevelopments, and one community center. Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA, and Dallas, TX. Additional information can be found at http://cblproperties.com.
Information included herein contains "forward-looking statements" within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including without limitation the Company's Annual Report on Form 10-K and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" incorporated by reference therein, for a discussion of such risks and uncertainties.
Contact:
CBL & Associates Properties, Inc.
Investor Contact:
Katie Reinsmidt, Director of Investor Relations
423-490-8301
katie_reinsmidt@cblproperties.com
Source: CBL & Associates Properties, Inc.
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Jun.22.2007. 12:00
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