CBL Properties Closes $135M Refinancing of West County Center Mall in St. Louis

CBL Properties (NYSE: CBL) announced on Oct. 8, 2026, that it has entered into a $135.0 million refinancing of the mortgage loan secured by West County Center, an enclosed regional mall in St. Louis, Missouri. The new non-recourse loan replaces an existing $136.4 million loan that was scheduled to mature in December 2026.

The Chattanooga, Tennessee-based owner said the transaction addresses its last near-term debt maturity and brings its new financing activity for the year to nearly $1.0 billion.

CBL Properties Loan Terms and Cash Flow Impact

The new loan carries a five-year term and a fixed interest rate of 7.4%. After repayment of the maturing loan and release of existing escrow balances, CBL received approximately $2.0 million in net proceeds. Based on the $135.0 million principal balance and the 7.4% rate, annual interest expense is approximately $10.0 million before amortization. The loan equates to roughly $112.50 per square foot on the property's approximately 1.2 million square feet.

The principal amount is $1.4 million below the balance it replaces, so the transaction does not materially reduce debt. The more significant effect is structural: the refinancing removes the cash management sweep associated with the prior loan, which CBL estimates will unlock more than $7.0 million of annual free cash flow to the company going forward.

"We have completed nearly $1.0 billion in new financing activity in 2026, addressing all of our near-term maturities. These financings have unlocked approximately $45.0 million in estimated incremental annual cash flow and removed maturity risk for the next few years," said Ben Jaenicke, Executive Vice President and Chief Financial Officer of CBL Properties. "The terms we achieved on West County Center reflect the strong leasing and performance of the property in recent years and support the continued financial flexibility of our balance sheet."

Separate $22.5 Million CID Bond Refinancing

In late September, a separate $22.5 million Community Improvement District (CID) bond refinancing related to West County Center was closed. Net proceeds included $4.6 million of cash to CBL to repay the prior CID bonds it held, as well as $2.6 million designated for future capital projects specific to the property. Those projects include upgraded security cameras, escalator replacement, and lighting and parking area upgrades.

West County Center Operating Profile

West County Center is a nearly 1.2 million-square-foot enclosed regional mall at 80 West County Center in Des Peres, in west St. Louis County, Missouri. CBL said the property generates annual sales of more than $900 per square foot. Its anchors include Macy's, Dick's Sporting Goods and the state's only Nordstrom. The mall has reported occupancy of approximately 98% and more than 7.1 million annual visitors.

More than 300,000 square feet of leasing has been completed at the property since 2024. New leases executed in 2026 include The Cheesecake Factory, Free People Movement, Levi's, L'Occitane en Provence, POPMART, Miss A and Urban Outfitters, among others.

Market Context for Mall Refinancing

The property's metrics compare favorably with CBL's broader portfolio. Total portfolio occupancy was 90.0% at Dec. 31, 2025, down from 90.3% a year earlier, while same-center occupancy for malls, lifestyle centers and outlet centers was 88.6%. Earlier in 2025, bankruptcy-related closures, including Forever 21, Joann and Party City, represented roughly 95,000 square feet and reduced mall occupancy by nearly 70 basis points year over year.

S&P previously identified approximately $665.8 million of secured term-loan debt that was expected to become current in November 2026, subject to extension conditions. CBL's 2026 financing activity addresses its near-term maturities, and the West County Center loan extends the maturity on this asset by five years.

About CBL Properties

CBL Properties owns and manages a national portfolio of 88 properties totaling 54.5 million square feet across 23 states. The portfolio includes 54 enclosed malls, outlet centers and lifestyle retail centers, as well as 20 open-air centers and other assets.

Sources

CBL Properties press release: https://invest.cblproperties.com/news-views/news-details/2026/CBL-Properties-Announces-135-0-Million-Refinancing-of-West-County-Center/default.aspx