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Article: CBL & Associates Properties Announces Closing on Acquisition of Laurel Park Place in Livonia, MI.
- Article from:
- Business Wire
- Article date:
- June 2, 2005
CopyrightCOPYRIGHT 2005 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CHATTANOOGA, Tenn. -- CBL & Associates Properties, Inc. (NYSE: CBL) today announced that it has closed on the acquisition of a 70% joint venture interest in Laurel Park Place in Livonia (Detroit), MI, from Schostak Brothers & Company, effective June 1, 2005. The Company acquired the interest for a total consideration of $82.2 million, including estimated closing costs.
The joint venture holds approximately $50.7 million of non-recourse debt at an interest rate of 8.5%, maturing in 2012. The Company financed the balance of the purchase with $2.6 million of cash and through the issuance of Special Common Units (SCUs) of CBL's Operating Partnership at a value of ...
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