Stephen Lebovitz Of CBL Properties Secures $425 Million Loan For Texas Malls Refinancing
5300 San Dario Avenue, 1500 Harvey Road, 6001 West Waco Drive & 2370 North Expressway
$425,000,000
Building Size
—
Asset Type
Retail
Closing
Mar 23, 2026
About this deal
AI
The transaction involves the refinancing of four Texas malls located at 5300 San Dario Avenue, 1500 Harvey Road, 6001 West Waco Drive, and 2370 North Expressway within the markets of Laredo, College Station, Waco, and Brownsville. A loan amount of $425,000,000 was secured, which is structured as a fixed-rate, non-recourse loan.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $425,000,000
- Loan Terms: fixed-rate, non-recourse
- Landlord: Stephen Lebovitz - CBL Properties
- Loan Maturity: 2031
- Annual Free Cash Flow Boost: over $30 million
- Collateral: Mall Del Norte, Post Oak Mall, Richland Mall, Sunrise Mall
This refinance deal is significant as it marks a rare transaction for an enclosed regional mall, highlighting the strategic financial maneuvering of CBL Properties under the leadership of Stephen Lebovitz, positioning the company for enhanced cash flow in the coming years.
On the Map
$425,000,000
Retail
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Players
Corpus Christi Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93