Latest news with #nonrecourse
Associated Press
08-07-2025
- Business
- Associated Press
CBL Properties Announces New $78.0 Million Non-Recourse Loan Secured by Cross Creek Mall in Fayetteville, NC
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--Jul 8, 2025-- CBL Properties (NYSE:CBL) today announced that it had closed on a $78.0 million non-recourse loan secured by Cross Creek Mall in Fayetteville, NC. The new five-year loan bears a fixed interest rate of 6.856%. Proceeds from the loan were used to retire the existing $81.9 million loan secured by the property, which bore an interest rate of 8.19% and was scheduled to mature in August 2025. 'Accessing the CMBS markets for this new loan is an important accomplishment and demonstrates the appeal of our dominant, middle-market mall properties to institutional lenders,' said Stephen D. Lebovitz, CBL's Chief Executive Officer. 'Cross Creek Mall exemplifies the strength of our portfolio, with sales of over $480 per square foot and a 99% occupancy rate. This financing milestone marks another successful step forward in our non-recourse strategy - enhancing our balance sheet by extending debt maturities, lowering interest expense, and, importantly, unlocking greater free cash flow through a less restrictive loan structure.' About CBL Properties Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL's owned and managed portfolio is comprised of 88 properties totaling 55.4 million square feet across 20 states, including 52 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 30 open-air centers and other assets. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit 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' included therein, for a discussion of such risks and uncertainties. CBL_Corp View source version on Investor Contact: Katie Reinsmidt, Executive Vice President & Chief Operating Officer, 423.490.8301,[email protected] KEYWORD: UNITED STATES NORTH AMERICA TENNESSEE INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY DEPARTMENT STORES OTHER RETAIL FINANCE REIT PROFESSIONAL SERVICES RESTAURANT/BAR OTHER CONSTRUCTION & PROPERTY RETAIL SOURCE: CBL Properties Copyright Business Wire 2025. PUB: 07/08/2025 02:00 PM/DISC: 07/08/2025 02:00 PM
Irish Times
21-05-2025
- Business
- Irish Times
Irish Nationwide manager shocked at Michael Fingleton's ‘get out of jail card' for borrower
A former senior commercial manager at failed lender Irish Nationwide has told the High Court he was left 'absolutely shocked' that Michael Fingleton Sr, referred to as 'the boss' at the bank, confirmed an alleged 'get out of jail card' to a borrower who could not repay a multimillion euro property loan. Conal Regan, who joined the bank after Mr Fingleton left the society in April 2009, told the High Court on Wednesday that the defendant allegedly wrote a letter to a lender, Louis Scully, who borrowed almost €6 million to purchase land in Co Meath in October 2007, confirming that the sum loaned to him was a 'non-recourse' one. A non-recourse loan means that debt on a loan is secured by the collateral and cannot be pursued by the lender from the borrower. The High Court civil case, which is in its third week, against the former INBS chief executive and managing director alleges he negligently mismanaged the building society and engaged in property 'gambles' with high-net-worth individuals in an informal and speculative manner in the mid-2000s, leading to fatal losses. READ MORE Mr Fingleton (87), who cannot give evidence due to ill-health, joined the building lender in 1971 and retired in 2009. He held the roles of both managing director and chief executive in that time. At its height in 2007, INBS had reported assets of €16 billion but was a high-profile casualty of the financial crisis in 2008. Liquidators for Irish Banking Resolution Corporation (IBRC) have taken the case against Mr Fingleton, who denies the allegation of negligent mismanagement. The total losses at INBS had been estimated to be €6 billion. However, only €290 million in damages is being pursued by IBRC, relating to five specific loans, allegedly approved by Mr Fingleton. The court has been told that Mr Fingleton was allegedly 'nodding through' top-ups and extensions to certain clients without the knowledge of the society's board. At the High Court on Wednesday, former INBS manager Mr Regan, who joined the society in late October 2009, said he was dealing with 'significantly' distressed credits at the lender. When Mr Regan queried and tested loans issued to Mr Scully, he was told by letter from Mr Scully that the money advanced to him were all 'non-recourse' loans. Lyndon MacCann SC, for IBRC's liquidators, was told by Mr Regan that a February 2009 letter from Mr Scully to Tom McMenamin, then manager of commercial lending at Nationwide, referred to a list of borrowings by Mr Scully and other individuals that stated 'nobody was getting any younger'. Mr McMenamin wrote back saying that all loans to Mr Scully were made on a non-recourse basis. Mr Regan said he could not find any reference 'anywhere' in the paperwork about a non-recourse element in a loan to Mr Scully for Meath lands – measured at 21,700 acres – at €598,7850, arising from a value of €275,000 per acre, which Mr Regan said 'seems exceptional, very, very high'. Mr Regan said he reacted by thinking 'why in the name of god was a get-out-of-jail card given here, given the level of funding that had been provided?' 'I just could not understand that somebody could possibly believe that letter would trump agreements or legal documents signed and on a 'normal-recourse' basis. All of a sudden there is this and it just didn't make sense,' Mr Regan told the court. Mr Regan said he had looked at the files regarding Mr Scully's loans and that 'non-recourse was mentioned nowhere. Nowhere'. Mr Regan told the court he asked Mr McMenamin 'why in the name of god' was the letter of confirmation issued and claimed Mr McMenamin told him: 'I was only doing what the boss told me to do'. Mr MacCann asked who was being referred to as 'the boss' to which Mr Regan said he was told by Mr McMenamin that this was a reference to Mr Fingleton Sr. Later in December Mr Scully wrote to Mr Regan saying as far as he was concerned all of his business with the society was on an non-recourse basis and that this had been agreed by Mr Fingleton. Mr Regan told Mr Justice Michael Quinn that it was a 'shocking assertion' and that 'individuals were not even putting hands in their pockets' if they had a 'free bet' on getting planning or zoning for lands. 'It was a get out of jail card. It was incredible. I have never, never come across it before,' said Mr Regan. In response to a request for any documentary evidence as to the agreement between Mr Scully and Mr Fingleton, Mr Scully wrote back on March 25th, 2010, enclosing a letter of confirmation of the non-recourse loans from Mr Fingleton and writes 'I trust this brings matters to a conclusion'. Mr Regan said he was left 'absolutely shocked' by the letter from Mr Fingleton. The case continues at the High Court.
BreakingNews.ie
21-05-2025
- Business
- BreakingNews.ie
Former Irish Nationwide manager 'shocked' that Fingleton issued 'get-out-of-jail card' to borrower
A former senior commercial manager at failed lender Irish Nationwide has told the High Court he was left "absolutely shocked" that Michael Fingleton Sr, referred to as "the boss" at the bank, confirmed an alleged "get-out-of-jail card" to a borrower who could not repay a multi-million euro property loan. Conal Regan, who joined the bank after Mr Fingleton left the society in April 2009, on Wednesday told the High Court that the defendant allegedly wrote a letter to a lender, Louis Scully, who borrowed almost €6 million to purchase land in Co Meath in October 2007, confirming that the sum loaned to him was a "non-recourse" one. Advertisement A non-recourse loan means that debt on a loan is secured by the collateral and cannot be pursued by the lender from the borrower. The High Court civil case, which is in its third week, against the former Irish Nationwide Building Society (INBS) chief executive and managing director Mr Fingleton alleges that he negligently mismanaged the building society and engaged in property "gambles" with high-net-worth individuals in an informal and speculative manner in the mid-2000s, leading to fatal losses. Mr Fingleton (87), who cannot give evidence due to ill health, joined the building lender in 1971 and retired in 2009. He held the roles of both managing director and chief executive in that time. At its height in 2007, INBS had reported assets of €16 billion but was a high-profile casualty of the financial crisis of 2008. Liquidators for Irish Banking Resolution Corporation (IBRC) have taken the case against Mr Fingleton, who denies the allegation of negligent mismanagement. Advertisement The total losses at INBS had been estimated to be €6 billion. However, only €290 million in damages is being pursued by IBRC, relating to five specific loans, allegedly approved by Mr Fingleton. The court has been told that Mr Fingleton was allegedly 'nodding through' top-ups and extensions to certain clients without the knowledge of the society's board. At the High Court on Wednesday, former INBS manager Mr Regan, who joined the society in late October 2009, said he was dealing with "significantly" distressed credits at the lender. When Mr Regan queried and tested loans issued to Mr Scully, he was told by letter from Mr Scully that the monies advanced to him were all "non-recourse" loans. Advertisement Lyndon MacCann SC, for IBRC's liquidators, was told by Mr Regan that a February 2009 letter from Mr Scully to Tom McMenamin, then-manager of commercial lending at Nationwide, referred to a list of borrowings by Mr Scully and other individuals that stated "nobody was getting any younger". Mr McMenamin wrote back saying that all loans to Mr Scully were made on a non-recourse basis. Mr Regan said he could not find any reference "anywhere" in the paperwork about a non-recourse element in a loans to Mr Scully for Meath land – measured at 21,700 acres – at €598,7850, arising from a value of €275,000 per acre, which Mr Regan said seemed "exceptional, very, very high". Mr Regan said he reacted by thinking "why in the name of God was a get-out-of-jail card given here, given the level of funding that had been provided?" "I just could not understand that somebody could possibly believe that letter would trump agreements or legal documents signed and on a 'normal-recourse' basis. All of a sudden there is this and it just didn't make sense," Mr Regan told the court. Advertisement Mr Regan said he had looked at the files regarding Mr Scully's loans and that "non-recourse was mentioned nowhere. Nowhere". Mr Regan told the court he asked Mr McMenamin "why in the name of god" was the letter of confirmation issued and claimed that Mr McMenamin told him: "I was only doing what the boss told me to do". Mr MacCann asked who was being referred to as "the boss" to which Mr Regan said he was told by Mr McMenamin that this was a reference to Mr Fingleton Sr. Later in December Mr Scully wrote to Mr Regan saying as far as he was concerned all of his business with the society was on an non-recourse basis and that this had been agreed by Mr Fingleton. Advertisement Mr Regan told Mr Justice Michael Quinn that it was a "shocking assertion" and that "individuals were not even putting hands in their pockets" if they had a "free bet" on getting planning or zoning for lands. Ireland Michael Fingleton engaged in 'solo run' trading wh... Read More "It was a get out of jail card. It was incredible. I have never, never come across it before," said Mr Regan. In response to a request for any documentary evidence as to the agreement between Mr Scully and Mr Fingleton, Mr Scully writes back on March 25th, 2010, enclosing a letter of confirmation of the non-recourse loans from Mr Fingleton and writes "I trust this brings matters to a conclusion". Mr Regan said he was left "absolutely shocked" by the letter from Mr Fingleton. The case continues at the High Court.
