CBL & Associates Properties, Inc. (NYSE: CBL) closed a $74.1 million eight-year, non-recourse loan secured by Cary Towne Center in Cary, NC, with a fixed interest rate of 8.5 percent.

The loan replaces an $82.1 million loan, which had a fixed interest rate of 6.85 percent and was scheduled to mature in March 2009. The loan was refinanced with the existing lender.

This is the second announcement from the firm in recent months addressing its long-term debt load. In September, the company announced $288.1 million in new financings as well as a commitment for a new $85.0 million term loan.

In the latest quarter, CBL & Associates Properties missed estimates, by $0.17 per share. It reported a 3.6 percent decline in FFO per share in the fourth quarter to $0.80 per share from $0.83 per share a year ago. The company incurred an $8 million impairment charge on its abandoned projects. CBL’s same-store NOI declined 4.0 percent for the quarter while its occupancy fell 90 basis points to 92.3 percent from 93.2 percent in the same quarter of 2007.

Overall, CBL had about $6 billion in long-term debt on its balance sheet as of Dec. 31, 2008.

Other Notable Deals

Cronheim Mortgage arranged $11 million in financing for 100 Marketplace, a retail/office complex in Basking Ridge, N.J. The loan has a 15 year term with a 30 year amortization. Cronheim acts as loan servicer and correspondent for this loan…. Commercial mortgage brokers Q10 Capital LLC and iCap Realty Advisors, LLC announced a merger between the two companies. Q10 President and CEO, Bob Stout, will continue to manage the daily operations of the combined organizations. With this merger, Q10 now has 18 member firms with offices in 27 markets across the United States…. Coynes Construction and 6906 Chestnut LLC, from La Jolla, Calif. purchased the 7,090-square-foot ground floor retail space of a loft in Scottsdale, Ariz., for $4.1 million. Hanley Investment Urban Retail Advisors represented the buyer and seller in the deal.… Cronheim Mortgage arranged $1.2 million in financing for a 4,500-square-foot single-tenant retail property at 336 West Main Street in Avon, Conn. The loan has a ten year term based on a 25 year amortization schedule…. Ken Bendalin launched Cliffside Realty Advisors. The Dallas-based company will focus on investment sales, third-party asset management and equity deployment into commercial real estate within Texas. Prior to Cliffside Realty Advisors, Bendalin spent over eight years at pension-fund advisor Sarofim Realty Advisors…. Janco Development LLC awarded KeyPoint Partners LLC the retail leasing contract for the 8,236-square-foot 230-234 West Broadway, South Boston, Mass.… Larken Associates acquired the 107,448-square-foot Echo Executive Plaza and Echo Plaza Shopping Center in Springfield, N.J.