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CHATTANOOGA, TN-Locally headquartered CBL & Associates Properties Inc. has refinanced the 1.2-million-sf Mall Del Norte in Laredo, TX and the 1.1-million-sf Eastgate Mall in Cincinnati. In so doing, the mall REIT has swapped out short-term, variable-rate debt with long-term, fixed-rate financing.For Eastgate Mall, CBL received $65 million in new financing, including a nearly $57.3-million five-year loan at an interest rate of 4.55% and a nearly $7.8-million, interest only, five-year B-note with an interest rate of 6.75%. The B-note is held by CBL. The loan replaces a $41.1-million term loan that was set to expire in December 2004 that had a variable interest rate of 100 basis points over Libor.For the Texas property, which it acquired last month, CBL closed a $113.4-million, 10-year interest only loan that carries an interest rate of 5.04%. Net proceeds from the loan were used to reduce the outstanding borrowings on CBL's $400-million unsecured credit facility.CBL is one of the top five owners of shopping centers in North America, holding interest in or managing 173 properties in 28 states with an aggregate rentable area of 73.2 million sf. The company also has seven projects under construction that will raise the total by 1.8 million sf.