$60 million loan granted to fund construction of The Outlet Shop - wave3.com-Louisville News, Weather & Sports

$60 million loan granted to fund construction of The Outlet Shoppes of Louisville

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Plans for the open-air style retail center show it will include stores such as Coach, J. Crew, Brooks Brothers, Michael Kors, Nike, Saks Fifth Avenue OFF 5TH and others. Plans for the open-air style retail center show it will include stores such as Coach, J. Crew, Brooks Brothers, Michael Kors, Nike, Saks Fifth Avenue OFF 5TH and others.

SIMPSONVILLE, KY (WAVE) – U.S. Bank closed on a $60 million loan to finance the construction of The Outlet Shoppes at Louisville.

The loan went to CBL & Associates Properties and Horizon Group Properties. The Outlet Shoppes at Louisville, which is actually being built in Simpsonville just off I-64, will be a 370,000 sq. ft. development with more than 80 retailers. U.S. Bank said the outlet mall is expected to create more than 1,000 jobs in the Louisville community.

CBL and Horizon are co-developing the property, with Horizon responsible for leasing and management, according to U.S. Bank. Plans for the open-air style retail center show it will include stores such as Coach, J. Crew, Brooks Brothers, Michael Kors, Nike, Saks Fifth Avenue OFF 5TH and others.

"The Outlet Shoppes has been a highly-anticipated project among Louisville's businesses and residents," said David Wombwell, senior vice president for U.S. Bank in Louisville. "This mix of high-end retailers in an outlet setting is sure to attract both residents and tourists alike."

According to U.S. Bank, CBL is one of the largest and most active owners and developers of malls and shopping centers in the United States and currently owns, holds interests in or manages more than 150 properties spanning 31 states.

"The Outlet Shoppes are in the premier location in Kentucky, easily accessible for the surrounding Louisville, Lexington and Frankfort areas and an attraction for out-of-state visitors," said Stephen Lebovitz, CBL's president and chief executive officer. "This is the third retail outlet development we've financed with U.S. Bank in recent years, with the others being in Atlanta and Oklahoma City."

U.S. Bank said The Outlet Shoppes at Louisville will be open to the public in the summer of 2014.

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