Inland Western Gets $449M in Secured Loans, Extensions
- Apr 07, 2010
April 7, 2010
By Allison Landa, News Editor
Inland Western Real Estate Trust said Tuesday that it has obtained mortgages payable proceeds of $394.7 million and closed on $54.7 million in multi-year loan extensions.
According to the company, it has now refinanced, paid down or extended $472.2 million of the $1.2 billion in debt that had matured or is maturing in 2010.
“We have made significant progress in refinancing our outstanding debt,” CEO Steven Grimes said when announcing the news, adding that 39.4 percent of the amount due this year has been refinanced. “Our ability to refinance larger single property loans with attractive terms demonstrates support of our quality assets and an improvement in the credit markets.”
Inland Western has gotten a $300 million loan commitment from JP Morgan Chase. The money will also be used to refinance debts that are maturing this year. The company has also gotten $111.4 in loan commitments from JP Morgan Chase. Thus far, $304.7 million of the total $411.4 million loan commitments have closed and are secured by 33 properties.
The company also announced this week that it has successfully refinanced Southlake Town Square, a mixed-use property in Southlake, Tex. The Dallas office of Holliday Fenoglio Fowler said it has arranged a $90 refinancing for four phases of the Class A entertainment and lifestyle center. The seven-year, 6.25 percent fixed loan was secured through MetLife Real Estate Investments and replaces maturing CMBS loans and a bank loan.
Southlake is a six-phase development that has been completed within the last decade. It contains more than 150 tenants including The Gap, Brooks Brothers, and Barnes & Noble.
Inland Western is a self-managed real estate investment trust that acquires, manages, and develops real estate, primarily multi-tenant shopping centers across the U.S. As of year-end 2009, the portfolio under management totaled in excess of 46 million square feet, consisting of 299 consolidated operating properties. The company also has interests in 11 unconsolidated operating properties and 11 properties under development.