"We are pleased to announce that we've addressed virtually all of our 2010 debt maturities before the start of the year," says Lori Foust, CFO of Inland American Business Manager & Advisor Inc. "This achievement is indicative of the high quality of Inland American's real estate assets, and the strong interest of lenders in our portfolio. With approximately $500 million in available cash on hand, we obviously have much more liquidity than we need to retire the remaining $90 million with or without financing."

Overall, Inland American has paid down $65 million in mortgage debt, refinanced $100 million in mortgage debt, signed $199 million in new financing contracts and secured $200 million in extensions. The locally-based company is currently in talks to extend another $120 million. With all these deals, $90 million of debt maturities remain; these will mature in the second half of 2010.

In one of the largest deals Inland American secured this year, Wells Fargo & Co. closed on a $125 million senior secured loan to refinance the IDS Center in Minneapolis. The 1.4-million-square-foot, class A office building sits between South 8th Street on the south, South 7th Street on the north, Nicollet Avenue on the west and Marquette Avenue on the east, and is a premier property in the central business district.

Chicago-based Scott Solis and Michael Svets of the Real Estate Banking Group originated the refinancing deal.

"Wells Fargo has always focused on building strong, long-term relationships with our customers and the success of this refinance with Inland is a true demonstration of that," Solis says.

Other recent deals Inland has secured include a $100 million loan for 10 lodging assets and $38 million of new loans for four neighborhood shopping centers.

Instant Insights /

Inland American Lands $684M in Financing

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